1. THE DECLINING APPEAL OF INHERITED RETIREMENT ACCOUNTS.
- Author
-
Kaplan, Richard L.
- Subjects
Retirement benefits -- Laws, regulations and rules ,Distribution of decedents' estates -- Laws, regulations and rules ,Social security -- Laws, regulations and rules ,Bankruptcy law -- Evaluation ,Individual retirement accounts -- Laws, regulations and rules ,Claims against decedents' estates -- Laws, regulations and rules ,Government regulation - Abstract
TABLE OF CONTENTS I. THE ROLE OF SOCIAL SECURITY AND RETIREMENT SA VINGS 268 ACCOUNTS A. Social Security's Limited Scope and Purpose 268 B. The Function of Retirement Savings Plans [...], As retirement accounts proliferate and grow in value, American retirees are increasingly leaving substantial balances in these accounts to their adult children, siblings, and other relatives. Until recently, the new owners were able to withdraw funds from these tax-favored accounts over their lifetimes as their personal circumstances dictated. But legislation enacted in late 2019 and regulations issued in February 2022 have sharply limited the flexibility that non-spousal beneficiaries now have regarding such assets. This article examines those changes, analyzes their impact on the new owners of inherited retirement accounts, and considers what planning strategies are now appropriate.
- Published
- 2023