New laws make broad changes in retirement plans and IRAs
Article Abstract:
The Small Business Job Protection Act of 1996 and the Health Insurance Portability and Accountability Act of 1996 both contain provisions affecting retirement plans, and many of the changes are favorable to taxpayers. The definition of highly compensated employees has been simplified, as have the safe harbors for salary-reduction arrangements. The 15% excess distribution excise tax has been suspended through 1999. The family aggregation and combined plan limitations of IRC section 415 have been repealed. Plans established by governments and tax-exempts have also been given relief.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1997
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What are a spouse's rights in retirement plans and IRAs?
Article Abstract:
A pension plan participant's spouse has certain rights in the participant's qualified retirement plan and individual retirement account, usually exercisable upon death or divorce. These rights must be considered in planning distributions, which can be affected by spousal waivers, qualified domestic relations orders, and marital deduction planning. Proper use of rollover spousal IRAs can provide spouses and beneficiaries with tax advantages and the possibility of extended distributions.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1996
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InsGift software helps clients decide the level of gifts they can make during retirement
Article Abstract:
Retirement planning and gift-giving can be made easier with the InsGift software. The program allows users to plan for retirement income needs, evaluate investment options, determine proper amounts for lifetime gifts to heirs, and plan for estate taxes. This DOS-based program produces both graphical and tabular reports for client analysis. The program is available from the Estate Preservation Alliance in Dallas, Texas.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1996
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