“*Makes it easier for small businesses to offer their employees 401(k) plans and adds tax credits and protections on collective Multiple Employer Plans.
*Allows retirement benefits to be extended to long-term, part-time employees.
*Removes maximum age limits on retirement contributions, formerly capped at age 70½.
*Raises the required minimum distribution (RMD) age to 72 from 70½. (The age has been raised to 73 as of Jan. 1, 2023.)
*Allows penalty-free withdrawals of up to $5,000 from retirement plans for the birth or adoption of a child.
*Relaxes rules on employers offering annuities through sponsored retirement plans.
*Allows penalty-free withdrawals of up to $10,000 from 529 education savings plans for the repayment of certain student loans.
*Revises components of the Tax Cuts and Jobs Act that raised taxes on benefits received by family members of students, some Native Americans, and deceased veterans.
*Removed the stretch IRA estate-planning strategy that permitted non-spouse beneficiaries of IRAs to spread disbursements from the inherited money over their lifetimes. The new limit is within 10 years of the death of the original account holder. “
If you know anyone who was a Veteran even briefly during a period of conflict, be sure and have them contact us. We have decades long relationships with VA Accredited Attorneys who can help in ways that may be life changing.
What Is a 5 by 5 Power in Trust?
“A “5 by 5 Power in Trust” is a common clause in many trusts that allows the trust’s beneficiary to make certain withdrawals.”