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  • Dennis Farrah

THE IRS IS EYEING YOUR INHERITED MONEY

One of the perils of being well off is the constant risk that the federal government and/or your friendly state and local tax collectors will figure out new and different ways to snatch more of your wealth.Especially wealth that you earned the old fashioned way by inheriting it.To raise your paranoia to the appropriate level, here are two new things to worry about.     

                                                                                             

SECURE ACT WOULD ELIMINATE BIG TAX ADVANTAGE FOR IRA BENEFICIARIES.

Few notice  when the house of representatives in may overwhelming passed the imaginatively named"Setting every community up for retirement enhancement secure act of 2019" the vote was 417 to 3 Senate  passage was thought to be a mere formality until senator ted cruz announced opposition, because the bill no longer includes a provision that would have allowed tax-free section 529 college saving account withdrawals to cover homeschooling costs,                                                         


THE UNPUBLICIZED DARK SIDE NOW FOR THE BAD NEWS IF THE ACT BECOMES LAW THE SECURE ACT WOULD REQUIRE MOST NON-SPOCE IRA AND RETIREMENT PLAN BENEFICIARIES TO DRAIN INHERITED ACCOUNTS WITH IN 10 YEARS AFTER OWNERS DEATH       


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