Family Wealth Matters

Competing tax proposals could seriously impact your estate plan

swinchester@artescapesonline.com (Shawn Winchester) — Wed, 19 May 2021 14:59:20 GMT

Typically, the world of estate planning changes little, but certain key elements can change as frequently as new members of Congress are elected.

But First: An Estate Tax Overview

Estate taxation is triggered by the transfer of wealth (above certain levels) from a deceased person to their beneficiaries. There is a federal estate tax, and some states (not including Arizona) exact their own estate tax. The federal estate tax rate depends on the size of the estate, with the top rate currently set at 40%.

The tax code includes two provisions that, for most Americans, significantly reduce estate tax liability:

First, there is an estate tax exemption of up to $11.7 million per person ($23.4 million for a married couple), meaning that estates valued below those levels would be exempt from the tax, and the estate’s assets would convey to beneficiaries at their full value.

Second, th e annual exclusion allows the gifting of up to $15,000 per giver, per recipient, each year without reducing the lifetime gift exemption of $11.7 million. If a husband and wife have three children and seven grandchildren, each spouse can make 10 gifts of $15,000 to each of their kids and grandkids in a single year, and the total gifts of $300,000 do not reduce the couple’s lifetime exemption amounts.

And Second: Capital Gains Tax

Federal capital gain taxes are assessed on the increased value of an asset when it is sold. For example, if a share of stock that was purchased for $10 is ultimately sold for $50, the resulting $40 capital gain is subject to tax, at capital gain rates, in the year in which the stock is sold.

Under the current tax code, appreciable assets are forgiven their capital gains when they are conveyed after the owner’s death. Using our stock example above, if a beneficiary receives the stock at its appreciated value of $50, the stock is not taxed, and the beneficiary owns the stock with a starting basis value of $50 (with $0 of appreciation), rather than at a starting basis of $10 (with $40 of appreciation). This is called having a “step-up in basis” and is an important tool for realizing tax savings in your estate planning.

However, this step-up in tax basis is at risk of being removed from the tax code under both the Biden and Sanders proposals.

Sen. Sanders: For the 99.5 Percent Act

Senator Sanders’ estate tax proposal is included in his “For the 99.5 Percent Act,” which would reduce the estate tax exemption to $3.5 million per individual (from the current $11.7 million). The Sanders plan would also:

remove the step-up in basis that now applies to upon-death transfers of appreciable property,

impose higher tax brackets for “larger” estates – a 40% to 65% tax rate for estates worth over $3.5 million, and

abolish the “unified” tax credit, which presently allows an individual to make up to $11.7 million of taxable gifts regardless of their timing as life-time or testamentary transfers, by reducing the exemption amount of life-time transfers to $1 million.

For a closer look at the Sanders plan, see Forbes ’ April 2 article, “ For The 99.5 Percent Act - What It Is, What It Does And What To Do About It .”

President Biden: American Families Plan

The many proposals contained in President Biden’s “American Families Plan” also include changes to the estate tax. Perhaps the most striking difference between the Sanders and Biden plans is that the President would keep the lifetime estate tax exemption amount at $11.7 million per individual.

Like the Sanders plan, the Biden plan would eliminate the step-up in basis tool for unrealized capital gains worth over $1 million. Also, the President favors taxing capital gains at ordinary income tax rates – with a top marginal rate of 40% -- compared to 23.8% today.

See another Forbes article, “ Analyzing the Tax Provisions of Biden’s American Families Plan ” (May 11, 2021).

Looking Ahead

Whether Congress ultimately goes for President Biden’s plan or Sen. Sanders’ more dramatic proposals, and even if Senate Republicans are able to rein in the scope of the changes, significant alterations in the estate plans of literally millions of Americans are all but certain for 2022.

Even if the Biden plan prevails, preserving the lifetime estate tax exemption amounts, many estates might benefit from making 1031 exchanges or gifts to charitable remainder trusts in 2021, to better prepare for changes to capital gains treatment in 2022.

However, every situation is different, and consulting with your estate planning attorney can determine what is best for you and your family in the wake of what promises to be a major shift in estate planning in the coming year.

Ryan Scharber a Super Lawyers "Rising Stars" honoree

swinchester@artescapesonline.com (Shawn Winchester) — Wed, 07 Apr 2021 20:52:57 GMT

Hoopes Adams & Scharber partner Ryan Scharber has been selected as a Super Lawyers "Rising Stars" honoree (Estate Planning & Probate) for 2021.

7 key legal steps to protect you and your business

swinchester@artescapesonline.com (Shawn Winchester) — Tue, 06 Apr 2021 21:20:38 GMT

There is more to business success than turning a profit. In the long term, the health of your company may depend as much on repelling legal threats as it does on meeting production and sales targets.

2. PRACTICE GOOD CORPORATE HYGIENE. Simply generating your liability shield is not enough. Depending on which type of entity you select, various ongoing maintenance requirements keep that liability shield in place. If a plaintiff wins a significant judgment against your business, their attorney may try to convince a judge to “pierce the corporate veil,” which involves disregarding your liability shield and allowing the creditor to apply the judgment against your personal assets as well as the business’s.

Successfully defending against such gambits includes:

keeping business and personal assets separate, i.e., not commingling personal and business monies, or paying personal expenses out of business accounts;

adequately capitalizing your business;

maintaining required formalities, such as creating an operating agreement for a limited liability company and bylaws and other necessary documentation for corporations;

maintaining ongoing business records, such as regular accounting of its assets; and

making it obvious to customers, clients, suppliers, and other parties to your agreements that they are dealing with your business entity and not you personally.

That final step is easily missed when partners, members or shareholders are first getting their business off the ground. If you execute a document and do not make it clear that you are signing in your capacity as a manager or officer of the entity, then you may be personally on the hook for an ensuing liability.

3. PAY ATTENTION TO YOUR GOVERNING DOCUMENTS. Implementing bylaws, an operating agreement for an LLC, or a shareholder agreement between owners of the corporation can head off unnecessary litigation. While it may not seem urgent at the time of business formation, when enthusiasm and good will are at their peak, a well-planned operating agreement or shareholder’s agreement is the important rulebook that LLC members or corporate shareholders can reference if disputes arise. It should set forth everything about your business, from its purpose to how disputes are handled to how business interests are managed in the event of an ownership breakup.

It is imperative that those governing documents include a “business prenup” or succession plan that sufficiently outlines how business interests are handled at time of dissolution of the business, or the death, incapacity or divorce (among other things) of one of the owners. When drafted appropriately, the governing documents will smoothly guide members and shareholders through transition periods without the need for court intervention.

4. REQUIRE NONDISCLOSURE AND NON-COMPETE AGREEMENTS. When dealing with a co-owner or key employee, it is important to protect your business’s relationships and other competitive assets. Often times, because a small business has a unique product or service or a limited area of influence, a removed owner or terminated employee can put your company’s interests at risk by immediately going into business against you.

Appropriately worded nondisclosure and non-compete agreements can help protect your business from such risks. However, to be enforceable, restrictive covenants must be reasonable as to time, location, and content. Consulting with a legal professional before drafting these agreements can help you produce an enforceable document that will survive legal challenges.

5. PROTECT YOUR INTELLECTUAL PROPERTY AND TRADE SECRETS. Your company’s intellectual property and trade secrets need to be protected not only from dissociated owners and employees, but also from the greater market.

First, identify those assets, confirm that they are actually owned by you or your company, and determine the entire scope of your intellectual property rights.

Next, plan for the best way to protect identified intellectual property and consider formal and non-formal legal protections, such as patents and registered trademarks and copyrights.

Keep in mind that not all intellectual property is equal; in some cases, simple non-disclosure and non-use clauses signed by your employees might be the only action needed to protect your company’s intellectual property.

6. PROTECT YOUR ASSETS VIA SEPARATE LLCs. While creating the right structure can protect you from personal liability, another angle to consider is the protection of various assets with separate LLCs. In this way, your business’s foundational assets can be protected from the liabilities accrued from the operational side of the business.

For instance, it is almost always a good idea to spin off the ownership and management of real estate into an entity that is separate from the entity that handles the day-to-day business operations. Another example is possibly creating one LLC to own valuable equipment and machinery, which then leases that equipment and machinery to the operating LLC. Then, if the operating entity is the target of a lawsuit, separate ownership of the equipment and machinery reduces their exposure.

7. COMMIT ALL BUSINESS TRANSACTIONS TO WRITING. All agreements and transactions with vendors, suppliers and customers should be committed to writing. Failing to establish a written record of the transaction could result in lost business or assets, or raise uncertainty over what the actual transaction was supposed to be.

Always include all parties’ names, titles and contact information, the details of each party’s obligations, and, if applicable, payment terms. Be cautious in using contract templates downloaded from the internet, as they may not be sufficiently clear or applicable to the laws of your state.

Beyond formal agreements, it is important to document in writing what may seem like casual conversation. For example, when you are negotiating a contract with a potential customer or client, immediately confirm by email the terms discussed or agreed to, so that misunderstandings are minimized, your interests are protected, and momentum to a more formal agreement can be preserved.

Digital assets: your estate in the cloud

swinchester@artescapesonline.com (Shawn Winchester) — Thu, 04 Mar 2021 21:06:19 GMT

Proper management of one’s digital assets is no longer just a good idea. In estate planning, it’s a practical necessity.

Neglected Property

As people of all ages increasingly store their important documents and other property in a digital format, it seems logical that they would include their digital assets as part of their estate. However, that’s generally not the case.

According to a 2020 survey by the Law Society, a legal organization in England and Wales, only 26% of the 1,000 survey respondents reported knowing what would happen to their digital assets after their death, and only 7% had included any digital assets in their will or trust.

Assuming that comparable percentages hold true in the U.S., home to an estimated 30 million Bitcoin owners, it does not require much imagination to visualize the chaos that looms for personal representatives and successor trustees seeking to get a firm handle on the estates for which they are legally responsible.

The practical challenge: Managing assets held in an online account for which the log-in credentials are unknown.

UFADAA

To get ahead of the curve and help fiduciaries carry out their duties, most states (including Arizona) have adopted the Uniform Fiduciary Access to Digital Assets Act (UFADAA) or its revised version.

Arizona adopted the Revised UFAADA in 2016, empowering trustees, personal representatives, guardians, conservators, and agents under powers of attorney to access and distribute the digital assets of the deceased or incapacitated person to whom they owe a fiduciary duty.

UFAADA provides a priority system for distribution of digital assets:

First, if the company holding the digital assets allows the account owner to name another person to have access to the user’s digital assets, the owner’s online instructions will have priority. This is by the far the preferred arrangement.

Second, if the owner does not name another person, the owner may provide for the disposition of digital assets in a will, trust, power of attorney, or other written instrument. This is a major inconvenience for the fiduciary, as gaining access to the account requires submitting to the company the proper estate documents and convincing the company to cooperate.

Third, if the owner has not provided any direction, either online or in an estate plan or other written document, the company’s terms of service for the owner’s account will determine how the account and its contents are to be managed. For the fiduciary and the owner’s beneficiaries, this can be a disaster: If the terms of service do not address fiduciary access, the law requires the custodian of the digital assets to provide only limited access.

Planning for Your Digital Assets

To take advantage of UFAADA’s first step, be sure to include a provision in your will, trust, power of attorney, etc., that designates who has access to your digital assets and what will happen to your digital assets upon your death or incapacity. If such a designation is not properly outlined in your estate planning documents, your appointed fiduciary may have little or no access to your digital assets.

In the absence of such a provision, the UFAADA is useful only to the extent that the online custodian chooses to cooperate.

Password Vault

While adding a “digital asset” provision to your will or trust generally requires the assistance of an estate planning attorney, there is one strategy that you can and should pursue totally on your own: storing all of your account credentials in an online “vault,” keeping the vault up to date, and placing your vault credentials with your will or trust.

Your estate plan is a reflection of the importance you place on proper management and distribution of your assets after you are gone, and, whether it’s a trust or a simple will, its creation involved a significant financial investment.

It would be a shame to undermine your carefully conceived instructions, and waste the cost of your plan, by inadvertently placing your important assets beyond your fiduciary’s reach.

Personal property memorandum: A valuable bit of do-it-yourself estate planning

swinchester@artescapesonline.com (Shawn Winchester) — Tue, 09 Feb 2021 15:13:15 GMT

Marking up or adding pages to your will or trust, on your own, is almost never a good idea. But there is one bit of do-it-yourself estate planning that you should seriously consider.

As we progress through life, changes in our situation and how we want our assets to be managed and distributed often give rise to changes in our estate planning documents. (See our popular article, “ Has Your Estate Plan Aged as Gracefully as You? ”)

Because some changes seem minor and easily made, we occasionally are asked by estate planning clients whether they can make a minor tweak to the will or trust that we prepared for them. Our usual answer: Yes, in theory you can – but you have to be really careful. First, tell me what you want to change …

As tempting as it may be to make a first-hand revision to one’s estate planning documents, and as easy and harmless as it might seem, you should bear in mind that faulty documents – including documents that started out in good condition but were inadvertently corrupted – are a leading cause of estate- and inheritance-related lawsuits and family legal squabbles.

Sometimes the damage was done by the changes per se, such as creating a conflict with another provision of the plan, adding a provision that cannot be carried out, or lacking clarity with respect to the maker’s intent.

Or, even if the changes themselves didn’t cause a problem, they weren’t properly executed, witnessed and/or notarized.

In most cases, asking your estate planning attorney to make a minor change to a will or trust shouldn’t be an expensive proposition. Before you start marking up your documents, at least check with your attorney to:

tell him or her what you want to accomplish (there might be a better way to achieve your objective), and

get a fee estimate (revisions made by your attorney now will almost certainly cost less than scorched-earth litigation after you are gone).

A GOOD DO-IT-YOURSELF IDEA

In case you are thinking that the purpose of this article is to preserve our monopoly in the field of document management, let’s shift the focus to a documentation role that you are uniquely qualified to fill, all by yourself: creating a personal property memorandum.

A personal property memo is a document that is separate from, and in addition to, your will or trust. It allows you to specify which items of tangible personal property (described below) are to go to which recipients.

“Tangible personal property” includes things like furniture, jewelry, clothing, antiques, art, collectables, memorabilia, equipment, accessories, etc. In some states, including Arizona, it can include cars, aircraft, boats and other licensed vehicles.

Tangible personal property does not include real estate, cash, bank accounts, investment accounts, debt instruments, intellectual property, insurance policies, or intangible assets, such as LLC interests or corporate stock.

You can write a personal property memorandum at any time after you write your Will, but you will want to be sure your Will references the fact you may create a separate personal property memo and incorporates that memo by reference.

Your memo can be very simple, but it needs to be clear. You can hand-write the memo, or type it and print it out. A typical personal property memo simply references the particular piece of tangible personal property and who you want to receive it.

Also, the memo has to be signed by you, but your signature doesn’t have to be witnessed or notarized. And you can change your memo whenever you want, as often as you want, without disturbing your will or trust. If you want to make changes, don’t mark up your existing memorandum; rather, make a new memorandum and destroy any previous versions.

You should either keep your personal property memorandum with your other estate planning documents, or leave a note with those documents that tells your trustee or personal representative where to find your memo.

Finally, even if your will or trust calls for leaving everything to one person (such as your spouse), a personal property memo can still be useful, in case your spouse passes away before you do. Also, in case you contemplate leaving everything to your children, to be divided among them, a personal property memo spares your personal representative or trustee the challenge of making equitable distributions, and it helps prevent intra-family conflicts over who was promised what.

Falling short: harsh consequences for breach of fiduciary duty

swinchester@artescapesonline.com (Shawn Winchester) — Wed, 11 Nov 2020 15:09:19 GMT

Serving in a fiduciary role carries with it a standard of conduct that is governed by state law. As one of our recent cases illustrates, failing to meet that standard can carry serious outcomes – especially when the victim is a vulnerable adult.

(In this article, we will use certain terms for the parties to a POA: principal , which refers to the person who granted the POA, and agent , or “attorney in fact,” which describes the person to whom the POA was granted.)

On the day before Smith passed way, Miller, acting as Smith’s agent under the POA, wrote a $300,000 check on Smith’s bank account, endorsed the check, and deposited the check into her account. (Had she waited until Smith died, the POA would have automatically expired, along with her authority to act on Smith’s behalf.)

As Smith’s agent under the POA, Miller was in a position of trust and confidence and owed him fiduciary duties – including the duty of loyalty – that barred her from exercising that authority for her personal gain. In this instance, Miller committed a gross breach of fiduciary duty by endorsing to herself and depositing the $300,000 check.

Further, Smith’s reliance on Miller made Smith a “vulnerable adult,” which means Miller’s act of self-dealing qualified as “financial exploitation” under Arizona law. That statute, A.R.S. § 46-456 , allowed Smith’s estate to seek treble (a lawyerly word for “triple”) damages, plus reasonable court costs and attorney fees.

"Presumed Illicit"

When a fiduciary agent uses their authority to enrich themselves at the expense of the principal, the transaction is presumed illicit – unless the agent can prove by clear and convincing evidence that they were carrying out the principal’s wishes as expressed under a sound mind.

In Miller’s case, no such evidence existed to exonerate her. As a consequence, it was not a question of whether she would have to make restitution to Smith’s estate, but how much she would have to repay. Under A.R.S. § 46-456, she could have been personally liable to Smith’s estate for over $1 million. She could also have faced criminal charges for her conduct and been added to the Elder Abuse Registry.

Facing those devastating consequences, Miller promptly repaid the amount she withdrew from Smith’s bank account, and the personal representative of Smith’s estate accepted the repayment as full satisfaction of Miller’s obligation.

We hope that the preceding account will provide a refresher for fiduciaries on how to live up to the responsibilities imposed them. If you have any questions about your fiduciary duties, or if you question whether a fiduciary is living up to the legal standards, please contact us at 480-345-8845.

New Arizona LLC law went into full effect September 1, 2020

swinchester@artescapesonline.com (Shawn Winchester) — Tue, 01 Sep 2020 17:47:47 GMT

To help our LLC clients avoid the new law's unfavorable default provisions, we offer a $750 flat-fee option for updating most operating agreements.

Given the turmoil of the last few months, many LLC managers and members have been focused more on their business's survival than on its governance. Nevertheless, on September 1, the 2018 Arizona Limited Liability Company Act (ALLCA) went into full effect, totally replacing Arizona's original LLC statutes.

The new law imposes various default provisions that, if not affirmatively addressed, could undermine some of the benefits that you expected to achieve by choosing an LLC form of entity. Those provisions include:

fiduciary duties
contributions and distributions
record keeping
personal liability
indemnification
dissolution.

FLAT FEE FOR OPERATING AGREEMENT UPDATE

Your LLC can avoid the new law's default provisions, including the imposition of fiduciary duties, with a review and revision of your LLC's operating agreement.

This need not be a complicated or expensive process. If we drafted your operating agreement, we can update it for a flat fee of $750. The fee includes a meeting or phone call to review your operating agreement, determine your preferences with respect to the default provisions, and draft a new agreement to be signed by you and your members.

If we did not draft, or you do not have, an operating agreement, we can still assist you, but we can estimate the fee only after an initial review of your agreement.

FOCUS ON MULTI-MEMBER LLCs

While the new law does not distinguish between single-member and multi-member LLCs, as a practical matter the default provisions are not as troubling for most single-member entities.

Our main emphasis at this time is to ensure that all of our multi-member LLC clients have an operating agreement that complies with the new law and meets the needs of the LLC's members.

To get the ball rolling, contact Ron Adams or Ryan Scharber by email or phone (480-345-8845).

Ron Adams selected by "Best Lawyers" for the fourth straight year

swinchester@artescapesonline.com (Shawn Winchester) — Wed, 19 Aug 2020 19:33:53 GMT

Ron Adams is the East Valley's only Best Lawyers in America honoree in the Trusts & Estates category. He has been selected every year since 2018.

In turbulent times, asset protection grows in popularity

swinchester@artescapesonline.com (Shawn Winchester) — Tue, 11 Aug 2020 18:36:17 GMT

Asset protection can take assets that are subject to legal claims and reposition them beyond the reach of creditors.

First came the requests to review estate plans, take a fresh look at family and financial issues, discuss long-term care options, reconsider powers of attorney and selections of personal representatives and successor trustees, and update wills and trusts.

The second wave has been sparked by new interest in a planning option for which many clients had previously assumed they were ineligible: asset protection.

IS ASSET PROTECTION FOR YOU?

As we discuss further on our asset protection webpage , the benefits of asset protection extend beyond conventional estate planning and are not limited to the very wealthy.

Asset protection strategies can benefit people in a wide variety of categories, such as:

business owners in high-risk industries

physicians, attorneys, accountants and other professionals who are vulnerable to professional liability claims

corporate directors and officers

any persons and families who have unprotected cash, investments, business ownership or other assets that would be at risk in a lawsuit.

HOW ASSET PROTECTION WORKS

In general, asset protection means taking "non-exempt" assets (i.e., assets that are subject to creditors' claims) and repositioning them as "exempt" assets that creditors cannot touch.

Asset protection also includes positioning non-exempt assets in vehicles that are difficult to "break into" and cause a creditor to re-evaluate whether it is worth the time, expense and trouble of trying to pursue those protected assets.

Most asset protection plans are totally domestic - that is, they do not require an offshore component - but some situations call for an international planning strategy.

ASSET PROTECTION TOOLS

Asset protection tools vary in their applicability and may include:

domestic asset protection trusts

LLCs and limited partnerships

gifting of assets into irrevocable trusts

transitioning non-exempt assets into exempt assets

life insurance and annuities

corporations, including professional corporations.

Each of these tools is generally designed to protect different kinds of assets.

A NOTE OF CAUTION

Even more than other planning strategies, asset protection requires thinking ahead and an in-depth analysis of your assets, potential liability risk factors, and objectives. As a result, the earlier you start the process, the better.

If an unforeseen liability arises, it is probably too late to start planning. Asset protection is of very little help in defending against a pending lawsuit; its greatest value is in protecting your assets against future threats.

A REMINDER ABOUT LLCs

As we mentioned in our June issue , the Arizona Limited Liability Company Act goes into full effect on September 1. Because LLCs are important components of many asset protection strategies, it is very important that your LLCs' operating agreements properly address the default provisions that the new law imposes.

If we drafted your operating agreement, we can update it for a flat fee of $750. The fee includes a meeting or phone call to review your operating agreement, determine your preferences with respect to the default provisions, and draft a new agreement to be signed by you and your members.

If we did not draft, or you do not have, an operating agreement, we can still assist you, and we can estimate the fee after an initial review.

If the ongoing events in our society have left you wondering whether your planning adequately addresses the current volatility and protects your hard-earned assets, call Ron or me to schedule a phone call or meeting, or contact us via our online " Make an Appointment " tool.

We can help you analyze your situation, identify potential exposures, and, if needed, recommend strategies to maximize your protection.

Good news for retirement-age taxpayers: RMDs are waived for 2020

swinchester@artescapesonline.com (Shawn Winchester) — Wed, 06 May 2020 18:32:17 GMT

An underpublicized provision of the federal CARES Act offers a tax savings for many retirement-age Americans and could buy time for retirement portfolios to recover from the market downturn.

Last month we published a summary of recently enacted financial relief measures for individuals and businesses. The summary included some major provisions of the federal CARES Act.

The $3 trillion package was so enormous that relatively little attention has been paid to one provision that, for roughly one in five retirement-age Americans, represents a significant tax savings: the waiver of required minimum distributions (RMDs) from individual account retirement plans* and individual retirement accounts (IRAs) for 2020.

The new CARES Act allows account owners to:

skip their 2019 RMD - if it was their first year and they had not yet made an RMD by April 1, 2020; and

skip their 2020 RMD.

The CARES Act waiver means that you are not required to withdraw your RMDs from your retirement plan or IRA in 2020 if you:

reached age 70½ in 2019 or before; or

attain age 72 in 2020; or

first attained age 70½ in 2019 and delayed taking your first RMD until 2020 (which, under normal circumstances, must be withdrawn by April 1, 2020).

The waiver also applies if you have an RMD requirement for 2020 and are a beneficiary (a) under an inherited IRA or (b) of a deceased participant who had an account in a retirement plan.

Furthermore, if you are a beneficiary required to take all distributions from the plan or IRA within five calendar years following the death of the participant in the retirement plan or the IRA account holder, the 2020 year does not count in determining your five-year period.

Note: The waiver of the RMD requirement does not apply to benefits payable from a defined benefit plan, as such benefits are typically paid in the form of a lifetime annuity.

Aside from the tax benefits, the waiver allows your RMD to remain in your portfolio, where it may help your portfolio recover from the recent market volatility.

RMD Rollbacks. There have been conflicting reports about the fate of 2020 RMDs taken before the CARES Act went into effect. Initially, some articles said that, if you took your RMD before the waiver became available, you could not pay it back, and what you withdrew would be taxable.

While that may be technically true, you may have options. If you have already taken your RMD for 2020, you may be able to "rollback" the withdrawal to your retirement plan, if your plan accepts rollbacks, or to your IRA within 60 days from the date of withdrawal.

This rollback option is not available for 2020 RMDs received by a beneficiary under an inherited IRA or of a deceased participant in a retirement plan.

See Also:

" The Top 8 Must-Know Rules for COVID-19 RMD Waivers Under the CARES Act ," Forbes , 4-13-20

" What the CARES Act Means for You ," Vanguard, 4-24-20

" CARES Act Drastically Changes Required Minimum Distribution Rules for 2020 ," Forbes , 4-30-20

*Individual account retirement plans include 401(k), profit sharing, 403(b) and state-sponsored 457(b) plans, and in this article are referred to collectively as "retirement plans."

Ryan Scharber joins Napa Legal Institute

swinchester@artescapesonline.com (Shawn Winchester) — Thu, 09 Apr 2020 19:10:39 GMT

Ryan Scharber has been accepted for volunteer service by the Napa Legal Institute and serves on its Corporate Governance Working Group and Planned and Charitable Giving Working Group.

COVID-19: A quick reference to 13 major relief initiatives

swinchester@artescapesonline.com (Shawn Winchester) — Tue, 07 Apr 2020 18:57:50 GMT

In an effort to give financial relief to business owners, workers, and taxpayers during the coronavirus pandemic, the federal government has issued a dizzying array of legislative and policy initiatives.

Keeping up with the new laws and deadlines is as challenging as it is important. To help you (and us) sort it all out, we are offering this list of 13 issues that might benefit or otherwise affect you , with brief descriptions and links to more information. (The links should provide a starting point for your own independent research.)

We expect things to change frequently in the months ahead, and our "quick reference" items should be independently verified to ensure their timeliness.