Happy New Year! We wish you and yours a joyous and prosperous 2020 – let us know how we can help you along the way with your legal needs.
From a tax and planning perspective, 2020 brings new opportunities and challenges:
- Tax free gifts up to $15,000/recipient/year, or $30,000/recipient/year from a married couple
- $11.58 million/person ($23.16 million/married couple) exempt from estate tax
- SECURE Act – no more stretch IRAs – most inherited IRAs must pay out RMDs within 10 years. With the new IRA rules, here are a few ideas: (1) Roth conversion, (2) taxable assets in a revocable trust, (3) review your trust, (4) think about a charitable remainder trust.
As you’re reviewing your personal and business legal needs, drop me a line or give me a call. A good estate plan, including a trust where appropriate, gives you and your family affordable peace of mind. My law firm, Johnson Law KC LLC, works with clients on various estate planning, elder law, and probate needs, including preparing wills or helping on will contests, trust consultation and drafting, to help clients take care of their legal needs quickly and inexpensively, and has years of experience counseling clients on various legal issues. Call/text (913.707.9220) or email me (firstname.lastname@example.org), the KC Estate Planner, today to schedule a free, convenient consultation.
(c) 2020, Stephen M. Johnson