In the past 5 years, there have been some major changes in planning for retirement. These changes impact not only how you save for retirement but how your estate plan should address retirement accounts. In particular, two major laws that affect your retirement planning:
In the year 2024, the federal estate tax exemption is $13,610,000 per individual. A married couple is thus able to transfer $27,220,000 in total before needing to pay any federal estate tax. This exemption applies to gifts made during life and any assets passing at
At the end of 2021, Michigan’s governor and legislature teamed up to provide taxpayers who operate certain flow-through entities an (opt-in) opportunity to recover some of the federal tax benefits that the Tax Cuts and Jobs Act took away. Qualified taxpayers who opted-into paying their