The Department of the Treasury and the Internal Revenue Service released new guidance that is “designed to expand the use of income annuities in 401(k) plans.”
The good news is that Americans can now focus on passing their wealth at the times and in the ways they want, rather than having a plan driven by tax considerations. Minimizing costs and expenses will continue to be important, as will avoiding other taxes -- usually income taxes associated with the transfer of assets. In some states, inheritance or estate taxes will still apply, and additional planning may be necessary...
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