Ed Slott

Secure 2.0 increases the RMD age to 73 starting on Jan. 1, 2022, to 74 starting on Jan. 1, 2029, and to 75 starting on Jan. 1, 2032. According to IRS data, 80% of people who take the RMD amount or more do so because they need the money, says retirement expert Ed Slott.

In this episode of Human Capital, Ed Slott of Ed Slott & Co. relays important tax advice related to potential changes to the stepped-up basis and estate tax, and also warns that the potential boosting of the required minimum distribution age to 75 is likely “useless,” and that lawmakers may actually be “creating a bigger problem” with such a change.

Two tax and retirement specialists say a recent IRS publication has thrown IRA inheritance planning into chaos, but that advisors shouldn’t make changes just yet. Until the release of IRS Publication 590-B (Pub 590-B), retirement and tax experts told advisors that 2019’s SECURE Act required that the entire balance of an inherited IRA be withdrawn by Dec. 31 of the 10th year following the original account owner’s death, but that no annual required minimum distributions (RMDs) would be necessary, said Ed Slott, founder of Ed Slott and Co. and professor of practice at the American College of Financial Services, and Robert Keebler, founder of Green Bay, Wis.-based Keebler & Associates, a tax advisory and CPA firm in a webcast.

The ThinkAdvisor 2021 IA25 Awards, recognizing advisors, experts, and leaders in financial services who are pushing the industry forward, is out now—and we’re proud to announce The American College of Financial Services’ own David Blanchett, PhD, MSFS, CFA, CLU®, ChFC®, CFP®, Adjunct Professor of Wealth Management, Michael Finke, PhD, CFP®, WMCP® Program Director, and Ed Slott, CPA, Professor of Practice, are among this year’s list of recipients!

The new 12-course program focuses on the SECURE Act and CARES Act. The program covers everything from new backdoor Roth opportunities to stretch IRA provisions. IRA Success costs $195 per course or $2,100 for the entire program. Ed Slott and Co. has teamed with The American College of Financial Services...

Together with Ed Slott and Company and Professor of Practice Ed Slott, The College has launched a new program offering, Ed Slott and Company’s IRA Success, meant to enhance the retirement planning knowledge of financial advisors across the industry. In the unique, first-of-its-kind program, students have access to Slott’s expert knowledge of IRA strategies and insights with the professional packaging and support of The College’s unmatched learning experience.

IRS has shifted “significant' exam resources to boost its focus on high-income and high-wealth taxpayers. A Treasury IG report found that millionaires owe the IRS more than $2.4 billion in unpaid taxes. Plans to increase IRS enforcement are out-gunned by those wealthy enough to avoid paying their fair share, says...

ED SLOTT IS THE CONSUMMATE tax nerd. The best way for him to relax? Read articles about tax law. “I wish I could say I had hobbies,” says Slott, who bills his firm, Ed Slott and Co., as “America’s IRA Experts.”. Slott’s obsession with minimizing taxes from retirement savings accounts...

Advisors can provide "significant value" by showing clients these savings opportunities they might be missing, Slott says. A new study by the Investment Company Institute shows U.S. households’ missed opportunity in maximizing IRA contributions, according to IRA expert Ed Slott, an area where advisors can provide “significant value.”. Advisors, Slott...