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irs issues proposed regulations that would revise minimum distribution rules

11/8/2019

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Current law requires taxpayers to take minimum distributions from their retirement accounts commencing at age 70 and 1/2.  The minimum distribution is calculated using life expectancy tables.  Currently, a person who takes his first minimum distribution would use a life expectancy of 27.4 years.  The would result in the first minimum distribution being equal to 1/27.4 of the balance of the retirement account.  The revised regulations would increase taxpayers' life expectancy.  For example, the first minimum distribution would be based upon a life expectancy of 29.1 years.  The result is that required minimum distributions would be reduced and taxpayers will retain larger amounts in their retirement plans to account for the possibility of living longer.
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    Mr. Hendel has been practicing wealth preservation planning for over thirty -five years. ​

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​Donald S. Hendel, LLC serves clients throughout New York and Connecticut including Manhattan, Long Island, Westchester County, New Haven County, Fairfield County, and Litchfield County.
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  • Welcome
  • Practice Areas
    • HIgh Net Worth Estate Planning
    • Wealth Preservation Trust
    • Asset Protection
    • Estate Tax Planning >
      • Terms
    • Probate & Estate Administration
    • Business Law
    • Business Succession Planning
  • About Us
  • Blog
  • Contact Us
  • Client Forms