The Biden administration on Tuesday is proposing a new rule aimed at closing loopholes that create added costs around retirement investment advice. The announcement, which is part of a broader effort by the White House to address so-called “junk fees,” is focused on addressing potential conflicts of interest among financial advisers who provide retirement advice.…
A trust cannot own a retirement account (e.g., an Individual Retirement Plan (“IRA”) or 401(k)) but it can be named as a death beneficiary. Until 2020, individuals receiving distributions from a retirement plan as a death beneficiary, either directly or as a beneficiary of a trust could expect to take annual taxable income distributions stretched out over their own lifetime; the stretch-out provided both tax deferred growth and income tax savings.
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