Pennsylvania Estate Planning, Will, Trust & Probate News

Mandatory Minimum Withdraws in 2009

I have mentioned this legal and tax change before, but it bears repeating.  Due to certain congessional changes enacted as a result of the financial crisis, no required minimum distributions (RMDs) for IRAs will be required for the calendar year 2009.  The Worker, Retiree, and Employer Recovery Act of 2008 suspended RMDs for this calendar year only.  No minimum distribution will be required from IRAs for the 2009 calendar year.   An individual who reached age 70½ prior to 2009 would normally be required to take his or her 2009 RMD no later than December 31, 2009. As a result of this legislation, that RMD will not have to be made. An individual with an IRA who is 70½ or older will still be responsible for taking an RMD for the 2010 calendar year on or by December 31, 2010 unless there is further legislation.





David M. Frees III
610-933-8069

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Attorney David M. Frees III whose practice involves trusts, estates, wills, and estate and asset protection planning, has just published a new (and free) guide for executors of wills probated in Pennsylvania.   The Executor Report: The Ten Most Common Mistakes That Executors Make and How To Avoid Them.  This is a guide for executors to prevent personal liability and a guide for you if you're planning your estate and need to decide who is the best executor.  David Frees and Unruh, Turner, Burke and Frees have offices located conveniently in Malvern, Phoenixville, and WestChester Pennsylvania   If you are an executor, or if you need to update an old will, trust, or estate plan, or if you need to do one for the first time, call 610-933-8069 and ask for one of David's assistants for an appointment with David or one of his team.  Please tell us that you're calling from our estate planners web site and you will receive a bonus when you come for an appointment or you have a telephone conference with David.