Many IRA owners withdraw funds from their IRA accounts for short-term purposes. The owner then uses subsequent income to restore funds to the IRA. If the restored contribution is made within sixty days of the withdrawal, the withdrawal may be tax-free.
The 2017 Tax Cuts and Jobs Act became law on December 22, 2017, with most provisions becoming effective on January 1, 2018. Some provisions are permanent, while others expire. Most significant for gift and estate tax purposes is the temporary doubling of several exemptions.
Congratulations to Margaret M. Hand, named to Best Lawyers in America for 2020. Ms. Hand was also recognized as Lawyer of the Year for achieving the highest overall peer feedback.
How social distancing changes the debate over electronic wills in his latest article on The Recorder.
