South Carolina Estate Planning Attorney Explains End Of Year Estate Planning And 2024 Law Changes

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The Greene Law Firm, P.A.
11 McGee Street
Greenville, SC 29601
United States
Phone: (864) 271-7940

It's essential to periodically revisit your wills and powers of attorney to ensure they align with your current wishes. I generally recommend doing this every two to three years. Doing so allows you to assess whether any adjustments are needed, such as changes to appointed agents or personal representatives.
A significant change affecting retirement planning pertains to Required Minimum Distributions (RMDs). As of about a year ago, the age for RMDs from pension plans and 401(k)s has been raised from 70 and a half to 72. If you have a pension plan and you turn 72 during the year, you will have to withdraw a specific amount from your plan.
If you're approaching 72 or have already reached that milestone, take note of the RMD changes. However, if you aren’t, you have the flexibility to wait until you're 73 before initiating RMDs. Being aware of these rules and timelines is vital to making informed decisions about your retirement planning.
To avoid any surprises or compliance issues, it's wise to check your wills, powers of attorney, and retirement plans before the new year. This proactive measure ensures that your estate planning reflects your current intentions and aligns with the latest regulations, especially considering the recent adjustments to RMD ages.

For More Information About Estate Planning, Please Visit:
https://en.wikipedia.org/wiki/Estate_...

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