- Of Counsel
The SECURE ACT changes the age for required minimum distributions (RMDs) for traditional IRAs from 70 ½ to 72. The new rules allow an individual of any age to make contributions to a traditional IRA, as long as the individual has earned income from wages or self-employment. The Act also affects beneficiaries of inherited IRAs. Other than a few exceptions, inherited IRAs (for deaths of IRA owners on or after 1/1/2020) are now required to be completely distributed within ten years following the death of the original account owner. In view of this significant change for inherited IRAs, estate plans put in place prior to the SECURE ACT may need to be revisited. Read more here.
Edwin W. Schmierer, Esq., a Director of the firm, will chair the Annual Meeting of the Affordable Housing Professionals of New Jersey (AHPNJ) on October 28, 2020. Mr. Schmierer serves as President of AHPNJ. The meeting will provide an opportunity for Municipal Housing Liaisons and Administrative Agents administering affordable housing programs throughout the State to share ideas about implementing Affordable Housing Compliance Plans for the Third Round. A panel will discuss the recent legislation requiring the posting of affordable unit availability on the State’s Housing Resource Center (HRC) website. Attendance at the virtual meeting is free and open to anyone interested in affordable housing initiatives in New Jersey. Register at: https://zoom.us/webinar/register/WN_XibzGmk7SC6p
Click Link Here to read important information regarding the Families First Coronavirus Response Act.