Estate Planning Attorney Allen TX: The IRA Inheritance Tax Surprise Most Collin County Families Are Not Prepared For
David Chen spent 35 years building a $1.2 million IRA in Allen, Texas. His will left it equally to his three adult children. What he did not know — and what his estate plan never addressed — was that the law governing inherited IRAs changed completely in 2020. His children's "lifetime income stream" became a forced 10-year payout, and the tax bill no one planned for exceeded $140,000.
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