Changing long-standing rules almost overnight changes long-standing estate plans.
The devil of legislation can be in the details....
I think The Washington Post article is a lesson of how the devil is in the details of legislation, and how those details may have huge effects. For instance, I don’t think the main argument should be around whether IRAs were designed to be inheritance vehicles, but that rules should not be changed with almost no grace period after decades of past practice. Many people worked hard, saved, and planned their lives and estates based upon a long-understood set of guidelines. The Wall Street Journal’s op-ed was quite blunt in their critique of this law…with good reason...
Burying this change hundreds of pages deep in a spending bill and them providing only 12 days to make any changes seems draconian.
Author: Jasdeep Singh, MBA Candidate, Analytics and Interpersonal-Leadership to Accelerate Business Innovation and meet Company-Client Goals