Greg talked about some changes to tax law in regards to IRAs. Currently owners of IRAs must start distributions at 70 1/2 but changing it to 72 is being proposed. Currently if an IRA is inherited and the beneficiary is younger than 70 1/2 than they can wait to take distribution until they reach 70 1/2 but changes are being proposed to only give 10 years time. Greg believes this will discontinue the use of a separate IRA trust.

Also being considered is changing the tax rules on living trusts. If the trust is being administered in a different state than the beneficiary is living and income is earned but not distributed to the beneficiary then the administering state wants its tax.

Call Greg for any more information on these changes.