Apr 23, 2021
In this episode of Human Capital, Ed Slott of Ed Slott & Co. relays important tax advice related to potential changes to the stepped-up basis and estate tax, and also warns that the potential boosting of the required minimum distribution age to 75 is likely “useless,” and that lawmakers may actually be “creating a bigger problem” with such a change.
Slott also zeros in on how rollover advice is a central aspect of both the Labor Department’s new fiduciary prohibited transaction exemption as well as the SEC’s Regulation Best Interest, and warns that advisors need to up their game on their rollovers smarts.
“For advisors, all they need to know, and it’s a lot to know, they have to do a better job putting clients’ interests first," Slott said. "...There’s a lot of money in these 401(k)s, employer plans, and there’s big rollover opportunities for advisors….but in all of these they want advisors to use a best interest, a fiduciary-type approach.”