Another feature of SECURE Act 2.0 that should be useful to wealthier clients would allow taxpayers to make a onetime qualified charitable distribution of up to $50,000 from a qualified plan to a charitable remainder trust or charitable gift annuity. In addition, the onetime distributions will be indexed to inflation. The bill would apply inflation indexing to the qualified charitable distribution (QCD) limit (currently $100,000) for direct gifts to qualified charities.
“Everyone should be looking at this to avoid income and estate tax. It’s a great way to provide income for individuals and ultimately for charity,” Friedman said.
The frequent CNBC commentator also said he believes that Republicans are still overwhelmingly expected to take the majority in the House after the election on November 8, but the odds of the GOP controlling the Senate were diminished when the Supreme Court struck down Roe v. Wade and remanded abortion rights to states.
“Just on the numbers alone, it seems to me that Democrats will retain the Senate because Republicans need one more seat than Democrats right now. But it will be very, very close. There are a lot of tough races, but I do think that’s where we are,” Friedman said.