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230696.10 IAS 12/23 © 2023 SEI ® 2024 estate and gift tax planning Review the use of the annual $18,000 per individual ($36,000 married couple) exclusion gifts. Review lifetime gifts to use additional applicable exclusion and exemption amounts granted under the tax overhaul ($13.61 million per person and $27.22 million per married couple in 2024). Review the use of the unlimited gift exemption for direct payment of tuition and medical expenses. Evaluate options for using trusts and other vehicles to benefit family and charities Understanding the SECURE Act's 1 (Setting Every Community Up for Retirement Enhancement) key provisions 2 • Raised the age for beginning required minimum distributions (RMDs) depending on year of birth, see the table below. An IRA owner who turned 70½ in 2019 or earlier is still bound by the old rules. SECURE Act and SECURE Act 2.0 RMD start dates for birthdates and ages 3 Date of birth Attained age relevant to RMDs Applicable age (age at which RMDs must June 30, 1949 and earlier Attained age 70 ½ before 2020 The year the participant attained age 70 ½ July 1, 1949 - December 31, 1950 Attained age 70 ½ after 2019 Attained age 72 before 2023 The year the participant attained age 72 January 1, 1951 – December 31, 1959 Will attain age 72 after 2022 Will attain age 73 before 2033 The year the participant attains age 73 January 1, 1960 and later Will attain age 74 after 2032 The year the participant attains age 75 • Eliminated the 70½ age limit for traditional IRA contributions. The taxpayer must still be earning qualified income to continue to contribute. • The lifetime stretch IRA is replaced with the 10-year rule for the majority of beneficiaries for deaths after December 31, 2019. • If an IRA owner dies before their required beginning date, those subject to the 10-year rule will not have an RMD requirement until the 10th year after the year of death. • If an owner dies after their required beginning date, those subject to the 10-year rule will have an RMD requirement based on single life expectancy in years one to nine, and will need to empty the IRA in the 10th year after the year of death. • For Roth IRAs, regardless of the owner's age, are presumed to have died before their required beginning date. Accordingly, those subject to the 10-year rule will not have an RMD requirement until the 10th year after the year of death. 1 Information as of November 13, 2023. 2 "Required Minimum Distributions," Federal Register, February 24, 2022. federalregister.gov/documents/2022/02/24/2022-02522/required- minimum-distributions 3 https://www.irs.gov/retirement-plans/retirement-plan-and-ira-required- minimum-distributions-faqs Information provided by Independent Advisor Solutions by SEI, a strategic business unit of SEI Investments Company (SEI). Neither SEI nor its subsidiaries provide tax advice. Please note that (i) any discussion of U.S. tax matters contained in this communication cannot be used by you for the purpose of avoiding tax penalties; (ii) this communication was written to support the promotion or marketing of the matters addressed herein; and (iii) you should seek advice based on your particular circumstances from an independent tax advisor. Neither SEI nor its subsidaries provide estate planning services unless you have otherwise separately entered into a written agreement for the provision of certain estate planning services. The information contained in this communication is not meant to be a substitute for thorough estate planning and is not meant to be legal and/or estate advice. Please consult your legal counsel for additional information. Some information contained herein has been provided to SEI by an unaffiliated third party. SEI cannot guarantee the accuracy or completeness of the information and assumes no responsibility or liability for its incompleteness or inaccuracy. A backdoor Roth IRA lets you convert your traditional IRA to a Roth, even if your income is too high to open a Roth IRA the regular way.

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