Planning for Life

3 Implications of the SECURE Act

Posted by Harry S. Margolis on January 14, 2020

By Harry S. Margolis

SECURE ACT - 2020 - Margolis-and-Bloom

We reported on the SECURE Act when it was enacted at the end of last year. (You can read about the rules it changed here.) Since then, we and other attorneys have been parsing it and learning a lot more about how its changes work and how they may affect clients. Here's some of our new learning:

1.  Estates in Progress May Want to Disclaim

Except for eligible beneficiaries (spouses, minor children, and disabled or chronically ill individuals), those inheriting IRAs from decedents dying this year and in the future will have to withdraw and pay taxes on the inherited accounts within 10 years from the year of the original owners death. Those who inherited IRAs from people dying before this year can continue to "stretch" out the distributions through their own lifetimes.

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Topics: Retirement Planning, Special Needs Trust, Retirement Benefits, SECURE Act

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