The Setting Every Community Up for Retirement Enhancement Act (the SECURE Act) was enacted on December 20, 2019, as part of a major appropriations bill. The SECURE Act is intended to make it easier for a broad range of individuals to save for retirement and includes several taxpayer-friendly provisions. However, the SECURE Act also drastically reduces a common estate planning strategy referred to as a “stretch IRA” that allowed non-spousal beneficiaries to “stretch” required minimum distributions over a longer period of time based on their life expectancy. Under the SECURE Act, most inherited IRAs and retirement plans must be distributed and taxed within ten years of the original owner’s death.
In this webinar, Whitney O’Reilly will explain how the SECURE Act affects your retirement assets, including IRAs and trusts, and will discuss planning strategies to mitigate the impact of the SECURE Act and maximize benefits for your family.