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Volume X, Number 226

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The SECURE Act and Its Impact on Your Estate Plan

As the festivities of the New Year have waned and we approach Tax Season, we bring you news of recent legislative development – The SECURE Act – that warrants your attention and may require changes to your estate plan.

Key Takeaways for You

  • Age required to begin taking distribution from Retirement Account increased from 70.5 years to 72 years; the age cap for starting an IRA is also removed.

  • The SECURE Act has changed the rules so that most beneficiaries will be required to receive the full amount of an inherited Retirement Account within 10 years of the death of the person who funded the Retirement Account.

  • The SECURE Act took effect on January 1, so it is imperative to review your estate plans with your planning professionals.

About the SECURE Act

During the final weeks of 2019, Congress enacted federal tax legislation known as the “SECURE Act.” The law makes important changes to the federal tax code that will impact distributions from retirement accounts such as 401(k)s, 403(bs)s, IRAs, and tax-qualified annuities (referred to in this legal advisory collectively as “Retirement Accounts”). Those changes may affect you during your lifetime and may also affect the way Retirement Accounts are distributed to your beneficiaries after your death. Consequently, the law may also limit your ability to protect retirement accounts from your beneficiaries’ creditors in a tax-efficient manner.

©2020 Norris McLaughlin P.A., All Rights ReservedNational Law Review, Volume X, Number 50


About this Author

Nicholas J. Dimakos Lawyer Norris McLaughlin for probate and fiduciary litigation trust and estate matters, contests

Nicholas J. Dimakos focuses primarily on probate and fiduciary litigation.  His practice includes all types of contested trust and estate matters, including will contests and challenges to account beneficiary designations; accounting actions involving estates, trusts, and powers of attorney; contested administrations involving challenges to and the defense of the actions of fiduciaries; and trust terminations and modifications. Nick’s practice also includes guardianship litigation.  He represents healthcare facilities and family members seeking guardianship and serves as court-appointed...

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