The SECURE Act has been enacted into law. Effective January 1, 2020, it makes sweeping changes to retirement savings plans. These changes will also impact some people's estate plans.
From an estate planning perspective, the most important changes occur in two areas:
- The age for mandatory withdrawals from IRAs and 401ks has been raised.
- Non-spouse beneficiaries have less time in which to withdraw the funds from an inherited IRA.
The legislation is currently being analyzed by estate planning and financial professionals. Final regulations have yet to be promulgated. We will provide further information to our clients and readers as we get greater clarity on the impact of the law and possible steps that should be taken.
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