Retirement and Estate Planning Opportunities after the SECURE Act
If you haven't learned by now, the Setting Every Community Up for Retirement Enhancement Act (known as the "SECURE Act") was signed into law on Dec. 20, 2019, and went into effect on Jan. 1, 2020. With bipartisan support, it is expected to generate about $15.7 billion in tax revenue over the next decade on the changes to the "Stretch" IRA and $16.4 billion overall, according to the Congressional Research Service.
This means that previous advice your attorney, accountant and financial adviser gave you is most likely outdated -- or incorrect -- and a revision will be needed. Those with IRA trusts will need to plan as soon as possible before the unexpected can -- and will -- go wrong.
Let's take a look at some key points to address going forward and planning opportunities now that the SECURE Act is in force:
