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Schedule Your Free ConsulationBREAKING NEWS—IMPORTANT IRA LEGISLATION
A new bill called the Setting Every Community Up for Retirement Enhancement Act, otherwise known as the SECURE Act has passed the Congress and was signed by President Trump on December 20, 2019. The SECURE Act goes into effect January 1st, 2020. The SECURE Act makes a number of changes to the rules governing IRAs and other retirement plans. There are some beneficial changes (eliminating the maximum age to make contributions—currently 70½—and increasing the age to 72 when required minimum distributions begin from 70½ to 72.), but the SECURE Act eliminates the “stretch-out” IRA, that allows a non-spouse beneficiary of an inherited IRA to “stretch-out” IRA treatment of assets over his or her lifetime by taking required minimum distributions based on his or her own life expectancy. The new law imposes a new 10 year rule for when IRAs must be fully distributed out (with a few exceptions for minors and disabled persons) effectively eliminating the “stretch-out.” We will continue to study and report on this important legislation.
Coordinate your estate plan with your charitable goals so your gifts may be carried out in accordance with your wishes. Contact your Strauss Attorney for more information.