SECURE Act Brings Major Changes to Retirement and Estate Planning
Author: Nathan W. G. Berti.; Kenneth F. Hunt.; Trevor J. Johnson.
Source: Volume 37, Number 03, Spring 2020 , pp.23-30(8)
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Abstract:
On December 20, 2019, President Trump signed a two-part spending bill funding the federal government through Fiscal Year 2020. Among the many provisions included with the spending bill is the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The SECURE Act enacts major changes to rules related to individual and employer sponsored retirement accounts and may also materially alter estate plans incorporating retirement accounts. This article highlights three significant changes enacted by the “SECURE Act and certain impacts these changes have on retirement accounts. While the focus here is on individual retirement accounts (IRAs), many of the changes adopted by the SECURE Act affect employer sponsored retirement accounts as well.Keywords: SECURE Act, required minimum distribution/RMD, individual retirement account/IRA, estate planning
Affiliations:
1: Hodgson Russ LLP; 2: Hodgson Russ LLP; 3: Hodgson Russ LLP.