When clients think about leaving a legacy for their children, they have several choices. In the current environment there is a high probability the earmarked asset is an IRA account. With the passing of the SECURE Act, that could pose a problem. Here’s why:
On December 20, 2019, President Donald Trump signed into law a spending bill containing the SECURE Act (Setting Every Community Up for Retirement Enhancement Act). The new legislation took effect on January 1st of 2020, giving only 11 days (minus holidays and weekends) for everyone to adjust. This has left many financial institutions and financial professionals affected and scrambling to prepare.
For archival purposes only -- see Editor's Note at the bottom of this post.
Inherited IRAs, or “Stretch IRAs,” as we know them today could soon be history. There are two retirement bills floating through Congress that aim to overhaul America’s retirement system.
Tags: Inherited IRAs
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This content is for informational and educational purposes only and is not designed, or intended, to be applicable to any person's individual circumstances. It should not be considered as investment advice, nor does it constitute a recommendation that anyone engage in (or refrain from) a particular course of action.