The SECURE Act: One Year Later - How Will It Impact Your Estate Planning and Retirement?

May 26, 2021 · 2 min read

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is one of the most significant pieces of retirement legislation in more than a decade. On March 7, 2020 at Elville and Associates' Client Care Program continuing legal education event, the firm's Managing Principal and Lead Attorney, Stephen Elville, stated that the SECURE Act, and the income tax ramifications it has for most of our clients (mainly, the acceleration of income tax to beneficiaries of inherited IRAs), is arguably the most important tax and asset protection issue clients have been presented with in the past 10 years. In his view, there are basically two main issues (or questions) clients and their families need to address. They are: (I) determine whether any changes need to be made to your estate planning documents; and (II) determine whether you wish to (or should) address the income tax and other impacts of the SECURE Act on your retirement plan assets, your non-exempt beneficiaries, and your estate plan as a whole, including the acceleration of income tax to your beneficiaries, loss of tax deferral to your beneficiaries, and potential loss of asset protection to your beneficiaries.

Mr. Elville will discuss The SECURE Act - One Year Later, and how it will impact your estate planning and retirement. Key topics for discussion include:

• Limiting Stretch IRAs

• Annuity allocations in 401(k)

• No IRA contribution age limit

• Small employer retirement plans

• RMDs, required minimum distributions, at age 72

• Expansion of 401(k) plan participation to more part-timers

• More informative statements for defined contribution plans

• Limited penalty-free distributions on birth or adoption of a child

• Acceleration of RMDs for most inherited retirement accounts

• "Kiddie tax" provision

• Expansion of section 529 plans

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The education of clients and their families through counseling and superior legal-technical knowledge is the mission of Elville and Associates. We hold multiple educational events every month. Click to view our calendar of educational webinars and events or visit the Elville and Associates YouTube channel to view recordings of our past webinars.

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