The SECURE Act was enacted in December of 2019, and it made some changes to the individual retirement account parameters. In 2021, legislation that would make further changes was introduced. It has been making its way through the legislative process since then. According to reports, lawmakers are attempting to approve the measure that is being called SECURE Act 2.0 before the new year.
We are going to explain the changes that would be included in this post. But first, we will provide an overview of the provisions in the Secure Act that have already been enacted.
SECURE Act
Traditional individual retirement account holders are compelled to take required minimum distributions (RMDs) when they reach a certain age. Prior to the SECURE Act, it was 70.5, but a provision increased the age to 72.
Account holders could no longer contribute into their accounts after they reached this age, but the SECURE Act changed the playing field. Now, traditional IRA account holders can continue to contribute into their accounts for as long as they are earning income.
There was another change with significant estate planning implications. Non-spouse IRA beneficiaries have to take required minimum distributions. However, in the past they could take only the minimum that was required for as long as possible. This would maximize the tax advantages. Now, the assets have to be removed from an inherited account within 10 years of the time of acquisition.
SECURE Act 2.0
Now we can look at the additional changes that may be right around the corner via SECURE Act seminar page.
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If you have already determined that it is time to work with a Glastonbury or Westport, CT estate planning lawyer to develop your plan, our doors are open. When you work with our firm, we will gain an understanding of your unique situation and your objectives. At the end of the process, you will go forward with a custom crafted plan that ideally suits your needs.
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Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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