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 … [Read more...] about Congress Is Making Secure Act 2.0 Push Prior to New Year
SECURE act
Securing a Strong Retirement Act Has Been Approved By House
We have been providing updates about the Securing a Strong Retirement Act that would alter the individual retirement account parameters. It was introduced last year, and the prospects for enactment have always been good, because legislators from both parties are in favor of it. This measure is often referred to as “SECURE Act 2.0” because it expands on the SECURE Act that was enacted in December of 2019. It has now been passed in the House of Representatives by a 414-5 vote, so it is one … [Read more...] about Securing a Strong Retirement Act Has Been Approved By House
Securing a Strong Retirement Act Clears First Hurdle
A post that we shared a number of weeks ago highlighted a piece of legislation that was introduced into the House of Representatives. It was being called SECURE Act 2.0 because it is an expansion of changes that have already been implemented via the SECURE Act. The first measure was enacted in December of 2019, and it went into effect the following year. It is relevant to estate planning and elder law attorneys because it changed the guidelines for individual retirement accounts. In this … [Read more...] about Securing a Strong Retirement Act Clears First Hurdle
SECURE Act 2.0 Could Trigger Big Retirement Plan Changes
Individual retirement accounts are used by most Americans to prepare for their senior years, and they are also passed along to beneficiaries. As elder law and estate planning attorneys, we keep a finger on the pulse of legislative statutes that impact the IRA guidelines. The SECURE Act was enacted on December 20, 2019, and it went into effect in 2020. Now, a bipartisan piece of legislation that is being dubbed SECURE Act 2.0 has been introduced into the House. We will look at the proposed … [Read more...] about SECURE Act 2.0 Could Trigger Big Retirement Plan Changes
IRAs and Estate Planning
An individual retirement account can provide an underpinning during your senior years. However, if it turns out that you that you don’t need the money, your IRA will be part of your estate plan. And of course, you may intentionally use the account for estate planning purposes. There are a lot of questions being asked about these accounts from an inheritance planning perspective, because a new law has changed the playing field. We will look at the current state of affairs in this … [Read more...] about IRAs and Estate Planning
SECURE Act Has Estate Planning Implications
Many of our clients have questions about how they can use their individual retirement accounts advantageously when they are devising their estate plans. There was once a tried-and-true strategy called the “stretch IRA” that could be used to great advantage under certain circumstances. However, this approach is no longer possible because of some changes to the federal laws. We will explain the changes as we go through the details as they stand today. Traditional Individual Retirement … [Read more...] about SECURE Act Has Estate Planning Implications
New Tax Proposal re: Retirement Savings
There are new tax proposals working their way through the House and Senate. These proposals, if passed, would change retirement savings significantly. Read on to learn more about these proposals and whether they might impact you or your clients. New Tax Proposal re: Retirement Savings … [Read more...] about New Tax Proposal re: Retirement Savings
