Your individual retirement account is ostensibly supposed to serve as a nest egg that you draw from during your senior years. However, there may be a significant amount left in the IRA after your passing. To account for this, you name a beneficiary when you establish the account. A spouse beneficiary can roll it over into their own account or retitle it as an inherited account. If someone other than your spouse is the beneficiary, there is no roll over option. Traditional vs. Roth … [Read more...] about IRA Estate Planning: What Should a Beneficiary Expect?
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 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