If you are trying to preserve your retirement nest egg- in hopes of passing it down to your kids, you will want to hear this! The newly passed “secure” act has put some strict limitations on what your children can, and cannot do, with that retirement inheritance. Estate planning attorney Rebecca Doane says up ’til now, many parents wanted to pass down their IRA’s and 401k’s, so that their kids could stretch out that money until *their* retirement….
“But with the secure act you can’t get the stretch anymore instead the child has to take the minimum distribution out within 10 years.”
If you are getting ready to retire, you are probably celebrating the more popular portion of the new law that says you can hold off taking your minimum distribution until you are 72. But this lesser-known part of the secure act could turn your estate plan on its head! So don’t wait. Get help from a qualified professional. Call Rebecca Doane at 561 656 0200 or visit doaneanddoane dot com today.