The newly passed SECURE Act has a lot of people cheering the new minimum distribution age which has jumped from 70 and a half to 72, but not everything about the new law is positive, especially if you have a sizable retirement account you were hoping to pass on to your kids.
Under the new rules, your children will need to take the distribution within 10 years. So they won’t be able to save it for *their retirement. That’s why attorney Rebecca Doane says you should review all the aspects your estate plan: update your beneficiary designations if necessary, if your beneficiary is a trust, make sure you have the right kind, and….
“Another aspect is that people should look at whether or not they should flip their IRA and pay the tax up front from a regular IRA to a Roth IRA that’s going to be inherited by their children without paying any tax.”
If you have questions about the new secure act and how it will impact your estate plan. Call estate planning attorney Rebecca Doane at 561 656 0200 or visit doaneanddoane.com