The Secure Act was signed into law on December 20, 2019, by President Donald Trump. This new law ends the availability for beneficiaries of inherited IRAs to stretch the tax-deferred and/or tax-free growth of the assets within it over the beneficiaries’ life-time.
Under the new law, non-spouse beneficiaries will have to withdraw all the funds in the inherited IRA within 10 years from the death of the account holder. It applies to IRAs inherited after December 31, 2019.
An exception to the new 10-year rule is for disabled and minor children.
The new Secure Act could significantly alter your estate planning goals. The Law Office of Debra G. Simms is holding free seminars to discuss how the new law might affect you. Contact us to reserve a seat.
Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.
This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.