Posted In: Trusts & Estates and Tax - Business & Corporate
Trusts & Estates Blog: Estate Planning for Individual Retirement Accounts Under the SECURE Act
on June 21, 2022
On January 1, 2020, the Setting Every Community Up for Retirement Enhancement (SECURE) Act came into effect drastically changing the dynamics of naming beneficiaries of Individual Retirement Accounts (IRAs). The IRS recently issued Proposed Regulations in an effort to provide additional guidance and clarification on the manner in which the SECURE Act applies to IRA beneficiaries. One of the most significant impacts of the SECURE Act is how it affects the timing of required minimum distributions and the length of time in which assets of an inherited IRA can remain in the IRA for the benefit of a designated beneficiary....