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2020 Brings New Law Regarding Inherited IRAs

MOUNTAIN COMMUNITIES – Congress just agreed to a bipartisan appropriations bill that will help avoid another government shutdown. Attached to the spending bill is the SECURE Act legislation which goes into effect on January 1, 2020, assuming President Trump signs the bill into law (which seems likely).

This bill makes comprehensive changes to the laws governing IRAs and other retirement plans. While many of these changes benefit plan owners, one of them has a dramatic negative effect; namely, under the SECURE Act, the maximum period of time a non-spouse beneficiary of an inherited IRA has to withdraw the entire IRA, with limited exceptions, is 10 years. This is a massive change from current law, which allows a non-spouse individual beneficiary of an inherited IRA (or beneficiary of a properly drafted trust which receives an IRA) to “stretch” the inherited IRA out over his or her life expectancy when taking the required minimum distributions each year.

One of the biggest fears many people have today, as they grow older, is the fear of losing hard earned savings, of losing independence, of losing obstacles they didn’t know were coming of ineffective planning.

What a shame to see people struggling, because of poor or no planning, when the confidence of knowing that you’ve planned and have protected yourself, your family and your assets is yours for the taking.

You’re invited to attend a FREE educational workshop to discover the deadly mistakes that could wreck your future… and how you can avoid them.

Jan. 23, 2020 – RSVP 559-473-1233

10 a.m or 2 p.m.

49063 Road 426

Oakhurst, CA

Martha Patterson is certified as an Elder Law Attorney by the National Elder Law Foundation.

State Bar of California License #108322
California Department of Insurance License #OK58144

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Sierra News Online

Sierra News Online