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Changes Rules of Inherited Retirement Accounts
If you already have your estate plan in place you may wish to review it with your attorney as the new Setting Every Community Up for Retirement Enhancements Act (“SECURE Act”) of 2020 changed the rules on inherited retirement accounts, such as 401(ks)’s and traditional Individual Retirement Accounts (“IRAs”).
Under the old rule, the beneficiary of an inherited retirement account could stretch the annual required minimum distributions (“RMD’s”) over a substantial period of time. Under the SECURE Act changes, the time period is as little as ten (10) years, with some significant exceptions. Contact your estate attorney today if you are unsure if your beneficiary qualifies for an exception.