Avoid Disaster: Update Your Estate Planning Documents in Light of New SECURE Act Provision
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Q. I completed my estate planning with your firm five years ago and elected to have my retirement plans pass into a “conduit trust” or “pass-through trust” for the benefit of my daughter, Hannah. My understanding was that the conduit trust would pay out required minimum distributions to her, and that the money would grow tax-deferred over the course of her lifetime and be passed on to her own
beneficiaries. I was told this was called the “stretch IRA” option.
Now, I read about a new SECURE law that eliminates “stretch IRAs.” What is the best thing we can do now given the new law, and do we need to update our trust or other documents?
Critter Corner: IRAs and Taxes in 2020
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As part of my retirement portfolio, I have IRAs. I'd like to make the most of these accounts and save money on my taxes both now and in the future. Do you have any tips that could help?
Order Books by Evan Farr, 4-Time Best-Selling Author
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Certified Elder Law Attorney and Medicaid Asset Protection Expert, Evan H. Farr, CELA, has written four best-selling books in the field of elder law. For more information and to order, click here.
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