Blog

Uncategorized

Inheriting an IRA"?

The SECURE Act was signed into law on December 20th and will impact anyone with retirement accounts.  Under the new legislation, beneficiaries of IRA’s will need to withdraw the money within 10 years.  Under the previous law a person could stretch out the payments over their lifetime.  The article goes into detail about where this could become tricky and the main area would be for people inheriting the IRA through a trust.  They recommend that if you do have an IRA trust to get it reevaluated to make sure the language in it is not going to do anything to be detrimental.  The article suggests that this new rule will generate an additional $15.7 Billion in tax revenue over the next decade. 12.31.19