Call us at (727) 209-8282

logologologo
  • Home
  • About
    • What is Elder Law?
    • Our Philosophy
    • Our Team
  • Practice Areas
    • Estate Planning
    • Wills and Trusts
    • Probate and Trust Administration
    • Incapacity Planning
    • Medicaid Long-Term Care Benefits
    • VA Aid and Attendance Benefits
  • Giving Back
  • Community Events
  • Latest News
  • Contact
    • Location, Directions & Parking
    • Complimentary Consultation
  • Home
  • About
    • What is Elder Law?
    • Our Philosophy
    • Our Team
  • Practice Areas
    • Estate Planning
    • Wills and Trusts
    • Probate and Trust Administration
    • Incapacity Planning
    • Medicaid Long-Term Care Benefits
    • VA Aid and Attendance Benefits
  • Giving Back
  • Community Events
  • Latest News
  • Contact
    • Location, Directions & Parking
    • Complimentary Consultation
  • On January 5, 2020
  • in Estate Planning

The SECURE Act Has Arrived

Many people name their children as the beneficiaries of their IRA accounts. One of the advantages for your child in receiving an inherited IRA from you “used to be” that your child only had to withdraw a small percentage of the IRA account each year based upon his or her life expectancy.

This requirement of only having to withdraw a minimum amount of money each year from the inherited IRA “used to be” advantageous to your child because it allowed him or her to avoid a large tax bill due to a large IRA withdrawal all in one year and allowed the money left in the inherited IRA to continue to grow tax free.

I say “used to be” because the SECURE Act changes this rule for most children who inherit an IRA after December 31, 2019. Under the SECURE Act, most beneficiaries who inherit an IRA account will now have to withdraw all the money in the inherited IRA within 10 years of receiving the inherited IRA.

This change in the inherited IRA mandatory withdrawal rules could significantly change the way that many parents envisioned their IRA accounts being used by their children.

If you have an IRA account that you are planning to leave to a child, you may want to talk with your estate planning attorney about what impact the SECURE Act may have on your estate plan.

Facebook Twitter Google Plus Pinterest Linkedin
Previous PostWinter 2020 Newsletter
Next PostHoliday Surprises
Subscribe to our Newsletter
Recent Posts
  • Our First “Making a PAWSitive Difference” Donation!
  • Spring 2020 Newsletter
  • What Are Advance Directives?
  • Estate Planning Project At Home
  • Winter 2020 Newsletter
Categories
  • Advance Directives
  • Caregivers
  • Donations
  • Estate Planning
  • Incapacity Planning
  • Latest News
  • Long-Term Care
  • Medicaid
  • Newsletters
  • Probate & Trust Administration
  • VA Benefits
  • Wills
Edwards Elder Law - St Petersburg

Whether you are looking for guidance regarding an elder law issue for a family member or yourself, you can turn to Edwards Elder Law. We help people who have an immediate need for long-term care assistance, as well as people who want to start talking about their options for paying for long-term care assistance before they have this need.

Practice Areas
  • Estate Planning
  • Wills and Trusts
  • Probate and Trust Administration
  • Incapacity Planning
  • Medicaid Long-Term Care Benefits
  • VA Aid and Attendance Benefits
Contact Us

Edwards Elder Law, P.A.
St. Petersburg Elder Law Attorney
2510 1st Ave. N.
St. Petersburg, FL 33713
View Map
(727) 209-8282

Disclaimer

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

Privacy Policy | Sitemap

2020 Edwards Elder Law - St. Petersburg WordPress website by Solid Red Studios | Graphic design by Vanessa Wheeler