New Legislation Impacts Retirement Tax Policy
WASHINGTON, Jan. 16, 2020 /PRNewswire-PRWeb/ -- The National Academy of Elder Law Attorneys (NAELA) recognizes the impact that the new Setting Every Community Up for Retirement Enhancement (SECURE) Act will have on estate plans, especially those that involve leaving funds to people with disabilities. The SECURE Act brings major changes to retirement tax policy, particularly the rules that limit "stretch" IRAs. The "stretch" allowed an inheritor to take money out of a retirement account over their lifetime. The SECURE Act requires most, but not all individuals, to take the money out in 10 years. Yet, many estate plans do not leave retirement accounts outright to inheritors, but in a trust for their benefit. NAELA members understand how these changes will impact trusts, including supplemental needs trusts for people with disabilities and trusts for minor children.
"In addition to serving as experts on how to plan with trusts under the SECURE Act, NAELA worked to obtain changes in the final bill to ensure that trusts for people with disabilities could retain 'the stretch'," said NAELA President-Elect Wendy Cappelletto, Esq., CAP.
Families should review their estate plans in light of these changes. NAELA member attorneys are well-equipped to assist with your estate planning and retirement needs. Find a NAELA member attorney in your area.
Members of the National Academy of Elder Law Attorneys (NAELA) are attorneys who are experienced and trained in working with the legal problems of aging Americans and individuals of all ages with disabilities. Upon joining, NAELA member attorneys agree to adhere to the NAELA Aspirational Standards. Established in 1987, NAELA is a non-profit association that assists lawyers, bar organizations, and others. The mission of the National Academy of Elder Law Attorneys is to educate, inspire, serve, and provide community to attorneys with practices in elder and special needs law. NAELA currently has members across the United States, Canada, Australia, and the United Kingdom. For more information, visit NAELA.org.
SOURCE National Academy of Elder Law Attorneys (NAELA)