Call for a Complimentary Consultation (813) 852-6500

What You Should Know About The SECURE Act and Retirement Accounts

By Howard C. Stross
March 16, 2020

The SECURE Act, which changes the law applicable to retirement accounts, became effective on January 1, 2020. The SECURE Act increases the age for required minimum distributions from retirement accounts from 70 ½ to 72 years of age (for those born on July, 1, 1949, or later) and it eliminates the maximum age for contributions to traditional IRA accounts for older Americans still in the workforce. Probably the SECURE Act’s most impactful change is the elimination of the “stretch” option for most non-spouse beneficiaries of inherited IRAs, which allowed distributions to be taken over a beneficiary’s life expectancy.

The three things you will need to accomplish in order to allow me to write a research paper would be most likely not on your mind at the moment. However, they are vital if you want your newspaper to be the best it might be. Fact check every thing.

This could occasionally seem as in the event that you’ve already done your own research, however that is just because you didn’t use the internet for the research. When it comes to writing a research document at, you want to ensure you actually go out in order to find the data .Without fact check, there’s no way to find accurate information by which to compose a research paper. If you can’t verify all of the information which you’re using, then you won’t ever know what you are talking about. It doesn’t matter if you have the exact effects, only the suitable information goes to be in your newspaper. Your data will be more accurate and which will help make it much easier for you to compose a research paper.

So, now that you’ve done your research and got the right information, you need to make sure you use that advice to create your research paper. Make sure that you clearly state most of the data you used and make sure that you point out where you got the data. First thing you need to complete in order to allow me to write a research paper will be to make sure that you include the sources that you just used. The strategy you used, the arrangement in which you included your own sources, the citations which you used, and the research that you just did should all have been integrated in your document. The three things you will need to complete in order to help me write a research paper are really quite straightforward. It only takes a little bit of time and effort in your own part to receive the best results possible.

Under the new law, most designated beneficiaries must withdraw the entire balance of the IRA by the end of the tenth year after the IRA participant’s death. The new law does not change the requirement that charities and estates as beneficiaries must withdraw the entire balance of the IRA by the end of the fifth year after the IRA participant’s death.

There are exceptions to the new ten-year mandatory withdrawal rule for “eligible designated beneficiaries.” Besides spouses, the IRA participant’s minor children (until they reach the “age of majority”), disabled and chronically ill beneficiaries, and beneficiaries who are not more than ten years younger than the IRA participant can still take distributions over their life expectancy.

Under the SECURE Act, the ten-year time frame for taking distributions will result in the acceleration of income tax due, which may cause your beneficiaries to be bumped into a higher income tax bracket, thereby causing the beneficiaries to receive less of the funds contained in the retirement account than originally anticipated.

Because of the SECURE Act, planning with trusts should consider the type of beneficiary and the tax consequences, and should weigh the trustmaker’s desire for tax minimization against the need for asset protection. Additional considerations include implementing Roth IRA conversions, using charitable remainder trusts, including distributions to charitable beneficiaries, and using life insurance to pay taxes or offset amounts passing to charities. For a spouse, consider rollovers, treatment as an inherited IRA, or, under limited circumstances, the spouse disclaiming to a younger generation beneficiary.

If you have questions about how the SECURE Act may affect your estate plan, contact Stross Law Firm, P.A. at (813) 852-6500 to schedule a complimentary initial discussion.

Related Articles

Here Comes Santa Claus’ Estate Plan

Here Comes Santa Claus’ Estate Plan

If Santa and Mrs. Claus were U.S. citizens, how would they create an estate plan? Although they may be great clients, their estate plans might include the pieces mentioned below. Estate Tax Concerns. In 2024, the federal estate tax exemption will increase to...

read more

Sign Up for Our Newsletter

Peace of Mind Estate Planning Program Best Probate Attorneys in Tampa

Blog Categories


Looking for immediate answers to your questions?

Schedule a complimentary consultation today!


The lawyers at the Stross Law Firm, P.A. invite you to call or e-mail to arrange a free 30-minute consultation regarding your legal and advisory needs concerning business law, real estate, estate planning, probate and trust administration. We serve clients throughout Florida. Find out how we work and how we may be able to help you.