Are you concerned about how your retirement account will pass on to your loved ones with the best tax income results (i.e., they’ll pay the least amount of income taxes) and in a manner that protects what you’ve worked hard for against lawsuits, creditors, or future divorce? Do you expect to have more than $100,000 in that account at the time of your passing? The Secure (Setting Every Community Up for Retirement Enhancement) ACT is the most impactful legislation affecting retirement accounts in decades, and today I’ll tell you what you need to know about it.
The Secure ACT was passed on on December 20, 2019, and went into effect on January 1 of this year. There are several things you need to know about it.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety or use these timestamps to browse specific points at your leisure:
2:15—Important changes the Secure ACT has brought
4:00—Exceptions it provides to the mandatory 10-year withdrawal rule
5:54—What if your will or living trust has a conduit provision?
7:23—The benefits of an accumulation trust
8:29—Update your plan by scheduling a private family wealth planning session with Hsiao Law
10:35—Wrapping things up
If you have any questions about this or any other related topic, don’t hesitate to call or email me. I’d be happy to help you.