What is the Secure Act?
As the rules related to retirement accounts change, there can be both positive and negative impacts felt by those who have savings accounts for after they’ve stopped working. Recently, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed and it directly impacts important factors related to who is eligible for a retirement account and how the money can be accessed. This Act, in turn, also impacts the estate planning process and how certain long-term decisions will be made. An Anaheim estate planning attorney will be able to give you an in-depth analysis on this new Act and what it will mean for your specific plans.
The SECURE Act
One of the changes the SECURE Act has created is that business owners can now offer retirement options to more employees, including those who work part-time. They will receive a tax benefit when an employee chooses to sign up for a retirement plan. This Act also allows a person to indefinitely contribute to the fund and increases the age when a person must begin withdrawing money from their retirement account. It is an extremely complex provision and should be reviewed with an estate planning attorney Anaheim to learn more about what it entails.
Regarding estate planning, there are new rules for when beneficiaries must withdraw the funds from an inherited retirement account and the taxation that goes along with it. These new rules can impact how you choose to handle estate planning and in what ways you choose to leave assets for your loved ones.
An estate planning lawyer Anaheim will review your retirement account and explain in detail how you will be personally impacted. They will also let you know which options are available to you and overall the best way to make your estate plans.
If you are in need of an estate planning attorney Anaheim Hills, let the Katje Law Group help you.