10-PAGE WRITTEN DETAILED EXPLANATION (With 10 Useful Examples and Many Practical Planning Tips): The SECURE Act: A Retirement Plan Distribution Game-Changer

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SECUREActExpanded

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To assist you in understanding the SECURE Act, Mr. Siegel has written this expanded 10-page explanation which includes the following:

- Major Changes in Rules Allowing Stretch IRAs
- The New Beneficiary Category – The Eligible Designated Beneficiary
- Important Planning Note for Disabled and Chronically Ill Beneficiaries
- Other Beneficiaries – Not Characterized as Eligible Designated Beneficiaries
- Conduit Trusts
- Accumulation Trusts
- What Needs To Change?
- Planning Alternatives

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10-PAGE WRITTEN DETAILED EXPLANATION (With 10 Useful Examples and Many Practical Planning Tips): The SECURE Act: A Retirement Plan Distribution Game-Changer

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The SECURE Act (Setting Every Community Up for Retirement Enhancement) was signed into law on December 20, 2019, and is effective for deaths occurring in 2020 and beyond.

Prior to the SECURE Act, upon the death of an IRA or other plan participant, designated beneficiaries had to take distributions over their life expectancy. This permitted the desirable “stretch out” planning for beneficiaries, particularly children and grandchildren. If there was no designated beneficiary, distributions had to be made by the end of the fifth year following the death of the participant if he or she had not reached his or her required beginning date, or over the participant’s remaining actuarial life expectancy as if he or she had not died if the participant had reached his or her required beginning date.

The SECURE Act creates new categories of beneficiaries, and limits the opportunity to take distributions over one’s life expectancy to only certain beneficiaries.

Important New Form:
In order to comply with provisions of The Secure Act, Mr. Siegel has created an important new Form, which is entitled FORM: The SECURE Act: Special Retirement Plan Disposition Clause For Separate Shares For Inclusion In A Will Or Trust: Separate Handling Of Retirement Plan Distributions In Separate Shares For Beneficiaries In Sub-Trusts Which May Be "Stretched-Out". To access it, please click here or select "SECURE Act Documents" on the homepage and scroll to the title.

Author:

Steven G. Siegel is president of The Siegel Group, a Morristown, New Jersey - based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. Mr. Siegel holds a BS from Georgetown University, a JD from Harvard Law School and an LLM in Taxation from New York University.

He is the author of several books, including: Planning for An Aging Population; Business Entities: Start to Finish; Taxation of Divorce and Separation; Income Taxation of Estates and Trusts, Preparing the Audit-Proof Federal Estate Tax Return, Putting It Together: Planning Estates for $5 million and Less, Family Business Succession Planning, Business Acquisitions: Representing Buyers and Sellers in the Sale of a Business; Dynasty Trusts; Planning with Intentionally-Defective Grantor Trusts; The Federal Gift Tax: A Comprehensive Analysis; Charitable Remainder Trusts, Grantor Trust Planning: QPRTs, GRATs and SCINs, The Estate Planning Course, The Retirement Planning Course, Retirement Distributions: Estate and Tax Planning Strategies; The Estate Administration Course, Tax Strategies for Closely-Held Businesses, and Tort Litigation Settlements: Tax and Financial Issues.

Mr. Siegel has lectured extensively throughout the United States on tax, business and estate planning topics on behalf of numerous organizations, including National Law Foundation, AICPA, CCH, National Tax Institute, National Society of Accountants, and many others. He has served as an adjunct professor of law at Seton Hall and Rutgers University law schools.

The Siegel Group provides consulting services to accountants, attorneys, financial planners and life insurance professionals to assist them with the tax, estate and business planning and compliance issues confronting their clients. Based in Morristown, New Jersey, the Group has provided services throughout the United States. The Siegel Group does not sell any products. It is an entirely fee-based organization.

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