SECURE Act: Docs,Trusts & Audio

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

Here Are The 5 Accumulation Trusts Included:

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To assist you in advising your clients about retirement plan distributions under the SECURE Act, Mr. Siegel provides a detailed analysis of when planning is needed, what prior planning no longer works and new planning strategies you should consider. 

This Form is a Dynasty Trust, intended to be created for the benefit of the children and more remote descendants of the Grantor, and designed to be a perpetual trust. Ideally, this trust is created in a State that has repealed the rule against perpetuities, thus allowing for the perpetual duration of the trust.

While the Dynasty Trust Form is not state specific, it is fully-editable.  You can add state specific language as needed.

Note: As the result of the SECURE Act, there are separate provisions required for beneficiaries who are minor children of the grantor/testator, disabled beneficiaries, chronically ill beneficiaries, beneficiaries who are less than 10 years younger than the grantor/testator, and all other beneficiaries, whether related to the grantor/testator (such as grandchildren) or not.

This is a Form of an irrevocable trust. It is intended to continue for the lifetime of the Beneficiary. At the death of the Beneficiary, the remaining trust property passes outright to the descendants of the Beneficiary, unless they are minors or legally incompetent, in which case the provision of paragraph 4 apply.  

This is a Form of an irrevocable trust. It is intended to continue for the lifetime of the Beneficiary. The Beneficiary is given a lifetime general power of appointment to appoint the property to the Beneficiary’s Estate, and a special power to appoint the property to the Beneficiary’s child. In default of the Beneficiary’s exercise of this power, the remaining trust property passes outright to the child of the Beneficiary, unless a minor or legally incompetent, in which case the provision of paragraph 4 apply. The trustees are permitted to distribute income and principal to the Beneficiary at any time in accordance with an ascertainable standard – for health, education, maintenance and support. Liberal application of this standard could result in having the entire trust property distributed to the Beneficiary during lifetime, leaving no remainder for descendants.

This is a Form of an irrevocable trust. It is intended to continue for the lifetime of the Beneficiary. At the death of the Beneficiary, the Beneficiary is given a limited power of appointment to appoint the property as the Beneficiary wishes without requiring inclusion of the appointed property in the estate of the Beneficiary (a limited power of appointment). In default of the Beneficiary’s exercise of this power, the remaining trust property passes outright to the descendants of the Beneficiary, unless they are minors or legally incompetent, in which case the provision of paragraph 4 apply.  

The trustees are permitted to distribute income and principal to the Beneficiary at any time in accordance with an ascertainable standard – for health, education, maintenance and support. Liberal application of this standard could result in having the entire trust property distributed to the Beneficiary during his or her lifetime, leaving no remainder for descendants.

Mr. Siegel clearly explains twenty-eight key changes that are included within SECURE Act 2.0 in this eleven page detailed written description.

Included in the Consolidated Appropriations Act of 2023, signed on December 29, 2022, is the Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0. The Act is very wide-ranging in its coverage. It expands coverage of more workers, provides opportunities for increasing retirement savings at low and high income levels, further defers the age at which required minimum distributions must occur, offers relief from excise taxes when various hardships occur, reduces penalties for insufficient plan withdrawals, allows greater protected savings for disabled persons, and much more.