Changes to IRA Laws
08/23/2020
CHANGES TO IRA LAWS –
2019 SECURE ACT PASSAGE
In 2019, Congress passed the SECURE Act, changing a number of requirements to IRAs, especially as it relates to Required Minimum Distributions (RMD) and inheritance situations. While not a comprehensive list, the following are a few points to consider as you decide whether to support LBW through your IRA.
- Starting January 1, 2020, the new age at which RMDs are required has increased from 70 ½ to 72 years old. This only applies to people who turned 70 ½ after January 1, 2020.
- Individuals with an earned income may now contribute into their IRAs at any age, including past the age of 72.
- IRAs which are inherited after January 1, 2020 must be distributed within 10 years with a few exceptions.
Please note, this article is not intended to provide any type of legal or financial advice and is for informational purposes only. If you have any questions regarding the new law, please contact your attorney or financial planner for legal and financial advice. If you would like to discuss your estate plan with a representative from LBW, please contact Daniel Jenkins at 800-925-6092.
