The SECURE Act Passed. What Does That Mean?

I’ve written about the SECURE (Setting Every Community Up for Retirement Enhancement) Act a number of times over the past year or so. I’m writing now following it’s passing Congress last week as part of the year-end spending bill. Now that President Trump has signed it into law, it goes into effect on January 1, 2020. The legislation is a relatively large overhaul to retirement savings accounts. The two biggest changes are to contributions and required minimum distributions (RMDs). First off, the new law eliminates the age limit for traditional IRA contributions. This means that if you are still working, Continue reading The SECURE Act Passed. What Does That Mean?

Trusting in a Trust

There’s a good chance that you have a will, especially if you have assets that you want to share once you have passed on. If you don’t have many assets or few family and friends to share them with, then you can get by with a simple will (i.e. maybe a page or two long saying who gets what). However, if you have young children–or grandchildren–a simple, boilerplate will probably won’t cut it. Furthermore, if you find that your will may end up leaving a large inheritance to a child or young adult, you will want to consider guidelines and Continue reading Trusting in a Trust

Will Power: Have You Talked to An Estate Planning Attorney?

As I’ve said here on the blog many times, retirement planning involves more than just making sure you have enough money saved. It involves planning for your future, which includes such things as how you want to live out your final years as well as what you want done with your assets and estate once you have passed. That’s why you may want to talk with an attorney who specializes in estate planning as a part of your retirement planning process. This can be done along with communicating with a certified financial planner. Attorneys that specialize in estate planning can Continue reading Will Power: Have You Talked to An Estate Planning Attorney?

Recharacterization and the Tax Bill

It’s well known that the current tax reform legislation making its way through Congress can, and most likely will, impact your retirement accounts and plans. One target is regarding recharacterizations of Roth IRA and traditional IRAs, which both the House and Senate bills would do away with. Recharacterizations are important because it is one of the few tools available to correct a conversion. Under the current system, you have until October 15 of the year following the year in which you made the conversion to recharacterize it. This current system gives people time to reconsider and think about conversions and Continue reading Recharacterization and the Tax Bill