Tweets for thought - SECURE Act

December 17, 2019
Anand Sheth

Well fellow advisors, I came across another amazing Tweeter thread that is important to save and not let it get buried. This time it is from Jeff Levine, CPA/PFS, CFP® regarding the SECURE ACT.

Jeff did an amazing job distilling many of the important parts for financial advisors. Thanks, Jeff! And now your tweet is permanently stored here for advisors to come back to and find it. Below you will find a few of his extensive thread - best to click the link and read the entire thread which contains so much information.

Advisors, if you come across other tweets or information that you feel should be preserved somewhere, message us.

SECURE Act FAQs

Can I still do a stretch IRA if someone died in 2019?

Yes. If the person who had the IRA passed away in 2019 (including December 31st, 2019), the beneficiary can stretch to their lifetime.

What if there is a trust as a beneficiary?

You should always review your beneficiaries. With the SECURE Act, this is now an important step as depending on the type of trust, it could be disadvantageous to your and your heirs.

What about spousal beneficiaries?

There are few exemptions who can continue to benefit from the lifetime IRA stretch.

+ Spousal beneficiaries
+ Disabled beneficiaries
+ Chronically ill beneficiaries
+ Individuals who are not more than 10 years younger than the decedent
+ Certain minor children of original retirement account holder, but only until they reach the age of majority.

For more comprehensive coverage, visit Kitces.com blog.

Picture credit: Photo by Louis Velazquez on Unsplash

Increase referrals. 
Tip:
 Quickly send follow-up summary letters.

Schedule a Demo

Categories

Get in touch

If you would like a demo, please use the link below to schedule time.

SCHEDULE YOUR DEMO

Our Vision

We are steadfastly focused on helping financial advisors grow and scale.  






Don’t miss 3 things your client's don't tell you - but you should know.

From thousands of client conversations. 

By submitting, you will get an email confirmation.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram