With the SECURE Act being signed into law you should be reaching out to your clients with workarounds to minimize taxes. The Secure Act has been the largest retirement legislation passed in the past ten years prompting questions that will impact your client’s 401K and their withdrawal strategies.
The new legislation requires non-spousal beneficiaries to deplete inherited IRAs within 10 years, leaving retirees who planned to leave their accounts to heirs wondering what to do about the significant tax burden. This is leaving your clients with potentially higher taxes and less tax-deferred growth of their accounts. While you reach out to your clients about the new legislation also consider having them review their beneficiaries.
There are a few strategies that you can offer to your clients looking to minimize their financial legacy while none of them are near the lucrative tax-deferral benefits of the stretch IRA, they may achieve similar goals.
These financial tools include Charitable Trusts and Irrevocable Living Trusts, Roth IRAs, and Permanent Life Insurance.
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