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“SECURE” your IRA –Checklist to Minimize the Impact on Your Estate Plan

On January 1, 2020, the SECURE Act came into effect. SECURE is an acronym for the “Setting Every Community Up for Retirement Enhancements Act.” Here are the main implications of the SECURE Act on retirements accounts and your Estate Plan and points on how to minimize them:

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The Repeal of the Maximum Contribution Age is another huge consideration when investing for your retirement. Prior to the SECURE Act, one was not allowed to contribute to a traditional IRA during or after the calendar year in which s/he turns 70. This limit has now been repealed, and tax-deductible IRA contributions can now continue with no age cap, allowing additional time to grow such tax deferred accounts. With more individuals working well into their 70s, this is a welcome change, which adds more time to strategize and reposition the tax deferred versus the non-tax deferred pieces of one’s investment portfolio.

The SECURE ACT is a good reminder that with the changing laws, and evolving individual tax and income levels, financial goals and family dynamic, Estate Plans should be reviewed with fresh eyes every few years to ensure that they remains adequate and keep current with the world around us.

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