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RETIREMENT ACCOUNTS AND SPECIAL NEEDS TRUSTS

by Thomas D. Begley, Jr., Esquire, CELA             Under the terms of the SECURE Act, which became law in December of 2019, individuals inheriting retirement accounts generally must withdraw the funds from those accounts within 10 years of the death of the plan participant. Under the former law, the beneficiaries of a retirement account could withdraw…

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PROTECTING YOUR RETIREMENT PLAN FROM THE NEW DEATH TAX PART 4

by Thomas D. Begley, Jr., CELA This is the final in a series of articles on the SECURE Act.  (Part 1) (Part 2) (Part 3)   TRUST PLANNING UNDER THE SECURE ACT Trusts are frequently used to protect the inheritance that individuals leave their children from the children’s creditors, divorce, or squandering the money.  There…

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HOW THE SECURE ACT AFFECTS YOUR RETIREMENT ACCOUNT

by Thomas D. Begley, Jr., Esquire, CELA The SECURE Act passed by Congress and signed by President Trump became effective on January 1, 2020.  It applies to individuals who die after December 31, 2019.  The law applies to Qualified Retirement Plans and IRAs.  It is designed to raise approximately $16 billion for the Treasury and…

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PROTECTING YOUR RETIREMENT PLAN FROM THE NEW DEATH TAX PART 3

by Thomas D. Begley, Jr., CELA This is the third in a series of articles on the SECURE Act. (Part 1) (Part 2) (Part 4) STRATEGIES It may make sense to withdraw money from a retirement account and make gifts.  Gifts can take many forms.  The parent, if in a lower tax bracket, could take money…

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