SECURE Act Proposed Regulations Impact 10 Year Distribution Rule Bigly!

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One of the biggest changes made by the SECURE Act was the imposition of a 10 year distribution rule for certain IRA (and other defined contribution-type retirement account) beneficiaries. This 10 year rule applies when the account owner dies after December 31, 2019. Under the new 10 year rule, most non-spouse beneficiaries must withdraw the entire balance of an inherited retirement account within 10 years of the year of the account owner’s death.

(If the account owner died before January 1, 2020, the old lifetime distribution rules still apply and allow a beneficiary to take distributions from an inherited IRA over the beneficiary’s remaining life expectancy.)

The 10 year rule itself seems straightforward. When the rule was enacted, commentators and practitioners (myself included) believed that the account beneficiary had the choice to delay liquidating the balance of the inherited IRA until the end of the 10th anniversary year, or take distributions at any time during the 10 year distribution period as long as the entire account balance was distributed before the end of that 10th year.

However, the proposed regulations introduce a significant wrinkle that will impact a great number of IRA beneficiaries who are subject to the 10 year distribution rule. Under the proposed regulations, the account beneficiary must take required minimum distributions (RMDs) from the inherited IRA during the 10 year period if the account owner died on or after their required beginning date (RBD). In other words, if the account owner was subject to RMDs at the time of his death, then the designated account beneficiary must take an annual distribution from the inherited account beginning in the year following the account owner’s death. The amount of the annual RMD will be calculated using the beneficiary’s remaining life expectancy, reduced by one for each subsequent calendar year during the 10 year term, with the remaining balance withdrawn before the end of that 10th anniversary year.

If the IRA owner died before his RBD, then the account beneficiary will be subject to only the 10 year distribution rule, but not the additional RMD rules.

In sum, if the IRA owner dies before his RBD, the beneficiary has 10 years from the year of the account owner’s death to liquidate the entire balance in the inherited IRA. If the IRA owner dies after his RBD, the beneficiary likewise has 10 years from the year of the account owner’s death to liquidate the entire balance in the inherited IRA, but must also take an annual RMD from the account during the 10 year term.

Let’s look at a couple of examples:

Death before RBD: John is the 30 year old son of IRA owner William. John is the beneficiary of William’s IRA. William dies in August 2022 at the age of 55. Since William died before his RBD (April 1 following the year William would have reached age 72), John is subject to the 10 year liquidation rule and must simply withdraw the entire balance of William’s IRA before December 31, 2032, the 10th year following William’s death.

Death after RBD: In this example, IRA owner William dies in August 2022 at the age of 73. John, William’s 50 year old son is William’s beneficiary. Since William died after his RBD (April 1 of the year following the year William turned age 72), John is subject to both the 10 year liquidation rule, and the RMD rules. So beginning in 2023 John must calculate a required minimum distribution based upon his remaining life expectancy for years 1 through 9 of the 10 year term, withdrawing the entire remaining balance by the end of year 10.

But what about Roth IRA beneficiaries you ask? The proposed regulations confirm that all Roth IRA owners are deemed to have died before their required beginning date (because Roth IRA owners are exempt from required minimum distribution rules). Therefore, if a Roth IRA owner dies after December 31, 2019, her account beneficiary will only be subject to the 10 year distribution rule. This will allow for an additional 10 years of tax free growth before a distribution needs to be taken.

The rules governing distributions from IRAs and other retirement accounts have always been complex. The proposed regulations if and when adopted will only add to the complexity. You should work with an qualified advisor who can help you avoid all of the potential tax traps that await the unwary.

If you are not sure how the rules may apply to your situation, give us a call, we can help.

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[This article is for informational purposes only. It is not legal or tax advice, and does not create or continue an attorney-client relationship.]

This Might Be a Bit Much: Company Offering 3D-printed Cremation Urns in the Likeness of the Deceased.

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A Vermont based company, Cremation Solutions, is marketing a creative new way to memorialize your loved one. Cremation Solutions is producing 3D-printed head shaped urns in the likeness of the deceased.

The life sized busts are large enough to hold the ashes of an adult. Short on space? They offer a smaller, “keep-sake” sized urn meant to hold only a portion of the cremains. The busts are created using photos of the deceased, which the company says allows for a unique personalization over the classic urn.

Created from photos, the 3D busts do not come with hair, but hair can be added digitally in the form of a wig. Complexions can be adjusted in the final stages and customers get a chance to proof the results.

Prices range from $600 for the smaller cremation urn to $2,600 for a larger one. Not really happy with the face of your dearly departed? The company illustrates the service with an urn made in the shape of President Barack Obama’s head, explaining that you can also have the urn designed in the image of a personal hero.

Read the article here.

Disinheriting an Heir – To Include Is Not To Exclude.

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A recent case out of Nebraska dealt with a question whether a deceased father intended to disinherit his daughter in his will. The case, In re Estate of Michael R. Brinkman, 308 Neb 117 (2021), shows us the importance of clear and unambiguous writing in legal documents, including a will.

Michael Brinkman died in 2016 survived by two children, Nicole and Seth. Michael’s did not mention Nicole by name in his will. Nicole claimed that she was entitled to one-half of Michael’s estate despite the omission.

Michael’s will stated in part:

“ARTICLE I. The references in this Will to my “son” refer to my son, SETH MICHAEL BRINKMAN. The references in this Will to my “children” and/or my “issue” shall include my son, SETH MICHAEL BRINKMAN, and all children of mine born or adopted after the execution hereof.” . . . .

ARTICLE V. I give the residue of my estate to my issue, per stirpes. . . . .”

Nicole claimed that the language in the will was ambiguous regarding the term “issue.” Nicole argued the term “issue” included both her and Seth. Seth countered that the will was not ambiguous and that it disinherited Nicole.

The Nebraska county court agreed with Nicole that the will was ambiguous as to whether Michael intended to disinherit her. The court ruled that the will language did not disinherit Nicole, because it did not clearly exclude her. Simply stated, to include is not to exclude. The county court determined that Nicole was entitled to a share of Michael’s estate as one of Michael’s issue.

On appeal, the Nebraska Supreme Court focused on the words used in the will to include Seth by name, but not Nicole, and the residue clause leaving the residue of the estate to Michael’s “issue” equally.

The Court held that the use of “issue” did not exclude Nicole simply because only Seth was included in the meaning of the word “children.” The Court noted that to include someone within a class is not to exclude another from that class. The Court concluded: “No express statement disinherits Nicole or otherwise provides that she not receive from the estate.”

Courts will typically rule against disinheriting an heir when the language of a will is capable of more than one interpretation . One or two poorly chosen words, or words inartfully used can create sufficient ambiguity to defeat a will maker’s intentions. The Brinkman case illustrates the importance of careful will drafting and clear expression of one’s wishes to avoiding a will contest later.

You can read the Nebraska Supreme Court’s opinion here.

Inheriting an Inherited IRA – It’s complicated!

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In my last post, I outlined the key points to keep in mind when dealing with an inherited IRA. Unfortunately, the discussion may not end there. You may be the successor beneficiary of a previously inherited IRA.

In this situation, the IRA or other account was inherited by a prior beneficiary following the account owner’s death. Oftentimes the original account beneficiary will pass away before the IRA is completely liquidated. If that is the case, the successor beneficiary must know how the distribution rules will impact her.

The analysis begins by determining the date the original beneficiary inherited the IRA. (This is the date of the IRA account owner death.) Under current tax rules, if the IRA’s original beneficiary inherited the account on or before December 31, 2019, the distribution rules applicable to a successor beneficiary will differ from the rules that will apply if the original beneficiary inherited the IRA after December 31, 2019. Let’s look at each situation:

Did the original beneficiary inherit the IRA on or before December 31, 2019? If so, the successor beneficiary will have 10 calendar years following the year of the original beneficiary’s death to completely liquidate the IRA. This 10 year liquidation period will apply to any individual named a successor beneficiary. For instance, if the successor beneficiary is the original beneficiary’s spouse, he or she must liquidate the entire balance of the IRA with the 10 year term.

The successor beneficiary is not required to withdraw a minimum amount each year during the term. She may wait until the very end of the term to liquidate the IRA. The IRS will penalize her if she does not fully liquidate the account by the end of the 10 year term. The penalty will be equal to 50% of the balance remaining in the IRA at the end of the term. The IRS will levy the penalty each year until the IRA is liquidated.

Did the original beneficiary inherit the IRA after December 31, 2019? If the original IRA beneficiary inherited the account after December 31, 2019, the distribution rules applicable to the successor beneficiary will depend upon the status of the deceased original beneficiary at the time of his death. If the original beneficiary was an “eligible designated beneficiary,” or “EDB” (defined by the tax code), the successor beneficiary will have 10 years from the year of the original beneficiary’s death to liquidate the IRA.

An EDB may be: a) the surviving spouse or a minor child of the account owner: b) a disabled or chronically ill individual: or c) an individual not more than 10 years younger than the deceased account owner. The tax code deems all other individual beneficiaries to be “designated beneficiaries.” (A successor beneficiary will never be an EDB under the tax code.)

If the original IRA beneficiary was merely a designated beneficiary, then the successor beneficiary has only the remainder of the original beneficiary’s 10 year term to complete the IRA liquidation. She does not get a new 10 year term to liquidate the IRA.

Again, the required minimum distribution rules do not apply. However, the IRS will impose the 50% penalty if the account is not fully liquidated by the end of the original beneficiary’s 10 year term. A successor beneficiary will have to move quickly to liquidate the IRA if the original beneficiary died late in the last year of the 10 year term.

One must be on their tippy-toes in any situation involving an inherited IRA or other retirement account. She must be especially careful if inheriting a previously inherited IRA.

If you or someone you know is struggling to manage an inherited IRA or other retirement account, give me a call. I can help.

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The SECURE Act Sets a Tax Trap for IRA Beneficiary Trusts.

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The newly enacted Setting Every Community Up for Retirement Enhancement (“SECURE”) Act made major changes to the distribution rules for inherited IRAs. With few exceptions, the SECURE Act replaced the old life expectancy “stretch” IRA distribution rules with a mandatory 10 year distribution rule. This creates a potential tax trap for certain trusts named as an IRA beneficiary.

People frequently designate a trust as an IRA beneficiary. These trusts, often referred to as IRA beneficiary, or inheritance trusts, are designed to control and manage IRA distributions for beneficiaries. One popular type of IRA beneficiary trust is known as an “accumulation” trust.

An accumulation trust is frequently used in situations where the trust beneficiary may be unable to directly manage IRA distributions. An accumulation trust requires the trustee to retain IRA distributions in the trust. The trust does not pay out an IRA distribution to the beneficiary in the year received. The trust dictates the if and how IRA distributions will be paid to the trust beneficiary.

With few exceptions, the entire balance of an inherited IRA must now be distributed to the trust within 10 years of the account owner’s death. These distributions will be taxed at trust income tax rates because they are kept in the trust. An IRA distribution that exceeds $12,750 will be taxed at the highest marginal rate of 37%! Unless the IRA balance is very small, taxes will take a huge portion of IRA distributions, leaving a lot less for the trust beneficiary.

The SECURE Act’s 10 year distribution rule will impose significant tax burdens on many existing trusts and estate plans. More than ever you need to work with a qualified advisor who can help guide you through all the new rules and ensure you make the right decisions with respect to any changes to your retirement or estate planning.

Do you need help determining how best to best adapt your retirement or estate plan to the SECURE Act? Give me a call, I can help.

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Taking a Closer Look – The SECURE Act’s “Eligible Designated Beneficiary.”

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The Setting Every Community Up for Retirement Enhancement (“SECURE”) Act became law on January 1, 2020. The SECURE Act made major changes to the distribution rules governing inherited IRAs (both traditional and Roth) and company sponsored retirement plan accounts. In general, the Act requires a designated beneficiary of an inherited retirement account to withdraw the entire balance from the account within 10 years of the year of the original account owner’s death if the account owner dies after December 31, 2019.

However, the SECURE Act carved out a class of beneficiaries who remain eligible to take distributions from an inherited retirement account using the old life expectancy rules. Beginning January 1, 2020, an individual who qualifies as an “eligible designated beneficiary” may continue to use the life expectancy method to calculate minimum annual distributions from an inherited IRA or other retirement account. Those individuals eligible to use this technique are: (i) surviving spouses; (ii) children of the account owner who have not reached majority; (iii) disabled individuals; (iv) individuals who are chronically ill; and (v) beneficiaries not more than 10 years younger than the deceased account owner. All but the surviving spouse category bear a closer look.

Child of the account owner who has not reached majority. People may assume the term “majority” as used in the Act means age 18. For purposes of the new rules, a child could reach the age of majority at age 26. Under current Internal Revenue Code and Regulations, a child may be treated as not having reached the age of majority until age 26 if they have not completed a “specified course of education.” Thus, if both conditions are met, a surviving child of the deceased account owner may use the life expectancy method of calculating distributions until age 26. However, this may change with future regulations. Nevertheless, when the child reaches majority, he must then switch to the new 10 year distribution rule with regard to any funds remaining in the inherited account. This category excludes grandchildren of the deceased account owner.

Furthermore, a child who is disabled as defined in the Internal Revenue Code when he reaches majority may continue thereafter to use the life expectancy method of calculating minimum annual distributions so long as he continues to be disabled.

Disabled persons. Not all disabled persons may use the life expectancy method of calculating minimum annual distributions from an inherited retirement account. Under the Act, an individual is considered to be disabled if she is unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment which can be expected to result in death or to be of long continued and indefinite duration. (This is the same definition used to determine whether a pre-age 59½ withdrawal from an IRA will be subject to the 10% early withdrawal penalty.) The beneficiary must provide proof of her disability. If the beneficiary does not meet, or no longer meets this definition of “disabled,” she must use the 10 year distribution period mandated by the Act.

The chronically ill. Under the Act, a “chronically ill individual” is one who has been certified by a licensed health care practitioner as: (i) being unable to perform at least two activities of daily living for a period that is indefinite and reasonably expected to be lengthy in nature due to a loss of functional capacity , (ii) having a level of disability that is similar to the level of that described in clause (i) above, or (iii) requiring substantial supervision to protect the individual from threats to health and safety due to cognitive impairment. If the beneficiary is deemed to be chronically ill, he may use the life expectancy method to calculate minimum annual distributions from an inherited retirement account. This definition is stricter than the definition found in a typical long term care insurance policy, which will require that an individual be unable to perform activities of daily living for at least 90 days to be deemed “chronically ill.”

Individuals not more than 10 years younger than the deceased account owner. This category of eligible designated beneficiary includes surviving siblings, a domestic partner, or friends of the deceased account owner if they are not more than 10 years younger than the deceased. Any beneficiary falling within this category may use the life expectancy method of calculating required annual distributions from an inherited retirement account.

For any designated beneficiary who is not an eligible designated beneficiary under the Act, he or she must withdraw the entire balance of an inherited retirement account within 10 years after the year of the death of the account owner if the death occurs after December 31, 2019.

The SECURE Act brought significant changes to an already complex area tax law and will have an impact on many financial and estate plans. As with any tax law change, one should review their financial or estate plan to determine how these changes may affect them.

Do you need help understanding the impact the SECURE Act has on your current planning, or need help determining how best to adapt your financial or estate plan to the new law? Give me a call, I can help.

Contact me

Considering the Stretch IRA Rules After the SECURE Act.

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As a financial and estate planning technique, the “stretch” IRA allowed the beneficiary of an inherited IRA to take distributions from the IRA over her remaining life expectancy, extending the life and income tax advantages (tax-deferred or tax free growth) of the IRA. For a very young beneficiary, this could have been a virtual lifetime. That all changed with the recent passage of the SECURE (“Setting Every Community Up for Retirement Enhancement”) Act.

The SECURE Act severely curtailed the viability of the “stretch” technique for distributions from inherited IRAs, both traditional and Roth. Under the Act, most non-spouse beneficiaries will have to withdraw all of the funds from an inherited IRA within 10 years of the death of the original account owner. The new rules apply to traditional or Roth IRAs inherited after December 31, 2019.

Beginning January 1, 2020, only an “eligible designated beneficiary” may continue to use the stretch technique for distributions from an inherited IRA. Under the SECURE Act, those beneficiaries eligible to use the stretch technique are: i) surviving spouses; ii) minor children of the account owner – until age of majority (but not grandchildren); iii) disabled individuals; iv) individuals who are chronically ill; and v) beneficiaries not more than 10 years younger than the deceased account owner.

If an individual does not qualify as an eligible designated beneficiary under one of those 5 categories, she must use a new 10 year rule – the entire account balance must be withdrawn by December 31 of the 10th year following the year of the account owner’s death. Note too, that a minor child of a deceased account owner may use the old life-expectancy distributions rules until she reaches the age of majority, and then must switch to the 10 year rule thereafter.

Of course, if an IRA owner died before January 1, 2020, the old stretch IRA distribution rules still apply.

Caveat: While this post focuses on the SECURE Act’s impact on distributions from traditional and Roth IRAs, the new rules affect distributions from all inherited qualified retirement plan accounts, including SEP IRA, SIMPLE IRA, 401(k), and 403(b) accounts.

The SECURE Act adds a thick layer of complexity to an already confusing area of tax law. As with any tax law change, one should review their financial and estate plans to better understand how the SECURE Act may affect those plans.

Do you need help understanding the impact the SECURE Act has on your current planning, or need help determining how best to adapt your financial or estate plan to the new law? Give me a call, I can help.

Contact me

The SECURE Act Becomes Law – How Will it Affect Your Financial and Estate Planning?

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The SECURE Act, which passed the US House of Representatives last summer (2019), had been flying well below most people’s radar as it seemed to lose steam in the Senate, despite bipartisan support. However, quite surprisingly and with little fanfare, it was passed into law just before Christmas, and took effect January 1, 2020.

In brief, the SECURE Act changes the age when one must begin taking distributions from qualified retirement accounts, changes provisions regarding contributions to IRAs and penalty-free withdraws from retirement accounts, as well as beneficiary distribution rules for inherited retirement accounts.

For those individuals who are currently working and saving for retirement, the SECURE Act removes the age limit for contributions to traditional IRAs. Under the old rules, a taxpayer could not contribute to a traditional IRA after reaching age 70½, regardless of whether he was employed. The SECURE Act removed that age limit. Now, you may contribute to an IRA regardless of your age, as long as you are working and have earned income. This change will help boost retirement savings for older taxpayers.

In addition, the SECURE Act raises the age at which one must begin taking distributions from retirement accounts. As of January 1, 2020, the age at which require minimum distributions must begin is 72. So, if you reach age 70½ in 2020, you can relax. You may wait until April 1 following the year in which you turn 72 to begin taking distributions from your retirement accounts. If you reached age in 70½ in 2019, the rules have not changed. You must still take your initial RMD before April 1, 2020, if you did not take it before the end of 2019.

The SECURE Act also eliminates the 10% penalty for early withdrawals from a retirement account in situations involving the birth or adoption of a child. In such cases, up to $5,000 may be withdrawn from a retirement account, penalty free, within a year of a birth or adoption of a child. The withdrawn funds may be re-contributed to the account at a later date.

Likely the most significant changes brought by the SECURE Act involve distributions from retirement accounts after the death of the account owner. Under pre-2020 law, an important planning strategy for retirement accounts was to name a spouse, child, or others as account beneficiary to allow for post-death distributions to be extended, or “stretched,” over the beneficiary’s remaining life expectancy. This had the affect of prolonging the tax deferral of investment gains in a retirement account and reducing the amount a beneficiary was required to withdraw each year.

Under the SECURE Act, the “stretch” is eliminated for most non-spouse beneficiaries. For those affected beneficiaries, all funds in a retirement account will have to be distributed within 10 years of the year of the account owner’s death. This will have the effect of increasing the amount of each year’s distribution from a retirement account and the taxes to be paid on those distributions.

Surviving spouses are excluded under the Act, and still have the option of stretching distributions over their remaining life expectancy. Minor children are also exempt from the new rules until they reach the age of majority. Finally, certain disabled and chronically ill beneficiaries and beneficiaries who are not more than 10 years younger than the account owner are also exempt.

The SECURE Act does not apply to retirement accounts owned by individuals who died before January 1, 2020. The old stretch rules will continue to apply.

Whenever significant law changes occur, it’s important to understand the real or potential impact it may have on your financial and estate planning. You should always work with a qualified, knowledgeable and trusted advisor.

If you have questions regarding the SECURE Act’s possible impact on your planning, give me a call. I can help.

Contact me

How Will the SECURE Act Affect Your Retirement Savings?

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Having passed the US House of Representatives and now moving quickly through the US Senate, the SECURE (Setting Every Community Up for Retirement Enhancement) Act appears to be on its way to soon becoming law. The SECURE Act will make numerous changes to how money is contributed to, and withdrawn from retirement accounts. While many of the Act’s provisions are administrative in nature, that is, they deal with the way retirement plans are administered, several provisions will directly affect retirement savings and withdrawals. Here are some of the more important ways the SECURE Act could affect your retirement savings:

First, the Act pushes back the time when retirement savers must begin taking distributions from their IRAs and other retirement accounts. Under current law, a person is required to begin taking retirement account distributions at age 70½, whether or not he or she wants to. The SECURE Act will push the age when required distributions must begin to age 72. This means that retirement savings may continue to grow untouched and untaxed for another year and a half before distributions must begin.

Next, the SECURE Act eliminates the age restrictions on IRA contributions. Americans are living and working longer. However, under current law a person may not contribute to an IRA after age 70½, even if still working. Under the SECURE Act, a person may continue to contribute to an IRA after age of 70½ if still working.

Finally, the SECURE Act changes the required minimum distribution rules with respect to IRA and other retirement account balances upon the death of the account owner. Under the Act, distributions to individuals other than the surviving spouse of the account owner, disabled or chronically ill individuals, individuals who are not more than 10 years younger than the account owner, or child of the account owner who has not reached the age of majority, are generally required to be distributed by the end of the tenth calendar year following the year of the account owner’s death.

Under current law, a non-spouse beneficiary of an IRA or defined contribution-type retirement account [such as a 401(k) or 403(b) account] may elect to “stretch” distributions from an inherited retirement account over his or her remaining life expectancy. For younger beneficiaries, this means that the remaining account balance has a longer time to grow tax deferred before being withdrawn, and the amounts withdrawn may be taxed at lower rates. The SECURE Act will accelerate distributions from inherited retirement accounts, reducing the time horizon for tax deferred growth and increasing the taxes that must be paid on the larger withdrawals.

This change will have an impact on beneficiary designations and estate plans, especially those situations in which a trust is named as a beneficiary of a retirement account.

Insofar as the SECURE Act will affect retirement saving and distributions in these and other ways, readers should plan to meet with a qualified legal or financial professional to determine the best way forward under the Act should it become law.

If you don’t have an attorney or financial planner, but would like to work with one, please give me a call. I can help.

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NBI Seminar: What You Need to Know About Probate & Trust Administration

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The National Business Institute (NBI) is offering a day-long seminar entitled “Probate & Trust Administration – What You Need to Know About Probate and Trust Administration,” on August 19, 2019, at the Wyndham Garden in Ann Arbor, Michigan.

(Full disclosure: I am one of the presenters.)

Program Description (From NBI):

Working through issues that arise through probate and trust administration can be daunting. Are you well-equipped with the tools you need to succeed? This insightful course will take you through steps in probate administration, including information on creditor and debt issues, tax and more. You will also get valuable insight on trust administration, including the handling of accounting, distributions and taxes. Don’t miss this opportunity to hone your probate and trust administration skills – register today!

  • Take a closer looks at the initial step for filing the estate.
  • Discuss what needs to be done to handle creditor claims and debts.
  • Make sure everything is in order for the final distribution of the estate.
  • Review what issues need to be addressed concerning taxes in probate administration.
  • Get the latest information on taxation concerns associated with trusts.
  • Explore the different types of trusts and how they are used.
  • Learn ways to manage, sell and distribute property and assets in trust administration.
  • Gain a better understanding of the distinctions between trust fiduciary accounting and income tax accounting.

This basic level seminar is designed for professionals who want to be more effective in the probate and trust administration process, such as:

  • Attorneys
  • CPAs and Accountants
  • Tax Professionals
  • Financial Planners and Wealth Managers
  • Trust Officers
  • Paralegals

Course Content:

  • Probate Process and Overview
  • Assets, Creditor Claims and Debt Considerations
  • Distributions, Final Accounting and Closing the Estate
  • Tax Issues in Probate Administration
  • Trust Taxation Issues
  • What You Need to Know About Trusts
  • Accounting/Distributions in Trust Administration
  • Ethics and Estate Administration

For more information and to register, please follow the link to:

“Probate & Trust Administration.”