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 […]
https://www.thomasdelpup.com/wp-content/uploads/2020/02/trap-33819_1280.png8181280Tom DelPuphttps://www.thomasdelpup.com/wp-content/uploads/2014/08/thomasjdelpup-lg-v3.pngTom DelPup2020-02-06 15:57:402020-02-13 12:48:48The SECURE Act Sets a Tax Trap for IRA Beneficiary Trusts.
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 […]
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. […]
https://www.thomasdelpup.com/wp-content/uploads/2014/11/photodune-7029553-ira-word-cloud-concept-angled-s.jpg775775Tom DelPuphttps://www.thomasdelpup.com/wp-content/uploads/2014/08/thomasjdelpup-lg-v3.pngTom DelPup2020-01-20 14:02:312020-01-20 14:02:33Considering the Stretch IRA Rules After the SECURE Act.
Navy veteran, Kevin Rosenberg, borrowed $116,000 in student loans from 1993 to 2004 to earn a bachelor’s degree and later a law degree. The loan amount ballooned to $221,000 by 2018, when he filed for Chapter 7 bankruptcy in New York. Mr. Rosenberg sought to have the student loan debt discharged in the bankruptcy because […]
https://www.thomasdelpup.com/wp-content/uploads/2014/10/photodune-5794866-law-concept-s.jpg632948Tom DelPuphttps://www.thomasdelpup.com/wp-content/uploads/2014/08/thomasjdelpup-lg-v3.pngTom DelPup2020-01-13 14:37:242020-01-16 13:57:39Debtor has Student Loan Debt of $221,000 Discharged in Bankruptcy.
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 […]
https://www.thomasdelpup.com/wp-content/uploads/2014/10/photodune-1283600-taxes-s.jpg632950Tom DelPuphttps://www.thomasdelpup.com/wp-content/uploads/2014/08/thomasjdelpup-lg-v3.pngTom DelPup2020-01-06 11:42:432020-01-07 09:46:06The SECURE Act Becomes Law – How Will it Affect Your Financial and Estate Planning?
The SECURE Act Sets a Tax Trap for IRA Beneficiary Trusts.
/in Asset Protection, Beneficiary Planning, Estate Planning, Financial Planning, Retirement Planning, Tax Planning, Uncategorized, Wills & Trusts /by Tom DelPupThe 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 […]
Taking a Closer Look – The SECURE Act’s “Eligible Designated Beneficiary.”
/in Asset Protection, Beneficiary Planning, Estate Planning, Financial Planning, IRAs, Retirement Accounts, Retirement Planning, Tax Planning, Taxes, Uncategorized /by Tom DelPupThe 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 […]
Considering the Stretch IRA Rules After the SECURE Act.
/in Asset Protection, Beneficiary Planning, Estate Planning, Financial Planning, IRAs, Retirement Planning, Tax Planning, Uncategorized, Wills & Trusts /by Tom DelPupAs 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. […]
Debtor has Student Loan Debt of $221,000 Discharged in Bankruptcy.
/in Asset Protection, Bankruptcy /by Tom DelPupNavy veteran, Kevin Rosenberg, borrowed $116,000 in student loans from 1993 to 2004 to earn a bachelor’s degree and later a law degree. The loan amount ballooned to $221,000 by 2018, when he filed for Chapter 7 bankruptcy in New York. Mr. Rosenberg sought to have the student loan debt discharged in the bankruptcy because […]
The SECURE Act Becomes Law – How Will it Affect Your Financial and Estate Planning?
/in Asset Protection, Beneficiary Planning, Estate Planning, Financial Planning, Retirement Planning, Tax Planning, Taxes, Uncategorized /by Tom DelPupThe 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 […]