Does the SECURE Act Impact Your Estate Plan?
In December 2019, Congress passed the SECURE Act which went into effect on January 1, 2020. Among other changes, the SECURE Act limited the distribution timeline for inherited retirement accounts. With a few exceptions (i.e. spouse beneficiaries and minors), the SECURE Act has shortened the IRA distribution period for an inherited account to 10 years; whereas prior to this year an inherited IRA could be “stretched” over the beneficiaries lifetime.