3 planning alternatives to Stretch IRAs
January 15, 2020 by Nick Thornton
The elimination of the Stretch IRA that resulted from passage of the Setting Every Community Up for Retirement (SECURE) Act is a game changer for wealth advisors, estate planners, and those parents who were considering bequeathing savings in individual retirement accounts to their kids.
“For a lot of people, the bulk of their wealth has been established in their IRAs,” said Michael Repak, vice president and senior estate planner with Janney Montgomery Scott.
“This law, even though it didn’t get the publicity of the Tax Cuts and Jobs Act, will have an equal impact on estate planning,” he added.
The SECURE Act is the most comprehensive retirement bill to pass in a decade and a half. Many of its provisions are designed to stimulate more and better options in the workplace defined contribution market.
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