Why life insurance is the new stretch IRA

February 8, 2020 by Ed Slott

Advisors should move quickly with new estate planning advice for clients now that the Secure Act has passed. This law, which eliminated the stretch IRA plan for most nonspouse beneficiaries and replaced it with a 10-year rule, is already effective for deaths that occurred in 2020.

While planners can still help clients maintain their goals, the vehicle used to transfer money after death will have to change from the IRA to — I propose — the better, more tax-friendly life insurance.

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Originally Posted at Financial Planning on February 6, 2020 by Ed Slott.