On December 20, 2019, President Trump signed into law the Setting Every Up Community for Retirement Enhancement (SECURE) Act, which was incorporated into the Further Consolidated Appropriations Act.
The SECURE Act makes significant changes to the tax rules applicable to qualified retirement plans and IRAs. Key changes include deferring of the commencement of required minimum distributions until age 72, and requiring payouts after the death of an account holder to be completed within 10 years of death (with some exceptions).
The Act should cause taxpayers to revisit their planning for dispositions and distributions of their retirement and IRA accounts and plans.
I’ll be writing separately regarding the impact of the Act on conduit trusts shortly.