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The SECURE Act, signed into law on December 20, 2019, is the most impactful legislation to affect estate planning in decades.  Although the SECURE Act includes many positive changes in regard to tax-deferred retirement accounts, it no longer permits most non-spouse beneficiaries (e.g., children) to withdraw an inherited retirement account over the beneficiary’s life expectancy (aka “stretch IRA”).  Instead, the default law now requires the entire account to be withdrawn and liquidated by the end…
While in-person office meetings are always preferable in the estate planning context, video conferencing is available through the Zoom app if you need to use this option.  Please let the receptionist know that you prefer video conferencing when you schedule the appointment.…
On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act, which is effective January 1, 2020, is the most impactful retirement legislation of the past decade. It increases the age for required minimum distributions from retirement accounts from 70 ½ to 72 years of age. However, among the many provisions in the new law involving retirement accounts, the most significant for clients with retirement…
Congress passed the SECURE Act this week and it goes into effect 1/1/2020.  The SECURE Act includes a major law change that affects anyone who chooses to name a trust as beneficiary of a retirement account.  Although I already have my own ideas, the financial and estate planning industries are already in teh process of interpreting and responding to the law change.  I will post updates on both this blog and the “recent development” page…
The SECURE Act is expected to pass the Senate and be signed by President Trump by the end of this month.  I am closely monitoring this news because it is expected to have a major effect on any existing plans that name trusts as beneficiaries of IRAs.  Stay tuned for updates. …
Recently a past client informed me that his NFA gun trust document, which I drafted, was kicked back to him by an ATF examiner.  The issue resulted from a novel interpretation of who the document identified as “responsible persons” under the trust.  My first response was to find out whether any rules had changed that I did not know about.  Although I confirmed there have been no rule changes since 2016, I did learn that…
Today the House of Representatives passed legislation that would affect IRA distribution rules.  The key change that affects estate planning is the provision that would limit the duration of post-death required minimum distributions to 10 years for most non-spouse beneficiaries.   I will continue to monitor whether the bill passes the Senate and gets the President’s signature.  The bill has bipartisan support, so it is definitely something to pay attention to.…
Summary:  Arizona does not permit self-settled asset protection trusts, but an alternative exists. An asset protection trust is created when a person called a trustor transfers ownership of an asset into an irrevocable trust, which is managed by a trustee for benefit of one or more beneficiaries.  The assets you contribute to an irrevocable trust are generally protected from your future or unknown creditors.  The catch is that you cannot name yourself as both trustee…