{"id":4632,"date":"2020-09-28T16:05:08","date_gmt":"2020-09-28T20:05:08","guid":{"rendered":"https:\/\/www.lindabury.com\/firm\/?p=4632"},"modified":"2020-09-28T16:05:08","modified_gmt":"2020-09-28T20:05:08","slug":"the-secure-act-eliminated-stretch-iras-now-what","status":"publish","type":"post","link":"https:\/\/www.lindabury.com\/firm\/insights\/the-secure-act-eliminated-stretch-iras-now-what.html","title":{"rendered":"The SECURE Act Eliminated Stretch IRAs – Now What?"},"content":{"rendered":"

The SECURE Act (\u201cSetting Every Community Up for Retirement Enhancement\u201d Act), which was enacted in December 2019, eliminated the \u201cstretch IRA\u201d \u2013 a feature of an inherited IRA account[1]<\/a> that allowed the beneficiary to stretch out required minimum distributions (RMDs) over his or her lifetime, thereby deferring a significant amount of income taxes on the RMDs. Now, beneficiaries must withdraw the entire account over the 10-year period following the owner\u2019s death. Doing so will significantly accelerate the income tax due with respect to the account.<\/p>\n

Perhaps you are thinking: this is a piece of legislation coming from Washington \u2013 there\u2019s got to be a loophole, right? The answer is: maybe. Here are a few planning ideas to consider in light of the SECURE Act:<\/p>\n