Proposed Changes to Inherited IRA Stretch Rules

Posted on June 28, 2019

Article written by M. Eldridge Blanton, III, Esq. and Jeremy L. Pryor, Esq.

On May 23, the U.S. House of Representatives passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act. If its counterpart in the Senate is also adopted and the President signs it, the SECURE Act will become law. The changes made by the SECURE Act are wide-ranging —including provisions to increase the minimum age for taking required minimum distributions (RMDs) from retirement accounts from 70½ to 72, and allowing persons over the age of 70½ to continue to contribute to their individual retirement accounts. But the major change, and the one we will focus on in this newsletter, is the replacement of the rule that allows persons who inherit a tax deferred retirement account (which includes IRAs, 401(k)s, 403(b)s, 457s, and TSPs) to stretch out their RMDs over their lifetimes, to a stretch out of no more than ten years.

Posted in Estate Planning, Retirement Planning Trusts

Your Facebook Afterlife: Estate Planning for Digital Assets

Posted on May 14, 2019

Article written by Rhiannon M. Hartman, Esq.

Imagine that you have been named the Executor or Trustee to handle the estate of a distant relative and you know very little about its assets.  In 1980, acquiring this type of information would have been relatively straightforward.  Upon assuming your duties as Executor/Trustee, you could locate a file cabinet in the home and begin to review financial statements, tax returns, and regular household bills.  You could also have the post office begin forwarding the deceased’s mail, to ensure you receive additional financial documents which may not have been located in the home. 

Posted in Estate Planning

Estate Planning Options for Pet Owners: Planning for a Crisis and after Death.

Posted on April 29, 2019

Article written by Bennie A. Wall, Esq. As a pet owner, you should have plans in place ensuring your pet’s care for both your incapacity and your death. Effective estate planning for pet owners will consider not only with whom […]

Posted in Estate Planning

Six Considerations When Choosing a Pet’s Caregiver

Posted on April 25, 2019

Article written by Bennie A. Wall, Esq. Planning for pets can be one of the most important pieces of your estate planning, and choosing who will be the ideal caregiver to your beloved animal is a key component of any […]

Posted in Estate Planning

Cognitive Impairment A Long And Winding Road

Posted on March 26, 2019

Article written by Beth Ann Lawson, Esq. As an attorney, I meet wonderful families in various stages of planning for the mental incapacity of a loved one.  Some families are struggling with a current crisis with more limited legal options […]

Posted in Asset Protection Planning for Long Term Care, Elder Law, Estate Planning, Guardianships & Conservatorships