Our office is open and we are offering our popular estate planning seminars virtually. Additionally all meetings will be conducted through video chat and telephone calls so that you can get your affairs in order now, safely. Please give our office a call!
Thank you ~ Bridget
You can contribute to the affected accounts for as long as you want, and there is no longer a cutoff date.
You must take required minimum distributions at age 72 now, up from 71 ½.
The new changes do not affect a spouse who inherits their deceased spouse’s retirement account.
The rules are significantly different for those who are inheriting an account but are not a spouse. The stretch rule is no longer in effect, the accounts can still be cashed out within 5 years, though the money must be withdrawn completely within 15 years. There are a few exceptions to this rule which Bridget explains in the above video.
You should speak with your financial advisor to learn more about how this addresses your specific situation.
We just wanted to thank you for all of your help and kindness with Granny and her estate. You have always been there at the drop of a hat guiding us in the right direction. We hope that you know you are more than a lawyer to us, we consider you a friend as well. DAREN BABCOCK PETALUMA, CA