The SECURE Act and Tax Extenders: What You Need to Know Now to Help Your Clients (SECA)

Passage of the SECURE Act, signed into law in December, means major changes to IRAs and retirement plans, as well as some important income tax changes.  Most significant is the elimination of the “stretch” IRA in favor of the “10-year rule.” This change alone potentially impacts millions of taxpayers and could result in making many current estate plans irrelevant or outdated.  Every tax professional dealing with IRA distribution, required minimum distributions and estate planning, as well as those about to prepare tax returns, needs to understand this new legislation and its implications for estate plans currently in place as well as for estate planning and estate tax planning generally. 

• Elimination of the “stretch” IRA for some IRA and qualified plan beneficiaries
• The 10-year rule for IRAs
• Estate planning and estate tax planning after legislation
• Change allowing part-time long-term workers to participate in qualified plans
• Changes in multi-employer qualified plans
• Repeal of maximum age for traditional IRA contributions
• Increase in age for required minimum distributions
• Newly enacted income tax provisions
• Affordable Care Act-related changes
• Extender provisions that were reenacted

• Be able to advise clients on the new changes relating to IRAs and qualified plans
• Recognize new estate and estate tax planning strategies in light of changes in IRA and qualified plan rules
• Understand new and extended income tax provisions enacted as part of this new legislation