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How the New SECURE Act Affects Your Retirement
Part 2
Your retirement distributions can be significantly affected by the new SECURE Act.

The Act has created a new category of beneficiaries: The Eligible Designated Beneficiaries or EDB. Before the Act we simply had “beneficiaries”, “designated beneficiaries” and “spouse designated beneficiary”.
The non-EDB beneficiaries will have to receive the retirement accounts within 5 or 10 years depending whether they are beneficiaries or designated beneficiaries.
There are 5 categories of EDB beneficiaries: (1) surviving spouse, (2) minor children, (3) disabled beneficiary, (4) chronically ill individual, and (5) less than 10 years younger beneficiary. The distribution of the retirement accounts can be stretched for all of these categories. However, for the minor child, the stretch terminates when the child reaches the age of majority (18 in the DC metro area). 
Many estate plans will need to be revised to adjust to these new categories of EDB and the increase in income tax liability. For instance, having a common trust for minor children may prevent the stretch of a retirement account since children will reach the age of majority at different times unless they are twins.

The Act may mean a new strategy, or at least an adjustment, for your retirement plan. If you would like assistance with this or have any questions, please don't hesitate to contact us.

Our Next Webinars

These will be held online until we return to normal:
Estate Planning in Plain English:
Why it's Critical to Your Loved Ones

September 12, 2020
10:00 am - 11:00 am

Learn how to avoid family clashes, court battles and undue taxes! Control how your assets will be preserved and distributed. Protect your wealth and your retirement.
Securing Your Retirement

September 12, 2020
11:30 am - 12:00 pm

Learn the benefits and drawbacks of the new SECURE Act and how the transfer of your retirement benefits to your loved ones has changed.
Feel free to register for both webinars if you choose.

You may also contact Annabel at (703) 448-6121 or via email to register.
Personal and Professional Notes
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Our Client Relations Coordinator
Keya Meshesha ensures the best client relations and is your first point of contact, assisting with meetings, welcoming new clients, and coordinating seminars and webinars.

Her background is in employment and benefits law and sales, with a B.A. in International Studies and a concentration in International Social Justice from Virginia Commonwealth University. She hopes to attend law school. In her spare time, Keya loves to travel and spend time with family and friends.