Planning for Life

One Instance Not to Name Your Trust as Beneficiary of Your IRA

Posted by Harry S. Margolis on November 9, 2021

By Harry S. Margolis

Trusts-beneficiary-estate-planning-margolis-and-bloomThere are a lot of good reasons to name your trust as beneficiary or your retirement plan, whether a 401(k), 403(b), or IRA. Trusts provide for management of the IRA beneficiaries who are young, disabled, or for other reasons shouldn't be managing the asset themselves. People in a second marriage or relationship may want their spouse or partner to benefit from the funds, but not be able to deplete them entirely. And trusts provide creditor and protection.

However, the trust may not protect your retirement funds from your own creditors.

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Topics: Retirement Planning, creditor protection, IRA

SECURE Act Complicated Things, CARES Act Further Changes IRA Withdrawal Rules

Posted by Harry S. Margolis on May 26, 2020

By Harry S. Margolis


As we explained in this post, the SECURE Act passed by Congress at the end of 2019 changed many of the longstanding rules around IRA withdrawals, eliminating the so-called "stretch" IRA for many beneficiaries and delaying required withdrawals to age 72 for those born after June 30, 1949.

New Rules Apply with passage of the CARES Act

As we've just begun getting used to these new rules, as part of the CARES Act (Coronavirus Aid, Relief and Economic Security Act), Congress made some other changes applicable only for this year. These include:

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Topics: Retirement Planning, Retirement Benefits, Required Minimum Distributions, IRA

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