Q: What do I need to know about the SECURE Act?
A: The SECURE Act legislation, intended to facilitate and enhance retirement savings, went into effect January 1. Of particular note…
- The minimum age of the required minimum distribution increased from 70 ½ to 72 – but you can still make a make a qualified charitable distribution at age 70 ½.
- Non-spouse IRA beneficiaries are no longer eligible to receive stretch distributions throughout their lifetimes. Instead, IRAs and other qualified plans must be paid over a maximum term of 10 years.
Q. With the elimination of stretch IRA distributions, are there other options for providing an income stream for my children?
A. Your IRA is a perfect asset to fund a “give it twice” trust, which provides ongoing tax-efficient income to your children and allows you to support the important work of your favorite ministry.
To learn more, or if you have additional planning questions, call us at 888.448.3040 or email info@BarnabasFoundation.com.