The SECURE Act went into effect on January 1, 2020; the CARES Act was signed into law on March 27, 2020. Both received bipartisan support. It is critical to understand how the changes from these acts will impact your clients' retirements and estate plans going forward and the opportunities available. Any previous advice given is most likely outdated. You’ll need to be equipped with the right knowledge to have better control as you navigate clients through misconceptions or incorrect information. Those with IRA trusts will be significantly affected and need to plan as soon as possible before the unexpected happens.

Learning Objectives:

• Recall the SECURE and CARES Acts


• List the critical considerations of the SECURE Act, including
  
  
  
  • 401(k)s for part-time employees
  
  
  • IRA contributions for graduate students
  
  
  • Penalty-free withdrawals for student loan debt
  
  
  • Penalty-free withdrawals for birth or adoption
  
  
  • Annuities in 401(k) plans
  
  
  • IRA contribution age limits eliminated
  
  
  • Required minimum distributions (RMDs) increased to age 72
  
  
  • Elimination of the “Stretch” IRA
  
  
  
  


• Identify payout options for beneficiaries before December 31, 2019, and after January 1, 2020


• List the key considerations of the CARES Act, including:
  
  
  
  • RMDs waived for 2020
  
  
  • Unlimited deduction for charitable planning
  
  
  • Exceptions to 10% penalty up to $100,000
  
  
  • PPP and EIDL loans/advances
  
  
  
  


• Determine the tax ramifications and how asset protection will be vital going forward


• Determine planning opportunities to pass assets efficiently