The “Setting Every Community Up for Retirement Enhancement” Act (SECURE Act) was signed into law this past December, and it has potential ramifications for anyone who has a retirement account. In particular, it will have significant ramifications for anyone engaged in estate planning whose retirement accounts may disburse payments after they have passed away. As such, anyone trying to plan their estate with a retirement account should be aware of the impact the law might have on you and your loved ones. Continue reading “SECURE Act Could Have Major Impact on Your Retirement Account”
A Last Will and Testament is an important estate planning document that contains provisions for assets and the distribution of property upon death. Unfortunately, many individuals fail to account for assets that do not pass directly under a Will. These assets may include life insurance policies, pensions, IRAs, and 401(k) or 403 plans. After the policyholder of these assets dies, the policies may distribute the benefits to their heirs at law if there is no beneficiary designation and no Last Will and Testament.