Elder Care Attorney, Mindy Felinton writes about the new SECURE Act of 2019 and how it affects those who may inherit a retirement account as well as those passing on an account to heirs and/or are still contributing to their retirement accounts.
Delray Beach, FL. Feb. 6, 2020: Mindy Felinton, founder of Felinton Elder Law & Estate Planning Centers, has posted a new blog on her law firm’s website entitled “Revisit Your Estate Plan In Light Of New SECURE Act,” in which Ms. Felinton reviews some aspects of the new Act and encourages readers to review their estate plans.
Felinton states, “At the end of 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed into law.” She continues adding, “Everyone who has a retirement plan such as an IRA or 401k will be affected by this law as of January 1, 2020.”
According to Felinton, “It may be in your best interest to talk with your financial advisor and/or estate and asset protection advisor to see how this new law affects your plans for the distribution of your assets upon your death. You may want to make some tweaks.”
“Most affected,” says Felinton, “in what may be considered a negative way, will be non-spouse inheritors of retirement plans. According to the old law, retirement accounts could be distributed over the lifetime of the non-spouse inheritors. Under the SECURE act, the funds must be distributed within 10 years of the original owners death along with the required taxes.”
The entire blog can be read at https://www.felintonlaw.com/revisit-your-estate-plan-in-light-of-new-secure-act/
About Mindy Felinton
From a young age, Mindy wanted to be the voice that would make an impact in people’s lives. She became an attorney and has practiced law for over 30 years, so that she could fulfill her desire to help others. As a special prosecutor, Mindy defended the underdog (literally) in cases of animal abuse. As a state attorney in Florida she fought for justice. During the last 25 years, Mindy met many wonderful people who did not know their rights, did not understand the law, and did not know what options were available.
Mindy assists families with Medicaid planning to help with the cost of nursing home care and with obtaining veteran’s benefits to make the cost of care more manageable. She also prepares wills, trusts, powers of attorney, and medical directives. Mindy is passionate about educating both other professionals and the public concerning VA Aid & Attendance benefits, Medicaid benefits, and the use of trusts for the protection of assets. She shares her experience and professional knowledge through free workshops, and as a frequent lecturer at State Bar Conferences.