Article from Forbes.com
As the Senate looks to pass the SECURE Act (Setting Every Community Up For Retirement Enhancement, H.R. 1994) it may make some changes to Individual Retirement Arrangements (IRAs). Here are main the details of what could change.
Bear in mind that the legislation has not yet been passed by the Senate. As a result details could be updated, be subject to interpretation or the act could fail entirely. However, strong bipartisan support in the House suggests the legislation may succeed.
These changes matter for the rules on inherited IRAs where the House and Senate take materially different views on a somewhat technical but important question for estate planning. In essence, tax shelters for inherited wealth could be reduced by limitations on the length of stretch IRAs in the SECURE act. Click here to continue reading this article.
What could these changes mean for you?
The legislation proposes that small business can combine 401k programs, long term part-time employees can participate in 401k and it limits the Stretch IRA. Have questions? Contact Brian Biggs ( 317-733-1000 )