News | 01.31.20
Secure Act’s Big Impact on Affluent Clients
Advisors should expect numerous consequences for their affluent clients from the SECURE Act, including a handful of estate and tax issues. The changes present opportunities for advisors to demonstrate their worth to clients, and they could also prompt conversations about further financial planning and intergenerational wealth transfer, one advisor said. The law eliminated stretch IRA provisions for many of those who inherit individual retirement accounts, a detail that has already caused many wealthy clients to revisit their wills. The expanded age limits for IRA contributions and required minimum distributions also affect high-net-worth clients. And the new law provides tax benefits for business owners as well as doctors, lawyers and other highly compensated professionals working at small practices.
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