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Wealth Management Near Me | How the SECURE Act May Impact Your Finances

Wealth Management Inheritance

When it comes to wealth management and inheritance planning, it is important to stay abreast of the latest changes in legislation in order to properly plan for you and your family’s future.

The SECURE Act

There is currently new legislation being passed through Congress called the SECURE Act.

This new legislation may introduce significant changes regarding individual retirement accounts (IRAs) and retirement planning in general for high net worth families.

Tax Savings

A positive way in which the SECURE Act may have an impact is through a new rule that changes the age for RMDs (Required Minimum Distributions) from age 70 1/2 to 72.

This age change opens up an opportunity to rework your current tax planning strategy.

In fact, for families who are not currently taking their RMDs it could be a way to try a few additional tax strategies.

Passing IRAs to the Next Generation

A potentially negative impact that the SECURE Act will have on families is that it may limit the current process to pass on large portions of an IRA to future generations.

One part of the SECURE Act states that beneficiaries (non spouse) must collect distributions within 10 years after receiving their inheritance.

The stipulation that all distributions must be made within a period of 10 years may impose a higher tax rate on those beneficiaries.

Wealth Management Near Me

When it comes to navigating through these changes and reviewing the protection of your assets Argent Bridge can be an advisor for you and your family. 

At Argent Bridge we are dedicated to staying up to date on all legislation as it progresses and we are committed to work with you in order to properly plan and protect your assets.

To learn more about Argent Bridge, call us to schedule a consultation at (833)568-4900.