Page 6 - Hobe Sound Reflections - July '20

Page 6, Hobe Sound
How SECURE Is Your IRA
Planning?
By Ryan Abernethy
You may have heard of
the “SECURE Act” and how
this new legislation brought
changes to retirement
planning.
It has many benefits,
including allowing
retirement plan owners to
refrain from withdrawing
re qui re d m i ni m um
distributions (RMDs) from
IRA and 401(k) accounts until they have reached age 72 (as
opposed to 70½) and allowing them to continue to make
contributions to their retirement plans after age 70½, so
long as they continue to work.
The SECURE Act has also brought changes that will
significantly affect many individual’s estate plans.
It has eliminated almost entirely the opportunity for
those inheriting an interest in a retirement plan at the
plan owner’s death (designated beneficiary) to “stretch”
annual RMDs from the plan’s interest over the designated
beneficiary’s remaining lifetime.
The benefit of the stretch was that income tax
liability associated with distributions from an inherited
retirement account could be spread (or stretched) over
that designated beneficiary’s lifetime if he or she only
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legal Talk
withdrew annual RMD amounts, or by naming a special managed for that beneficiary outside of the beneficiary’s
direct control, changes to the estate plan may be necessary.
form of trust as beneficiary of a retirement account, with
the trust distributing RMD amounts directly to the trust’s If you have significant retirement plan asset holdings,
beneficiary each year (while simultaneously controlling the the SECURE Act may make it necessary to consider
beneficiary’s ability to withdraw greater amounts from the alternative planning strategies if lifetime asset protection
account). for beneficiaries is a primary goal.
Under these two options, income tax would only be You can do this while also avoiding the negative
paid on amounts actually distributed to the beneficiary income tax consequences typically associated with having
(typically just the RMD amount), with remaining account retirement plan assets accumulated in a trust—a double win
funds continuing to grow tax-free. for your beneficiaries!
Under the SECURE Act, this income tax deferral If these changes have you worried about how your
opportunity has been eliminated for most designated retirement plan assets will pass to your beneficiaries,
beneficiaries. contact a qualified estate planning attorney to discuss if
Now, with very limited exceptions, a designated you’re affected and what changes need to be made to your
beneficiary must receive distributions from inherited plan.
retirement plan interest over a maximum ten-year period. Ryan C. Abernethy, associate attorney and counselor
For individuals intending to have retirement plan assets at law at Abernethy Law Group, 130 S. Indian River Dr.,
pass in trust for the benefit of their beneficiaries (whether No. 201, Fort Pierce can be contacted at (772) 489-4901
a spouse, child or otherwise) and have those assets be or rabernethy@abernethylawgroup.com.
Louis Vuitton Wine?
‘Where Fashion And
Wine Merge ...’
By Laura Berrio, Perignon, Veuve Clicquot, and Belvedere Vodka, along
Freelance Writer/ with many other “luxury brands.”
Blogger Other fashion companies have followed the
When I think of same path. Ferragamo and Bulgari have vineyards
Dom Perignon, Veuve and estates in Southern Tuscany. One of the Guess
Clicquot, and French brothers, who cofounded the company, has a 55-acre
wine, I picture a small Napa vineyard and winery. Chanel bought St. Supery
family-owned business vineyard and winery in Napa.
with fields of old vine With all of these “luxury” brand companies lending
grapes. In reality you their name and efforts to making great wine and
have to look to the Champagne, it has me thinking of other fun potential
fashion industry to find ventures. …
the owner. • AVEDA could make an organic wine
Wine and fashion are two of life’s greatest • Rolex could make Champagne to rival Dom
pleasures! What goes better than a glass of wine and Perignon
a fashion magazine? You don’t have to look far to find
• YSL could make a wine that has anti-aging beauty
brands like Louis Vuitton, Chanel, Ferragamo and properties
Diesel in the wine business! The list is endless, but one thing is for sure, more
In the past you could buy a Louis Vuitton wine and more companies are entering the world of “wine”
Can you afford
carrier … but now you can buy their wine and and changing our perception of our everyday glass of
the health plan that’s
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1 Benefits displayed are only available in certain plans.
2 Rewards will apply to your premiums. Any amounts earned in excess of your premium can be redeemed subject to the reward program’s terms and conditions.
The amount of benefits provided depends upon the plan selected and the premium may vary with the amount of benefits selected. These policies have limitations and
exclusions. Eligibility is based on income and determined by the Health Insurance Marketplace SM . Health insurance is offered by Blue Cross and Blue Shield of Florida
Inc., DBA Florida Blue. HMO coverage is offered by Health Options Inc., DBA Florida Blue HMO, an HMO affiliate of Blue Cross and Blue Shield of Florida. These companies
Benefits displayed are only available in certain plans.
1
are independent licensees of the Blue Cross and Blue Shield Association. We comply with applicable Federal civil rights laws and do not discriminate on the basis
1 Benefits displayed are only available in certain plans.
Rewards will apply to your premiums. Any amounts earned in excess of your premium can be redeemed subject to the reward program’s terms and conditions.
of race, color, national origin, age, disability or sex.
2
2 Rewards will apply to your premiums. Any amounts earned in excess of your premium can be redeemed subject to the reward program’s terms and
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1 Benefits displayed are only available in certain plans. SM
conditions. The amount of benefits provided depends upon the plan selected and the premium may vary with the amount of benefits selected. These
exclusions. Eligibility is based on income and determined by the Health Insurance Marketplace . Health insurance is offered by Blue Cross and Blue Shield of Florida
Inc., DBA Florida Blue. HMO coverage is offered by Health Options
1 Benefits displayed are only available in certain plans. Inc., DBA Florida Blue HMO, an HMO affiliate of Blue Cross and Blue Shield of Florida. These companies
policies have limitations and exclusions. Eligibility is based on income and determined by the Health Insurance Marketplace . Health insurance is
2 Rewards will apply to your premiums. Any amounts earned in excess of your premium can be redeemed subject to the reward program’s terms and conditions. SM
2 Rewards will apply to your premiums. Any amounts earned in excess of your premium can be redeemed subject to the reward program’s terms and conditions. discriminate on the basis
are independent licensees of the Blue Cross and Blue Shield Association. We comply with applicable Federal civil rights laws and do not
offered by Blue Cross and Blue Shield of Florida Inc., DBA Florida Blue. HMO coverage is offered by Health Options Inc., DBA Florida Blue HMO, an
The amount of benefits provided depends upon the plan selected and the premium may vary with the amount of benefits selected. These policies have limitations and
of race, color, national origin, age, disability or sex.
The amount of benefits provided depends upon the plan selected and the premium may vary with the amount of benefits selected. These policies have limitations and
HMO affiliate of Blue Cross and Blue Shield of Florida. These companies are independent licensees of the Blue Cross and Blue Shield Association. We
SM
exclusions. Eligibility is based on income and determined by the Health Insurance Marketplace . Health insurance is offered by Blue Cross and Blue Shield of
SMFlorida
exclusions. Eligibility is based on income and determined by the Health Insurance Marketplace . Health insurance is offered by Blue Cross and Blue Shield of Florida
93985 0819R Health Options Inc., DBA Florida Blue HMO, an HMO affiliate of Blue Cross and Blue Shield of Florida. These companies
Inc., DBA Florida Blue. HMO coverage is offered by Inc., DBA Florida Blue. HMO coverage is offered by Health Options Inc., DBA Florida Blue HMO, an HMO affiliate of Blue Cross and Blue Shield of Florida.
comply with applicable Federal civil rights laws and do not discriminate on the basis of race, color, national origin, age, disability or sex. These companies
are independent licensees of the Blue Cross and Blue Shield Association. We comply with applicable Federal civil rights laws and do not discriminate on the basis
are independent licensees of the Blue Cross and Blue Shield Association. We comply with applicable Federal civil rights laws and do not discriminate on the basis
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of race, color, national origin, age, disability or sex. of race, color, national origin, age, disability or sex.
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