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There are three main provisions of the SECURE Act that will most likely impact high-net-worth individuals:
The third provision is the most significant of the three from a planning perspective for high-net-worth individuals and families.
Prior to 2020, an IRA that was inherited by a non-spouse could be paid out over the life expectancy of the beneficiaries. Since withdrawals from most retirement accounts are taxed as income at the recipient’s highest rate, taking smaller withdrawals over more years provided a tax advantage. The SECURE Act has changed this and could result in a tax disadvantage without proper planning. If you are in your peak earning years and likely to inherit a sizable IRA or 401(k), you should be aware of what the withdrawals may look like so you can plan accordingly with your tax advisor.
For more information relating to the SECURE Act, contact our tax advisors today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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