Groom principal David Levine was featured in the CNBC article “Lawmakers are killing this popular retirement tax break for the wealthy” where he commented on the recently passed SECURE Act provision that reduces the window for beneficiaries of individual retirement accounts and certain retirement plans to take distribution, particularly affecting individuals leaving large inheritances in these retirement accounts. Termed the “stretch IRA,” this prevalent tactic has traditionally allowed beneficiaries to take distributions from such retirement accounts over an undefined time period. After December 31, 2019, the SECURE Act provides specific time periods under which beneficiaries must have all money withdrawn from these accounts.
“In some cases it may be better to die on Dec. 31, 2019 than Jan. 1, 2020,” said Levine.
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