On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act, which is effective January 1, 2020. The Act is the most impactful legislation affecting retirement accounts in decades. The SECURE Act has several positive changes: It increases the required beginning date (RBD) for required minimum distributions (RMDs) from your individual retirement accounts from 70 ½ to 72 years of age, and it eliminates the age restriction for contributions to qualified retirement accounts. However, perhaps the most significant change will affect the beneficiaries of your retirement accounts: The SECURE Act requires most designated beneficiaries to withdraw the entire balance of an inherited retirement account within ten years of the account owner’s death.
 If a beneficiary is not considered a designated beneficiary, distributions must be taken by the fifth year following the account owner’s death. Common examples of beneficiaries that are not designated beneficiaries are charities and estates. See Treas. Reg. § 1.401(a)(9)-3, Q&A (4)(a)(2) and 1.401(a)(9)-5, Q&A (5)(b).
As difficult a subject Estate Planning can be to discuss, Gifford made the entire process seamless and comfortable. He was responsive, educational and patient with us as we navigated through this project. I wouldn’t hesitate to recommend Gifford and Collins Law in the future!
My husband and I have done estate planning with Collins Law Firm, LLC and Giff was wonderful to work with. He made the whole process easy to understand and execute.
Gifford is very knowledgeable and thorough. Be prepared for a thick stack of organized papers. He helpfully includes a summary in less legal terms. I trust the estate plan and my relationship with Gifford will meet my needs.