As we discussed in a previous blog post, the SECURE Act of 2019 drastically changed the landscape for how most individuals and trusts inherit retirement accounts. However, while laws provide a general framework, federal regulations often give us the details we need to give clients practical advice to put their plans into action.
Recent proposed treasury regulations have given us more clarity on how certain trusts will be treated as beneficiaries of retirement accounts. Clients may have more flexibility that we previously anticipated, and we recommend that any client with significant retirement assets and trusts for their beneficiaries contact us to re-evaluate their estate plan.