Good Sam Club Open Roads Forum: IRA and new SECURE Act
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 > IRA and new SECURE Act

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TenOC

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Posted: 12/17/19 03:38pm Link  |  Quote  |  Print  |  Notify Moderator

This is NOT a political posting. It is an estate planing posting.

Many of the RV friends I know have a large IRA that they expect to pass on to there children in the hope that the children will be able to withdraw (stretch out) funds from the IRA over the child lifetime. The new SECURE Act which is part of the spending bill to prevent a government shutdown next week will require ALL the funds in the IRA to be withdrawn in 10 years after a person death -- not the beneficiary child's lifetime. You may want to Google SECURE Act.

I think I need to die before the end of the year.


Please give me enough troubles, uncertainty, problems, obstacles and STRESS so that I do not become arrogant, proud, and smug in my own abilities, and enough blessings and good times that I realize that someone else is in charge of my life.

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sayoung

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Posted: 12/17/19 04:05pm Link  |  Quote  |  Print  |  Notify Moderator

No, you need to spend every dime on you & spouse before you pass on.

lap527

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Posted: 12/17/19 04:26pm Link  |  Quote  |  Print  |  Notify Moderator

sayoung wrote:

No, you need to spend every dime on you & spouse before you pass on.

x2


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Lwiddis

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Posted: 12/17/19 04:53pm Link  |  Quote  |  Print  |  Notify Moderator

x3. Let your kids earn their own money.


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Posted: 12/17/19 04:57pm Link  |  Quote  |  Print  |  Notify Moderator

Just so everyone speaks from the same 'playing field' on this topic, here are the major provisions as it stands now (still has to be passed): Secure Act Speak only to the provisions please, don't get political or it will disappear faster than you can say: WOW! [emoticon]

azdryheat

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Posted: 12/17/19 05:01pm Link  |  Quote  |  Print  |  Notify Moderator

Secure Act isn't a done deal.


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Jebby14

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Posted: 12/18/19 04:57am Link  |  Quote  |  Print  |  Notify Moderator

I can help you cash out, just send it to me and ill take care of it for you


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bid_time

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Posted: 12/18/19 05:15am Link  |  Quote  |  Print  |  Notify Moderator

Cash it out over 10 years, pay the taxes, and re-invest the rest; what's the big deal, it's all free money to the kids anyways.





wa8yxm

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Posted: 12/18/19 05:29am Link  |  Quote  |  Print  |  Notify Moderator

sayoung wrote:

No, you need to spend every dime on you & spouse before you pass on.


I like it. as the RV front plate says "Spending our children's inheritance"

There is a simple solution and that's to "Roll over" the fund into a different type of investment fund the children can then draw from over time. Just so you know. There is nearly always a way around laws like this. Sadly the crooked folks know all of 'em. I only know the good ones.


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Deb and Ed M

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Posted: 12/18/19 07:16am Link  |  Quote  |  Print  |  Notify Moderator

wa8yxm wrote:



There is a simple solution and that's to "Roll over" the fund into a different type of investment fund the children can then draw from over time. Just so you know. There is nearly always a way around laws like this. Sadly the crooked folks know all of 'em. I only know the good ones.


I agree - the folks making the laws are wealthy folks, too. There will always be a loophole. I DO resent being told what I can or can not do with our hard-earned money, though.

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