Tax Strategies After the SECURE and CARES Acts

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Carlo Dias Jr. is a financial adviser, public speaker, and president of Dias Wealth LLC in Orlando, Florida, offering strategic financial planning services to business owners, executives, retirees, tax professionals and professional athletes.

The Setting Every Community Up for Retirement Enhancement (or “SECURE”) Act went into effect on January 1, 2020. The most critical aspect of this law is how retirement accounts lost the ability to be “stretched,” although there are certain individuals that still qualify. These changes will impact how your clients transfer wealth to their beneficiaries and allows them to revisit their existing plans as any previous advice given is probably invalid. Get equipped with the changes to assist your clients through misconceptions, incorrect information, and outdated planning techniques. Clients with IRA trusts will be affected the most and need professionals to guide them to better solutions.

Learning Objectives:

  • Overview of the SECURE Act including:
    • 401(k)s for part-time employees
    • IRA contributions for graduate students
    • Penalty-free withdrawals for student loan debt and birth or adoption
    • More access to annuities in 401(k) plans
    • Deductible IRA contribution age limits eliminated
    • Required minimum distributions (or “RMDs”) increased to age 72
    • Semi-elimination of the “Stretch” IRA
  • Payout options for beneficiaries before and after the SECURE Act
  • Overview of the CARES Act
  • Tax consequences and asset protection
  • Learn how to help clients pass assets efficiently