The Passing of the SECURE Act, One More Reason to Get Proactive About…
No one really likes talking about their death, which makes updating—or even writing—a will an unpleasant experience. Often, people put off thinking about their will for another day, assuming they have a lot of time to deal with it.
Along comes the SECURE Act and we see the importance of proactive planning, not just for your retirement, but for your beneficiaries as well.
Last night I attended a seminar sponsored and live streamed by the National Conference of CPA Practitioners (NCCPAP), my professional organization. That seminar again confirmed that best practices dictate being proactive with retirement and beneficiary planning as a way to protect family wealth, create a comfortable retirement and minimize taxes currently, during retirement and after your death.
Having an updated will and proper designated beneficiaries on your retirement assets has always been important to ensure your wishes are followed after you die. Being proactive with the process is now even more critical in light of this new legislation.
The planning opportunities, pitfalls and details of the law are too numerous to even outline in a blog post. I recommend that you contact your professional financial advisory team: your accountant, lawyer, banker/financial advisor to schedule a meeting to review your current will, retirement account designated beneficiaries, and retirement/exit strategies.
One main takeaway from our review of the SECURE Act goes for most other important decisions as well: RELAX and do not rush into making financial decisions without the proper guidance and an understanding of the potential consequences of your actions.
Some links to helpful articles on the SECURE Act:
Secure Act: The Biggest Retirement Bill in More than a Decade
The Secure Act is Changing Retirement for Many
What is the Secure Act and How Can it Change Your Retirement
Final thoughts
Proactive planning not just for your retirement, but for your beneficiaries as well will reflect any changes in your financial circumstances as well as the law. So if, for example, you have a variety of new investments or you’ve recently had children or gotten a divorce, you need updated documents that take those changes into account. This is the best way of ensuring your wishes are observed and that you have considered the tax implications of the new law on you financial situation.
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If you need help with your accounting, want to create a tax minimization plan, want to discuss your business growth plan or your finances, are concerned about retirement goals or need to be held accountable for your 90 day action plan, contact us for a complimentary discovery session or an appointment to just get started.