As the new year unfolds, we find ourselves again under new tax laws that create a need for many people to review and amend different areas of their financial and wealth planning. The SECURE Act, officially named the “Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019,” is seen as the first major retirement savings law in many years. It passed into law during December 2019 and became effective January 1, 2020. From a policy perspective, the goal of the SECURE Act is to encourage savings. Many of its provisions are aimed at making retirement accounts and plans available to a wider range of individuals. For those who already have retirement accounts, the most relevant changes center around the new rules related to contributions and eventual distributions, including what is required to happen, and when, with retirement accounts as they are inherited by beneficiaries.
Some of the key issues we will be tackling with our clients are the Act’s new rules related to the following (and likely other) planning issues:
Over the next couple of months, we’ll be diving deeper into a number of the major impacts of the SECURE Act in a series of Insight blogs. But if you find yourself in any of these situations, then this will be an important time for us to review the status of your retirement account and estate plan. Your Litman Gregory advisor can guide you through this process and work with your tax and estate professionals to help determine how this impacts you, and what the best solutions are for your goals. We encourage you to contact us with any questions about your specific situation.
Replay: Market Update Webinar
In this replay of our Market Update Webinar, Chief Investment Officer Jeremy DeGroot answers questions we’ve been receiving from clients on the economy and financial markets. He also provides an overview of how Litman Gregory is navigating the potential impact of the upcoming election and the turbulence surrounding the pandemic.
Tax Planning Opportunities in 2020
As part of our tax sensitivity in managing investment portfolios, we regularly look for opportunities to maximize after-tax portfolio returns. We also help clients identify where it makes sense to take advantage of the changes enacted by the SECURE and CARES Acts. Here we share some tips on how to utilize a variety of techniques in our client portfolios.
How We Think About Elections & Investment Decisions
Each time a U.S. presidential election approaches, we revisit with clients our views about the impact on our investment outlook and portfolio positioning. Here is a quick review of how we think about elections in general within the context of our overall investment approach.