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.
Why is the Market Going Up When Economic News Looks Grim?
Our clients, and investors broadly, have been asking this important question: How do we reconcile the recent stock market gains, particularly in the United States, with the poor state of the current economy and the weak outlook? In this post, we explain the variables that impact investor behavior and respond to why financial markets can rally in the face of negative news.
Gretchen Hollstein Named to 2020 Forbes Top Women Wealth Advisors List
We are pleased to share that Litman Gregory Senior Advisor and Principal Gretchen Hollstein, CFP® has been named to the 2020 Forbes Top Women Wealth Advisors list.
Taking Action in a Time of Uncertainty
In our role as wealth advisor, we take seriously our responsibility to help guide thoughtful decision making and wise action. Although we face much uncertainty in the current environment, there are a number of steps we can confidently take to create positive financial impact. We review seven of the more common actions we are recommending to our clients today.