The SECURE Act would change how long you can hold on to a 401(k), a traditional IRA or a Roth IRA that you’ve inherited from someone who’s died…With the new bill limiting the stretch to 10 years, estate planners are going to have to find other vehicles for tax savings.
President Trump signed the new Tax Cuts and Jobs Act bill into law on December 22, 2017, and the law includes a number of historic changes to the federal tax code. However, the vast majority of the most dramatic changes are aimed at business taxation, not individual taxpayers. So, how will the new tax law effect your family?
Both houses of Congress passed different versions of the “Tax Cuts and Jobs Act Bill” so it’s unclear what the final legislation will include, or if it will even pass. If passed, the new bill is a potential game changer for your family’s tax strategy.