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SECURE 2.0 Opportunity: Secure and Transfer Wealth
The SECURE Act 2.0 made significant changes to the rules for IRAs and employer plans. While understanding the Act’s key provisions are important, for affluent individuals focused on preserving, protecting, and transferring wealth, there may also be crucial planning steps to consider.
The Act’s rules on distributions can mean more money will be taxed as income and potentially subject to estate taxation. Further concerns may arise from the IRA owner’s loss of control of the money and from those funds becoming subject to the creditors of the IRA’s beneficiaries.
This triple hit of a loss of control increased taxation, and exposure to creditors is not a welcome result of legislation intended to promote savings!
Fortunately, there might be steps that can be taken immediately to replace qualified IRA funds that may be lost to taxation while protecting the funds from creditors, reducing a taxable estate, and, if desired, benefiting a client’s favorite community organization.
We explain in our latest blog.
Read Blog
IRS Applicable Federal Rate Update
Last month we saw a modest increase in the short-term rate and decreases in the mid and long-term rates. April 2023 rates will have significant increases (+.30 bps) when using the short and mid-term rates, while the long-term rate increased by .18 bps.
See the AFR Report
Coming Soon: Our Next Coffee with C3
We are excited to announce our next Coffee with C3 will be held on Thursday, May 4th, 2023 and will feature Barry D. Flagg, the inventor and founder of Veralytic®, Inc. Stay tuned for details on what will surely be a fascinating conversation.
Veralytic, Inc. is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.
