About two months ago, I gave a presentation to a group of CPAs, attorneys, and financial professionals on the use of trusts as beneficiaries of retirement plans. I spent about an hour explaining the complicated rules for timing distributions and the identification of beneficiaries, of the requirements for see-through trusts, and what it meant for a beneficiary to stretch their inheritance.
Well, please let me apologize to the attendees, because Congress passed the Secure Act, blowing it all up effective Jan. 1. Sorry.
The Secure Act, which was signed by President Trump in December, does a number of things that change the rules around retirement plans. I keep seeing estimates that there are 29 provisions, but they really boil down to five major items.