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We are only halfway through 2020 and there are many legal changes abound! As you may know, in December 2019, Congress passed the SECURE Act, which went into effect in the beginning of 2020. As a result of this Act, there have been a number of changes that may impact your retirement accounts and financial strategies. Some of these notable changes include the following:
Additionally, the recently passed CARES Act permits eligible participants to take an early distribution of up to $100,000 from certain tax-advantaged retirement plans (including, but not limited to, 401ks, 403(b)s, and Traditional IRAs) during the year 2020 without incurring the 10% penalty typically imposed on such a withdrawal before the account owner is 59½. How these changes may affect you will depend on your individual circumstances, and we recommend speaking with your financial advisor or other tax professional. We are offering all our clients a complimentary call about how these changes may impact your existing estate plans or how an estate plan could benefit you. Email us at Office@thegellerlawgroup.com or call/text 703.687.6188 to set up your call. We are also conducting evening appointments.
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The information contained in this website is provided to users for informational purposes only and does not constitute legal advice, nor is the transmission or receipt of such information intended to create an attorney-client relationship between any Geller Law Group member and the user. Prior results do not guarantee a similar outcome. As legal advice must be tailored to the specific circumstances of each client and case, and laws are constantly changing, nothing provided herein should be used as a substitute for the advice of retained legal counsel. Your continued use of this website constitutes your acceptance of this disclaimer and acknowledgement that under no circumstances shall The Geller Law Group be liable for any direct, indirect, special, consequential or any other damages arising out of or in any way connected with use of this website.