An Award-Winning, Women-Owned & Operated Law Firm

Legal Updates That May Impact Your Financial Strategies

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:

  • Increase the beginning age of required minimum distributions from 70½ to 72.
  • Limit the distribution options for inherited retirement accounts from the lifetime of the beneficiary to 10 years, unless the beneficiary is within a narrow class exempt from this rule.
  • Allow part-time workers to partake in employer’s retirement plans.
  • Make it easier for small businesses to set up a “safe harbor” retirement plans for their employees.
  • Permit the use of 529 plans to make qualified student loan payments.
  • Allow $5,000 withdrawals (penalty-free) from qualified retirement plans to cover costs of having or adopting a child.

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.

There when & how
you need us most

Providing peace of mind through personal and prompt service as we help you navigate legal matters.

Schedule a consultation

Read about our client experiences

Firm News & Legal Updates

Exciting Enhancements to GLG+: The Geller Law Group’s Legal Subscription Program
Read Article
image
Geller Law Group Recognized in Virginia Lawyers Weekly’s “Law Firms On the Move” List
Read Article

Attorney Advertising

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.