Expert Estate Planning Attorneys Jim Cunningham and Conner Clemons explain the CARES act economic stimulus package created during COVID-19. We’ll also talk about the SECURE Act and how it affects your retirement planning.
This legal webinar will cover:
- The SECURE Act: In a nutshell, The SECURE Act, which passed in December of 2020, changed some of the most popular retirement plans in the U.S. (401Ks, IRAs, etc.). The goal of the SECURE Act was twofold: increase equity in retirement savings for Americans and raise revenue. One of the biggest changes the SECURE Act made was to change the Required Minimum Distribution (RMD) minimum age from 70½ to 72 on IRAs–this is money on which you have to pay taxes!
- IRA Trusts: IRA Trusts provide plans for beneficiaries to draw money out over 11 years, providing asset protection and allowing the Grantor to control their money. This also helps protect the Grantor’s money from divorce.
- CARES Act Overview: We’ll discuss this $2 trillion economic stimulus package meant to provide relief during COVID-19.
- Recovery Rebates like tax credits.
- The Paycheck Protection Program (PPP): What that means for small businesses
- Economic Injury Disaster Loans: This is an expansion of the normal emergency relief system
- Expanded Unemployment: This increases the federal funding for unemployment
- Business Tax Provisions: This is a refundable payroll tax credit given during the crisis
- Emergency Lending to States: This is money given to states by the government during COVID
- RMDs and Roth Conversions in 2020: There are no RMDs in 2020–find out how that affects your retirement planning.
- What to do now regarding your estate plan
Protect your retirement account by taking advantage of these opportunities, provided by the CARES act!