Understanding How A New Law Could Affect Your Retirement
A new law just changed the rules of retirement. Here's what you need to know about the SECURE Act from attorney Julian Gray.
"It's the ticking time bomb for the kids of the IRA owner," explains Elder Law attorney, Julian Gray.
That ticking bomb? The new SECURE Act that went into law on January 1st, 2020 as part of a $1.4 Trillion spending bill, which affects anyone in the country with a retirement plan. Julian Gray sat down with Sparkt's Marty Griffin to explain this new law and how it may affect you:
The SECURE Act, which stands for "Setting Every Community Up for Retirement Enhancement," aims to increase access to tax-advantaged accounts, making it easier and more cost-effective for people like small business owners or part-time workers to invest in their (or their employees') retirement.
But with every new law comes new challenges, and Gray urges people to consult with an attorney or financial adviser to make sure they understand the new law and, most importantly, how it will affect their taxes. "We want people to be prepared so there's not surprises," says Gray. "You don't want the kids to come into the office someday, whether it's the lawyer's office or the financial planner's office, and say 'we had no idea that we were going to have these taxes thrust on us."
Click here to read more about Gray's tips to navigating this new law.
About Julian Gray Associates:
Providing Integrated Elder Law And Estate Planning Solutions
Julian Gray Associates provides personalized solutions in the areas of elder law, estate planning and special needs planning.
With seven full time and one part time practicing elder law attorneys, one attorney of counsel attorney and a team of professional staff members, we handle a large variety of elder law matters throughout western Pennsylvania. We have the knowledge and resources needed to handle all types of Medicaid planning and disability planning issues, as well as estate law matters ranging from simple to complex.
Whenever possible, we favor integrated elder law solutions that draw upon multiple sources of funding, such as Medicaid, veterans' benefits, long-term care insurance and personal estate planning provisions.
Whatever your situation, Julian Gray Associates will carefully analyze your needs and work to achieve your goals in a way that is right for you.