Changing IRA Distributions and Loans

We previously reported about the drastic changes the SECURE Act, which became effective in January 2020, will have on retirement accounts and estate plans. The coronavirus has also impacted retirement accounts. The “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), which was signed into law on March 27, 2020, among other important provisions, postpones required minimum distributions until 2021. For those who are currently struggling with a shortage of available cash, the CARES Act affords those with retirement accounts extended payback provisions if they opt to take a loan from their retirement account. Anyone considering taking advantage of these options should carefully review them with their financial advisors or schedule an appointment with one of our estate planning attorneys on Long Island to discuss them with someone from our office.