Estate & Asset Protection Attorney, Victoria Collier reviews some of the basics of the SECURE Act and suggests a review of estate plans based on an IRA or other retirement plan that may be impacted in the 2019 tax season.

DECATUR, GA, February 17, 2020: Victoria L. Collier, founder of The Estate & Asset Protection Law Firm, has posted a new article on her law firm’s website entitled “New SECURE Act Comes With Good News And Bad News For IRA Based Estate Plans.” Ms. Collier provides a brief overview of both and suggests readers understand the details and nuances of the new law.

Collier states, “If you’ve been contributing to an IRA, 401k or other retirement plan account, you need to become aware of the details of the new SECURE Act that was signed into law in December of 2019 and went into effect January 1, 2020.” She adds, “The new act is sure to affect you and/or your designated heirs in one way or another. And, as might be expected, the law has good news for some and bad news for others.”

“Dubbed “SECURE” as an acronym for Setting Every Community Up For Retirement Enhancement,” explains Collier, adding, “you can be certain it is actually designed to get more taxes from taxpayers. In fact, the new law has the potential to generate about $15.7 billion in tax revenue over the next decade. More about that later.” She states, “For now, I’ll focus on the good news.”

As Collier points out, “Prior to this year, owners of an IRA would be required to start taking distributions when they reached 70 ½ years of age. That has now been extended to age 72, unless you turned 70 ½ in 2019. Then you are subject to the previous RMD.”

“In addition,” says Collier, “once you reached 70 ½ years of age, prior to the SECURE Act, you could not continue to contribute to your IRA or retirement account. Now, you can continue to make contributions. However,” she adds, “if you turned 70 ½ before December 31, 2019 you cannot make a contribution for 2019. But, the new law does allow you to make contributions for tax year 2020 and beyond. This is good news since so many seniors who have reached retirement age continue to work.”

The entire article can be read at https://www.elderlawgeorgia.com/articles/new-secure-act-comes-with-good-news-and-bad-news-for-ira-based-estate-plans/

About Victoria Collier

Victoria L. Collier, CELA founded The Estate & Asset Protection Law Firm to serve the legal needs of seniors when their health care needs increase. Victoria is also Co-Founder of Collier Scott Financial Solutions, LLC. At both firms WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability.

Victoria enlisted in the U.S. Air Force during Desert Storm, 1989-1995, and also served in the U.S. Army Reserves, 1Lt. 2001-2004, JAG Corps. Victoria is a national expert on the VA Wartime Pension for veterans and their widows who need additional assistance with activities of daily living and helping them qualify for and receive tax-free income from the VA to pay for it. Victoria graduated from Valdosta State University with a B.A. in Psychology and then University of Nebraska, College of Law. In 2014, Victoria was awarded with the Alumni Master Award from the University of Nebraska.

Victoria is a Certified Elder Law Attorney through The National Elder Law Foundation and has been named as the only attorney in Georgia as “Fellow” of the National Academy of Elder Law Attorneys (NAELA). Victoria was appointed by Governor Perdue to the Georgia Council on Aging, 2010 – 2016 and was awarded Dekalb County Veteran of the Year, 2013. She is the author of 47 Secret Veterans Benefits for Seniors; Paying for Long Term Care – Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit. Victoria has co-authored several books: Blooper Episodes in Estate Planning, Don’t Go Broke in a Nursing Home, and Protect Your IRA: Avoid the 5 Common Mistakes. Most notably, Victoria co-authored the National Best Seller, The Road to Success, with Jack Canfield, author of Chicken Soup for the Soul series.

About The Estate & Asset Protection Law Firm

The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Victoria Collier has grown her law practice and financial services practice by providing excellent customer satisfaction with personalized wealth protection plans.