Minor Children and IRAs After the SECURE Act

The income tax ramifications of qualified retirement accounts complicate clients’ efforts to craft an appropriate estate plan structure for their minor beneficiaries, particularly minor children. The Setting Every Community Up for Retirement Enhancement (SECURE) Act passed at the end of 2019,¹ and its proposed Treasury regulations (proposed regs) were promulgated on Feb. 24, 2022, with an effective date of Jan. 1, 2022.² These new authorities offer not only new planning