By Stephanie S. Downer and Patrick Haase

“Recently enacted federal legislation has dramatically impacted estate planning for retirement benefits for 2020 and beyond. The SECURE Act, signed into law last year, requires most inherited retirement benefits to be withdrawn by a designated beneficiary within 10 years of the plan owner’s death.

Now, the Coronavirus Aid, Relief, and Economic Security Act, aka CARES Act, signed into law on March 27,
“suspends” required minimum distributions for tax year 2020 and, under certain circumstances, allows plan owners to withdraw retirement funds to cover health and economic costs as a result of the COVJD-19 pandemic.”

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