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What do you know about the Secure Act and how your money affects your beneficiaries? The Secure Act was assigned by President Trump on December 20, 2019 and sets every community up for retirement enhancement. This episode delves in about some of the good and not so good things that pertain to finances with this act. It affects IRAs, 401ks, all your retirement plans, 529 plans, and education plans. The focus is on how it changed IRAs- the required minimum distribution age for age 70 and a half until age 72 and what it didn't change- the QCD, the qualified charitable distribution, which remains at age 70 and a half. You will gain a lot of insight that may directly impact your retirement with this information.
On another note, we talk about what happens when you leave money to your beneficiaries and how it will affect them. For example, if you live in an income tax state, only a portion of it is going to actually wind up going to the beneficiary due to taxes. The beneficiary will be taxed according to their income. So, if you have children that have a substantial income and inherit your $500,000 IRA, “they've got to take that and pay taxes on it within a ten year period.” There is much more discussed that will open your eyes about leaving money to others.
For 30 years Angela Sloan, CEO and founder of Sloan Financial Group, has dedicated herself to helping her clients secure their financial affairs. Unfortunately at a young age, she was swindled out of her life savings by her “trusted” advisor. This misfortune motivated Angela to make it her life’s work to keep bad things from happening to good people. Angela’s sound, responsible financial advice and tax-saving strategies have helped her clients grow and protect their retirement nest eggs, even throughout these turbulent financial times. While she specializes in income tax planning and managed money, conservative investments, she has expanded her practice to include estate planning, long-term care insurance, Medicare supplements, life insurance and property and casualty insurance. Devoted to helping families comfortably organize their financial futures, Angela’s list of accomplishments include earning the Pioneer Service Excellence Award, the AMS Inventor of the Year Award, winning the Richard M. Metcalfe Memorial Award as well as sitting on the York Technical College Entrepreneur Panel and guest speaker appearances for Clemson University’s Professional Development for Women Conferences held throughout the United States.
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