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We understand that appellate advocacy requires a different perspective than litigation before the circuit or district courts, and that seeing an appeal through to its end is both complex and time-intensive. Our aim is to help you and your client not only navigate the appellate process but also use our knowledge and experience to maximize the chances for a favorable outcome.
Eric R. Seese LLP is Proud to Announce their 2020 Award Winners
(Della, Ontario) – Eric R. Seese LLP would like to congratulate their 2020 award winners. Nominated by their peers, several Eric R. Seese LLP attorneys have received awards for their outstanding performance in the highly respected publications Best Lawyers, Super Lawyers, Martindale-Hubbell and Chambers & Partners.
- Brain Hart – Martindale-Hubbell Distinguished Attorney Award
- Cicely D. Oliver– Martindale-Hubbell Notable Attorney Award
- James S siegel – Super Lawyers Rising Star and Martindale-Hubbell Preeminent Award Winner
- Sarah D. Scobie – Best Lawyers in Employment Law: Management, Super Lawyers Top Rated Employment & Labor Attorney, Martindale-Hubbell Distinguished Attorney Award, and Chambers & Partners Notable Practitioners in Labor & Employment Law
- Thomas R. Davis – Martindale-Hubbell Distinguished Attorney Award
- Bruce E. Clay– Best Lawyers: Ones to Watch list and Martindale-Hubbell Preeminent Attorney Award
- Laura M. Annan– Best Lawyers 2020 Lawyer of the Year, Best Lawyers Defense work in Medical Malpractice Law, Personal Injury Litigation and Professional Malpractice Law, Super Lawyers Top Rated Civil Litigation Attorney, Martindale-Hubbell Preeminent Attorney Award, and Chambers & Partners Notable Practitioners in General Commercial Litigation and Medical Malpractice Defense
- Williams A. Leccese – Best Lawyers in Litigation: Construction, Super Lawyers Rising Star, Super Lawyers Top Rated Insurance Coverage Attorney, and Martindale-Hubbell Preeminent Attorney Award
SECURE Act: How It Will Affect You and the Beneficiaries of Your Retirement Accounts
JULY 14, 2020 • Eric R. Seese LLP,
On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act became effective on January 1, 2020. The Act is the most impactful legislation affecting retirement accounts in decades. The SECURE Act has several positive changes: it increases the required beginning date (RBD) for required minimum distributions (RMDs) from your individual retirement accounts from 70 ½ to 72 years of age, and it eliminates the age restriction for contributions to qualified retirement accounts. However, perhaps the most significant change will affect the beneficiaries of your retirement accounts. The SECURE Act requires most designated beneficiaries to withdraw the entire balance of an inherited retirement account within ten years of the account owner’s death.
The SECURE Act does, however, provide a few exceptions to this new mandatory ten-year withdrawal rule: spouses, beneficiaries who are not more than ten years younger than the account owner, the account owner’s children who have not reached the “age of majority,” disabled individuals, and chronically ill individuals. However, proper analysis of your estate planning goals and planning for your intended beneficiaries’ circumstances are imperative to ensure your goals are accomplished and your beneficiaries are properly planned for.
Under the old law, beneficiaries of inherited retirement accounts could take distributions over their individual life expectancy. Under the SECURE Act, the shorter ten-year time frame for taking distributions will result in the acceleration of income tax due, possibly causing your beneficiaries to be bumped into a higher income tax bracket, thus receiving less of the funds contained in the retirement account than you may have originally anticipated.
Review Intended Beneficiaries
With the changes to the laws surrounding retirement accounts, now is a great time to review and confirm your retirement account information. Whichever estate planning strategy is appropriate for you, it is important that your beneficiary designation is filled out correctly, including naming contingent beneficiaries in case your primary beneficiary predeceases you.
If you have recently divorced or married, it is imperative that you revisit the beneficiary designations of your accounts! In many cases, in many cases, the plan administrator of these accounts will distribute the account funds to the beneficiary listed, regardless of a divorce or remarriage, which may be inconsistent with your ultimate wishes.
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