The SECURE Act, signed into law on December 20, 2019, is the most impactful legislation to affect estate planning in decades. Although the SECURE Act includes many positive changes in regard to tax-deferred retirement accounts, it no longer permits most non-spouse beneficiaries (e.g., children) to withdraw an inherited retirement account over the beneficiary's life expectancy (aka “stretch IRA”). Instead, the default law now requires the entire account to be withdrawn and liquidated by the end of the 10th year after the death of the account owner (“10-year liquidation rule”). This change has major implications when considering whether to name an individual or trust as beneficiary of a retirement account.
Official Website
We’ve sourced these Highlights directly from the business, so there may be some errors or omissions. Let us know if you have any feedback or suggestions on how to make this information better!
Rates, surcharges and fees are advertised on Tomboumanlaw.com
Sentiment Analysis
We recently updated our Will, Health Care Directive and Financial POA with Tom Bouman.
Tom carefully reviews the final documents with you to insure that you understand each section and he also provides guidance with respect to asset titling and the reasons for doing so in order to avoid probate.
My experience with him was positive, thorough and informative to the many details involved in putting these important documents in order.
He went over every section of the document so I felt comfortable with the completeness of the information and the plan developed.
He gets right to the point and explains clearly every step of the way and injects appropriate humor to illustrate the step at hand.
As I am getting old(er) I realize that's imperative that I have my "affairs in order", so they say.
Tom did an excellent job of putting together the requested documents and took the time needed to explain everything he had done.
One thing I especially like about Tom is that he explains as he goes, not so much as to overwhelm us but rather to make sure we know what we’re doing and what the choices we make mean to us and our family.
An excellent communicator, simplifying legalese so we could make informed decisions
Tom is very thorough and explains things in a way we were able to understand.
Your opinion is important
We invite you to share your experience in a review.
Read more reviews on:
Please leave us a review and let us know about your experience.