Rebecca Rosenberger Smolen, left, and Amy Neifeld Shkedy, right, of Bala Law Group. Rebecca Rosenberger Smolen, left, andAmy Neifeld Shkedy, right, of Bala Law Group.

The new provisions of the SECURE Act, aka the Setting EveryCommunity Up for Retirement Enhancement Act, which were enacted onDec. 20, 2019, and became effective as of Jan. 1, 2020, change akey factor that goes into the retirement planning process.

Prior to the enactment of the SECURE Act, one of the valuablebenefits of careful estate planning with tax-deferred retirementaccounts was to preserve the tax deferral benefit of these assetsover the life expectancy of children, or even better, grandchildrenof the deceased funder of the account (the participant) if thebeneficiary designation form was properly completed.

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