Does your estate plan work with the new SECURE Act?

On the last day of 2019, President Trump signed into law the "Setting Every Community Up for Retirement Enhancement Act," or as it's being called, "the SECURE Act." The SECURE Act, which was passed on December 31, 2019, became immediately effective on January 1, 2020. Every person who has a retirement plan needs to revisit their plan and make sure it's good under the new laws. We've created this easy little quiz so you can figure out if you need to speak with your financial planner and attorney to update your plans.

Quiz Questions

1.
Do you have a Last Will and Testament or a Trust?
- A.
  Yes, I have a Will
- B.
  Yes, I have a Trust
- C.
  No, I haven't got around to it yet
2.
Do you have an IRA?
- A.
  Yes
- B.
  No
3.
Do you have a 401k?
- A.
  Yes
- B.
  No
4.
Does your 401k have a named beneficiary?
- A.
  Yes
- B.
  No
5.
Does your IRA have a named beneficiary?
- A.
  Yes
- B.
  No
6.
Is your named beneficiary on your 401k your spouse?
- A.
  Yes
- B.
  No
7.
Is your named beneficiary on your 401k a child under the age of 18?
- A.
  Yes
- B.
  No
8.
Is your named beneficiary a Trust?
- A.
  Yes
- B.
  No
9.
Do you have contingent beneficiary's named on your 401k?
- A.
  Yes
- B.
  No
10.
Is your named contingent beneficiary a Trust?
- A.
  Yes
- B.
  No
11.
Is your named beneficiary a person who is no more than 10 years younger than you?
- A.
  Yes
- B.
  No
12.
Is your named beneficiary chronically ill or disabled?
- A.
  Yes
- B.
  No
13.
Is your named beneficiary on your IRA your spouse?
- A.
  Yes
- B.
  No
14.
Is your named beneficiary on your IRA your child under the age of 18?
- A.
  Yes
- B.
  No
15.
Do you have contingent beneficiaries's named on your IRA?
- A.
  Yes
- B.
  No

Quiz Outcomes

1.
Yes, you need to update your plans
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Based on your responses, you'll likely need to make some changes to your financial plans and to your legal plans. Don't worry! We're here to help! Use the link below to apply to the Giving Forward Program and schedule your Discovery Call. In the Giving Forward Program, you'll discover how to make the most of these new retirement laws and how they affect you and your family.
2.
Seems like you're good!
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Based on your responses, it sounds like your financial plans and your legal plans are going to be okay under the new SECURE Act. Keep in mind this is only an online quiz and it cannot take into account other complexities of your life. We're here to support you in your family's legal planning through the Giving Forward Program. If you want to make sure that all loose ends are tied up, apply to the GFP and let's make sure that your retirement plan is SECURE compliant.