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Tag Archives: Estate Planning

The Secure Act and your Estate Planning

Planning for retirement and estate planning are important at any age. That is why the Estate Planning attorneys with Althauser Rayan Abbarno want our clients to have up-to-date information.  The recently passed, SECURE Act (Setting Every Community Up for Retirement Enhancement Act) makes changes (some retroactive) to some distributions from IRAs and 401(k) plans.

Plan Ahead for Inherited IRAs

Estate Planning Attorneys with Althauser Rayan Abbarno help clients plan.

Before the Secure Act, if you inherited an IRA from someone other than your spouse, you were generally required to take distributions from that account, but you could stretch out those payments over your entire life.

Under the new law passed December 20, 2019, if an IRA owner dies in 2020 or after, the account’s beneficiaries must take all of the money out of the inherited IRA within 10 years after the year of the death. (Some eligible designated beneficiaries (EDBs), including spouses and minor children, are exempt from this rule.)

If you inherit a Roth IRA, there is less concern — everything that comes out of a Roth IRA is tax-free. But with a traditional IRA, you must pay income tax on any distributions in the year you take the money out.

For more information, contact the estate planning attorneys with Althauser Rayan Abbarno in Centralia or Olympia at (360) 736-1301.

Retroactive Effect of the SECURE Act

There are some retroactive effects of the SECURE Act. In the case of a participant who died prior to 2020 and left an IRA to a designated beneficiary, on the death of the designated beneficiary, the new 10-year payout rule will now apply.

For example, assume a mother died prior to 2020 and left her IRA to her adult son. The son started a 34-year payout based on his life expectancy. The son dies in January 2020, only 12 years into the payout period. His adult daughter is the successor beneficiary. Even though there are 22 years left in the original payout period, the daughter will be subject to the new 10-year payout period, and the entire amount of the IRA must be distributed to her by Dec. 31, 2030. Under the old rules, the daughter would have been able to stretch out the payments for the remainder of the original 34-year payout period.

For more information, contact the estate planning attorneys with Althauser Rayan Abbarno in Centralia or Olympia at (360) 736-1301.

It is now 72

Althauser Rayan Abbarno estate planning attorneys in Olympia and Centralia.

The SECURE Act replaces age 70 ½ with age 72 as the age that triggers Required Minimum Distributions (RMD) from retirement accounts, such as traditional IRAs, SEPs, SIMPLEs, SARSEPs, 401(k)s and other defined contribution plans.

For more information, contact the estate planning attorneys with Althauser Rayan Abbarno in Centralia or Olympia at (360) 736-1301.

Penalties!

The annual Required Minimum Distributions (RMD) is mandated by law; there are heavy financial penalties for failing to take the RMD on time. The penalty (an excise tax) is 50 percent of the amount you should have withdrawn but did not. For example, if you missed your RMD of $10,000, you owe the U.S. Treasury $5,000. There is a 50% penalty, which can be waived by the IRS if the beneficiary submits a Form 5329 and provides evidence of reasonable cause.

Call Althauser Rayan Abbarno and your CPA

There is a lot more to the SECURE Act that needs to be understood beyond this discussion.  This article does not constitute legal or tax advice for your specific situation.

If you or someone you know has questions about estate planning, call Althauser Rayan Abbarno at (360) 736-1301 for a consultation in Centralia or Olympia. Our estate planning attorneys will work with your CPA and financial planners to provide the best results for you and you family.

 

 

Protect Your Family And Property With Estate Planning

Do you need a Will or Estate Planning assistance?

Althauser Rayan Abbarno Estate Planning Attorneys provides estate planning and probate services for people throughout Washington state. Now more than every, your family should consider a will and prepare an estate plan!

When finances change, consider updating your estate plan or will.

When health concerns arise, consider updating your estate plan or will.

Without an estate plan or will, you jeopardize losing property to taxes and the State!

You need Experienced Estate Planning Attorneys!

If you need experienced legal representation to assist with your estate planning goals or assist with the probate of an estate, contact us today to schedule a consultation in Olympia or Centralia at (360) 736-1301. 

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Continue reading Protect Your Family And Property With Estate Planning

Allyson Felt: Newest Associate with Althauser Rayan Abbarno

Newest Associate Allyson Felt handles all your Estate Planning needs.

Althauser Rayan Abbarno recently added Allyson Felt to their all-star team as their law firm continues to grow. Allyson’s practice will focus on estate planning, probate, contract and property disputes, and civil litigation.  Allyson is bringing a lot of experience to our community and Althauser Rayan Abbarno’s estate planning practice.

Allyson concurrently earned Bachelor of Arts degrees in Broadcast Journalism and News Editorial from the University of Nebraska-Lincoln in 2010. From there, she relocated to the State of Oklahoma where she attended the University of Oklahoma College of Law. Prior to joining Althauser Rayan Abbarno, Allyson worked as an associate in-house counsel at a title insurance company located in Omaha, Nebraska.

Why You Need to Plan:

No one wants to think about death, but it’s as sure as taxes. So taking care of your loved ones and not leaving them serious financial burdens is important. It is your responsibility to make known how you would like your estate distributed.

“It’s hard for some people to go through this process because maybe they aren’t at that point in their life yet where they want to think about that,” Allyson says. “But it really is financially responsible, especially if you have a family or loved ones that you specifically want things to go to, or you have wishes regarding what happens after your death. These things are really helpful regardless of age.”

Althauser Rayan Abbarno has an easy process to get your affairs in order quickly. “Come in, meet with an attorney and we will set up the documentation you need, and that way you can be sure that in the worst-case scenario, if you are no longer there for you family, you have still provided for them,” Allyson explains.

Althauser Rayan Abbarno’s basic will package includes a will, durable and medical powers of attorney, health care directive and community property agreements, if advisable, together with a whole host of other planning tools to best fit individual needs. The attorneys will tailor a package based on your assets and needs. “Attorneys who don’t practice in this area too often sell their client’s unneeded trusts or unnecessarily complicated plans,” says Allyson. “We don’t subscribe to making things complicated for complication’s sake. Our goal is to provide a plan that is as simple and cost effective as possible to provide you the protection you need.”

“Althauser Rayan Abbarno offers the benefits of a full- service firm,” noted Allyson. “We want to build a relationship with our clients. Often our discussions lead to other areas of need such as personal injury, worker’s compensation, criminal defense, family law, contract and property disputes, and corporate and business law. Our six attorneys handle them all.”

Read more at LewisTalk.com

For more information about estate planning or the law firm, visit Althauser Rayan Abbarno’s website or call their offices at 360-736-1301 (Centralia) and 360-352-1134 (Olympia).

Another Reason to Choose Althauser Rayan Abbarno!

The Associate Attorneys are another reason to choose Althauser Rayan Abbarno by Kristina Lotz at Thurston Talk!

The associate attorneys with Althauser Rayan Abbarno are passionate about serving the Lewis and Thurston County communities – a place they work, play and call home.

Allyson Felt

Associate Attorney Allyson Felt focuses on civil litigation, including contract disputes, estate planning, probate and real property. “I appreciate being able to truly help our clients and make a difference for them during a struggle they are having,” she says. “For me, that is what is most rewarding about it.”

She calls Thurston County home and loves to hike with her dog, a five-year-old Golden Retriever, Henry. She also loves participating in the local sport groups that meet to socialize and get healthy, as well as the “watch parties” for a variety of teams like the Seahawks, Mariners, and Sounders, though truth be told, she is a Packers fan at heart. She is also a member of the Thurston County Bar Association.

Emily Laz

Associate Attorney Emily Laz focuses on family law, including divorce, child custody, child support, adoption, domestic violence protection orders and anti-harassment orders. “When families are in need of a family lawyer, they are incredibly stressed out and at a very traumatic point in their lives,” she says. “I like to help them through it. My job is equal parts counselor and attorney and I very much enjoy that.”

Emily loves hiking through Capitol Forest and the waterfront with her dog, a one-year-old Border Collie named Tucker. Allyson and Emily go on doggy playdates with their four-legged friends.

Jakob McGhie

Associate Attorney Jakob McGhie’s practice focuses on criminal defense, including felony and misdemeanor criminal defense, firearm rights restoration, traffic infractions and the expungement and sealing of criminal records. “The reason I became a lawyer is because I love the fact that we live in a nation that is ruled by a set of laws and core principles,” he says. “And I see being a criminal defense attorney – defending people who could be wrongly accused – and making sure they receive a strong, thorough and complete defense, as necessary for a functioning democracy.”

He represents the greater Olympia region on the Washington State Bar Association Young Lawyer Committee and is a member of the Thurston County Bar Association. Jake also loves to hike in Capitol Forest and can often be found at Olympic Card and Comics.

Althauser Rayan Abbarno prides itself on being a firm that takes care of all your legal needs. Whether you were injured in an automobile collision or at work, or have any other legal need, the Althauser Rayan Abbarno team makes sure clients and their families are represented from top to bottom.

Read more at ThurstonTalk!

For more information visit Althauser Rayan Abbarno’s website or call 360-352-1134.