The Estate & Asset Protection Law Firm Owner, Shannon Pawley, Writes About Changes In The SECURE Act of 2019 That Affects Some Who Inherit IRAs.

The Estate & Asset Protection Law Firm Owner, Shannon Pawley, elaborates on the one change that most adversely affects some when inheriting an IRA post SECURE Act of 2019.

DECATUR, GA, April 25, 2023: Shannon Pawley, Owner of The Estate & Asset Protection Law Firm, has posted a new blog on the law firm’s website entitled Inheriting An IRA Post-Secure Act,” in which Ms. Pawley suggests those with IRAs review their estate plans in light of the changes enacted in the SECURE Act of 2019.

Pawley writes, “While the intention of The SECURE Act of 2019 was to make it easier for Americans to save money in retirement, by allowing them to invest more money in tax-advantaged accounts and to withdraw that money later, it simultaneously made the options and requirements for those who inherit retirement accounts significantly more complicated.”

How does this relate to inheriting an IRA? “So,” Pawley poses the question, “what are the changes and how do they affect the inheritors of the post-Secure Act IRAs?” According to Pawley, “The biggest change that affects inheritors is the elimination of the Stretch IRA for non-eligible Designated Beneficiaries (non-EDBs).”

“Prior to the SECURE Act,” Pawley explains, “beneficiaries of inherited retirement accounts were able to ‘stretch’ out distributions based on their own entire life expectancy. Now,” she adds, “most non-spouse beneficiaries will be required to deplete their accounts within ten years after the original owner’s death.” She emphasizes, “This change forces tax-free dollars out of the inherited IRA sooner than previously required, reducing the ability to let the dollars grow tax-free for longer than 10 years.”

The entire blog can be read HERE.

About The Estate & Asset Protection Law Firm

The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Shannon Pawley has grown her law practice by providing excellent customer satisfaction with personalized wealth protection plans.

About Shannon M. Pawley, J.D., LL.M

As the owner of The Estate & Asset Protection Law Firm, Shannon M. Pawley and her entire team share a passion which focuses on being able to serve the legal needs of retiring individuals. In our firm, WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability. We also believe that privacy and protection are the keys to personal peace. Born and raised in the Tidewater area of Virginia to a tightknit family with strong military service roots, Shannon learned from an early age the value of hard work and the importance of social awareness to ensure you always leave a situation in a better place than how you entered it. In her junior year of high school, Shannon served as U.S. House of Representatives Page during the 101st United States Congressional Session in Washington, D.C. This experience exposed her to numerous new cultures and worldly issues. Walking away from her experience as a U.S. House of Representative Page, Shannon knew that she wanted to pursue legal studies and be able to assist others in obtaining the best results available in difficult situations.

Shannon earned her undergraduate degree at North Carolina Wesleyan College and pursued a law degree from Michigan State University College of Law. After obtaining her law degree and becoming a licensed attorney in Michigan, she continued her educational pursuit by acquiring a LL.M. (Master of Law) in Taxation from Wayne State University. After moving to Georgia in 2018, Shannon obtained her Georgia law license and has enjoyed being able to pursue her desire of ensuring persons are able to age with dignity, grace and independence.

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Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!

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