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ACTEC Video Highlights Changes to IRA Distributions Affecting Taxpayers Following CARES Act

FOR IMMEDIATE RELEASE

Contact: Pamela Goldsmith, 202.702.2655

 

Washington, DC, July 20, 2020 -- The American College of Trust and Estate Counsel (ACTEC) today released “CARES Act RMD Waiver: 2020 Required Minimum Distributions from Retirement Accounts,” an ACTEC Family Estate Planning Guide video providing relevant information and advice regarding what has changed with required minimum distributions (RMD) since the enactment of the CARES Act and recent IRS Guidance on Waiver of 2020 Required Minimum Distributions, including IRS Notice 2020-51.

ACTEC Fellows Stacy Singer and Svetlana Bekman discuss significant changes to rules for IRA distributions due to the COVID-19 pandemic and its economic implications. The informational video provides details on how taxpayers are affected and why they should act by August 31, 2020 to benefit from the change in RMDs. Bekman provides information regarding the impact of rule changes to rollovers and withdrawals from retirement accounts and provides tips for individuals who have an IRA with a required minimum distribution in 2020.

“If you are doing a rollover of your RMD, be certain that funds land in the retirement account no later than August 31,” said Bekman. “In addition, if a taxpayer takes out more than the RMD and wishes to roll it over, previous rules will apply.”

ACTEC Family Estate Planning Guide videos offer educational presentations that provide families insight into the fundamentals of wills, trusts and other estate planning techniques to encourage planning. Recordings provide the most relevant information from ACTEC Fellows who lend their expertise and help explain to families the basics of estate and tax planning. 

About the American College of Trust and Estate Counsel (ACTEC): Established in 1949, The American College of Trust and Estate Counsel (ACTEC) is a national, nonprofit association of approximately 2,500 lawyers and law professors from throughout the United States and abroad. ACTEC members (Fellows) are peer-elected on the basis of professional reputation and expertise in the preparation of wills and trusts, estate planning, probate, trust administration and related practice areas. The College’s mission includes the improvement and reform of probate, trust and tax laws and procedures and professional practice standards. ACTEC frequently offers technical comments with regard to legislation and regulations but does not take positions on matters of policy or political objectives.

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