Before the end of last year, a new law, called the SECURE ACT, was enacted by Congress and signed into law by President Trump that substantially changed the rules regarding your retirement accounts. First, the Act changed the age year from which you must take your first required minimum distribution (RMD) from 70.5 to 72. The second important change the Act made is that account holder beneficiaries are no longer able to “stretch” out their inherited IRAs over their own lifetimes.  Once an account holder passes away, any non-spousal beneficiary has only up to ten years to withdraw the assets from that retirement account.  This can have a significant tax impact on the beneficiary.  To discuss how these changes can impact you and your beneficiaries, please contact Pruitt Law Offices S.C. at 262-633-8301, through our website at pruittlawoffices.com, or visit us at 731 Main Street in Racine.  “We are your partners for professional service.”