How the SECURE Act May Impact Your Estate Plan with Megan Gorman
In this episode, I interview Megan Gorman, Founder and Managing Partner of Chequers Financial Management, a high-net-worth tax and financial planning firm in San Francisco. An attorney by training, Megan is passionate about the problem-solving required to work in the world of complex financial planning. She is also a senior contributor at Forbes and writes on personal finance and income tax.
As you listen, you won’t be surprised to hear that Megan is an adjunct professor at Golden Gate University in San Francisco as well. She is a very clear communicator and a great educator. And I’m happy to call her a friend, too.
Megan’s expertise is invaluable for today’s topic, inherited IRAs, which is why I’m so excited to have her on the podcast. Specifically, we’re talking about how the SECURE Act of December 2019 changed the rules for certain beneficiaries of inherited IRAs. I think everyone can benefit from this information, whether you have an IRA or expect to inherit one.
Megan Gorman on estate planning:
- [08:11] Why the SECURE Act impacts so many people–not just the ultrawealthy
- [10:28] Two major changes the SECURE Act made to IRAs an how it impacts certain inherited IRA beneficiaries
- [14:54] Groups of beneficiaries excluded from SECURE Act inherited IRA rules
- [18:22] Why everyone should take a holistic view of their estate plan in light of these inherited IRA rule changes
- [24:29] Measures some IRA owners may want to take before they die to reduce their beneficiaries’ tax liability
- [37:32] The importance of having a personal tax philosophy when it comes to estate planning
- [41:34] Additional planning ideas to minimize taxes related to inherited IRAs