The SECURE Act: Step #1
Written on January 27, 2020

The SECURE Act: Step #1


The benefits of retirement plans as tax-favored, multi-generational wealth transfer tools has shifted with passage of the SECURE Act.  So, now what?

The OFM Wealth team is reviewing potential strategies to address the implications of the Act and will highlight them here in our Hourglass newsletter and blog.

To get started in assessing how the new law may apply to you, you need to gather key information on your current situation.

Step #1: Prepare a thorough beneficiary checklist

This is a must do for everyone.

Review your accounts and list the primary and contingent beneficiaries for all:

  • IRAs (Traditional, Roth, Beneficiary)
  • 401(k), 403(b), 457 Retirement Plans
  • Annuities (Qualified & Non-Qualified)
  • Life insurance policies (through work or purchased individually)

Have you set up living or revocable trusts?  If so, list out your ultimate beneficiaries, how your trust assets will be distributed to your heirs (e.g., outright or in trust), and the percentage (or dollar amount) each beneficiary will receive.

We will cover the next steps in coming blog posts.

- Cris


The Hourglass is an OFM Wealth Publication.  All information is believed to be from reliable sources, however, we make no representation as to its completeness or accuracy.  All economic and performance information is historical and not indicative of future results.  Any market indices mentioned are unmanaged and cannot be invested in directly.  Additional information, including management fees and expenses, is provided on our Form ADV Part 2.