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When somebody mentions the Setting Every Community Up for Retirement Enhancement (SECURE) Act, most estate planners focus their attention on the elimination of the inherited stretch individual retirement account. Much of this issue of Trusts & Estates is devoted to that single topic. But, the SECURE Act made several other changes that estate planners should be aware of. Here’s a brief overview.
Section 529 Accounts
Internal Revenue Code Section 529 plan account (Section 529 account) owners may now make distributions to pay apprenticeship expenses and student loans that were taken out by the beneficiaries.1 Section 529 accounts are established by a contributor who owns the account (for example, a parent or grandparent) to pay educational ex...
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