On February 24, 2022, the IRS has issued proposed regulations regarding the Secure Act. Public comments can be submitted via www.regulations.gov and there is a public hearing scheduled for June 15, 2022. We will be thoroughly analyzing the 275-page document and will post a blog at a later date with clarifications and highlights from the proposed regulations.
Hopefully, the regs will better clarify the rules around what happens when an eligible designated beneficiary dies, what qualifies as an applicable multi-beneficiary trust, and how see-through trusts are treated.
This is big news for estate planners and elder law practitioners! Stay tuned for our thoughts on the new regulations.