The SECURE Act altered how a beneficiary of an IRA is required to take withdrawals. Because of this, it may be more advantageous to make a trust the beneficiary of an IRA.

Post SECURE Act, only a surviving spouse of the IRA or 401(k) owner can take stretch distributions.

The SECURE Act 2.0 includes a number of changes likely to affect your retirement, legacy, and estate planning in different ways. 

When a loved one dies: first, you grieve. Next, as their successor trustee, there is a series of obligations that you must handle to put your loved one to rest and to manage their estate.

HEMS stands for health, education, maintenance, or support and is frequently included in trust agreements to guide a trustee on the types of distributions they may make to a trust beneficiary.

So, you have decided to take control of your estate planning and are given two choices: will-based planning or trust-based planning. If the differences between the two confuse you, you are not alone!