There has been a major change in retirement planning, which may affect your estate plan. The Setting Every Community Up for Retirement Enhancement (SECURE) Act was officially signed into law on December 20, 2019.

The major changes of the Act include:
Most inherited retirement plans are now subject to a 10-year mandatory payout (verses the old rule that allowed for payouts to be based on a person’s life expectancy). There are certain exceptions, such as spouses, minor children, etc.
Required Minimum Distribution (RMD) age is now age 72 (verses the old rule of age 70.5).
Age limits for IRA accounts have been removed for contributions.
There is now a $5,000.00 penalty-free withdraw option for the birth or adoption of a new child.
If you have a retirement account for which you’d like to give extra protection, you should consider the possibility of drafting a standalone retirement trust, called an Accumulation Trust, to hold your retirement assets.

Since the SECURE Act was passed so recently, legal experts are still analyzing the legal effects. For more information, I suggest contacting an estate planning attorney.