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Estate Planning and Asset Protection Planning News
Coronavirus (COVID-19)


Estate Planning and Asset Protection News Coronavirus (COVID-19): Things You Can Do Now to Protect Your Family

What is happening in this country with COVID-19 is both troubling and fear-inducing, especially for those with pre-existing health conditions, weakened immune systems, and in vulnerable age groups. We have all been forced to take a “time-out” from our daily life,, where we prolonged or set aside the organization and documentation of important legal and financial decisions. Now, faced with this pandemic, many of us wish we had been more proactive with respect to future planning. Please be certain that it is not too late, and even in these unprecedented times we are available to help you make and document these important decisions.

The Nelson & Nelson family is here to support our clients, colleagues, and friends and have implemented protocols to do our part to avoid any unnecessary risks of spreading COVID-19. We suggest that you take this time to review the current status of your estate plan and ensure that your existing documents align with your current wishes and circumstances. If you do not have an estate plan at this time, it is critical that you consider your current wishes and take the time to document them.

To read our recommendations for actions that you should take at this time and additional estate planning strategies in a down market please READ THE ARTICLE.


by Donald Kress and John Harris of Coral Gables Trust as published in The Miami Herald. We think you will find this information to be useful.
We are here to help! Call us if you have questions 305-932-2000.



The SECURE Act, which became law on January 1, 2020, makes significant changes to the treatment of 401(k), IRA (Individual Retirement Account), and other types of retirement accounts. These changes may impact your existing estate plan and have certain tax implications for you and your family.

Prior to the SECURE Act, a named beneficiary could withdraw an inherited IRA in payments over his or her lifetime based on IRS actuarial tables. The SECURE Act eliminates the “stretch IRA” and forces most retirement plan beneficiaries to withdraw the entire balance of their inherited IRA – and pay income taxes on such withdrawals – within 10 years of the owner’s death. The only exceptions to the 10 year rule are: surviving spouses, minor children during their minority (the 10 year rule will begin upon attaining the age of majority), persons not more than 10 years younger than the plan owner, or beneficiaries either disabled or chronically ill.

Estate and financial advisors have been studying the SECURE Act to be able to provide suggestions to our clients as to the possibility of revising beneficiary designations. Each situation is somewhat unique and review of your current beneficiaries is necessary.


Disclaimer: This information has been prepared for educational purposes only and is not offered, nor should be construed, as legal advice. Use of this information without careful analysis and review by your attorney, CPA, and/or financial advisor may cause serious adverse consequences. Absolutely no warranty or representation of any kind, whether express or implied, concerning the appropriateness or legal sufficiency of this information as to any individual’s tax and related planning.



The following notice is required by the IRS: Any U.S. federal tax advice contained in the articles and information in this web site is not intended to be written or used, and cannot be used or relied upon, to avoid tax-related penalties under the Internal Revenue Code, or to promote, market or recommend to another any tax-related matter addressed herein.

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