Local company releases first public white paper detailing sweeping changes to retirement laws.
Biondo Investment Advisors, LLC, with offices in Milford, PA and Sparta, NJ, has recently released its first white paper for public use. The paper details major changes in retirement laws that occurred just last month.
Biondo Investment Advisors, LLC has been following the potential changes for some time now. Until recently though, speculation was all that was possible as there was no actual law to work with.
That all changed in late December when the bill passed and became law as of January 1, 2020. This left a lot of people scrambling; their whole career they had used one set of rules to plan and now some of those rules may as well be ancient history.
For this reason, Biondo Investment Advisors, LLC decided to put together a white paper to help people decipher the law and how it may impact their own plans.
The change that seems to be getting the most attention impacts inherited IRAs.
For years, many people have planned on simply leaving their IRAs to their children and banking on a now void rule that previously allowed the children to take distributions from the account over their lifetime.
With the new law, many beneficiaries will be forced to liquidate the entire account balance within just a ten-year window. This can create complexities and undesirable outcomes for many reasons.
It is Biondo’s intention for people to use this information to become aware of the changes and take any necessary action required to keep their plans intact.
To obtain Biondo’s white paper, simply go to the following link and download your copy for free: https://thebiondogroup.com/biondowhitepaper/
If you would like to schedule a consultation with a Wealth Advisor at Biondo Investment Advisors, LLC, please call 570.296.5525 and let them know you would like to discuss how the new retirement law will impact you.