The SECURE Act has eliminated the non-spousal beneficiary stretch IRA and now requires the inherited qualified dollars to be fully distributed within 10 years. OneAmerica’s qualified dollar Asset Care strategy happens to fit perfectly with these guidelines and in fact, is an attractive option for any client(s) who has a significant portion of their nest egg in qualified assets.
– The clients receive an immediate 20% bonus on their incoming IRA non-taxable transfer.
– Total stepped up IRA balance is then distributed over the course of 10 years using an income rider, thus satisfying the 10 year SECURE Act requirement or RMD’s for those 72+.
– The distributions internally fund a 10 pay single or joint life Asset Care which includes lifetime LTC benefits!
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