• Skip to primary navigation
  • Skip to main content
Strobl PLLC

Strobl PLLC

Business and Corporate Law Firm

LawPay

(248) 540-2300

  • Home
  • About Us
    • Community Commitment
    • Recruiting
  • Attorneys
    • Henry J. Andries, Jr.

      Henry J. Andries, Jr.

      Member

      Phone: 248.205.2710

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Business Law, Commercial Contracts, Corporate Law, Healthcare Law, Labor & Employment, Litigation, Real Estate, Tax

      Experience

      Since 1995, Henry J. Andries, Jr. has engaged in private practice with a concentration in employment law, complex civil litigation...

    • Lynn M. Brimer

      Lynn M. Brimer

      Member

      Phone: 248.205.2772

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Banking & Financial Services, Bankruptcy & Creditor's Rights, Business Law, Commercial Contracts, Corporate Law, Litigation, Mergers & Acquisitions, Non-Profit Law, Real Estate, Tax

      Experience
      • Assist taxpayers with representation before the internal Revenue Service, the State of Michigan Department of Treasury and other taxing authorities...
    • Anthony Cimini

      Anthony Cimini

      Associate

      Phone: 248.205.2764

      Connect:

      Practice Areas

      Banking & Financial Services, Bankruptcy & Creditor's Rights, Business Law, Commercial Contracts, Corporate Law, Litigation, Real Estate

      Experience
      • Assists distressed businesses in Chapter 11 bankruptcy filings, with expertise in Subchapter V bankruptcy filings, including prefiling negotiations, preparing first...
    • Jon P. Everly

      Jon P. Everly

      Managing Member

      Phone: 248.205.2759

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Business Law, Commercial Contracts, Corporate Law, Estate & Succession Planning, Non-Profit Law, Real Estate, Tax

      Experience
      • Advises closely held businesses and their owners in a broad range of legal matters, including formation, taxation, succession planning, and...
    • Michael L. Geller

      Michael L. Geller

      Member

      Phone: 248.205.2770

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Business Law, Commercial Contracts, Corporate Law, Healthcare Law, Labor & Employment, Litigation, Real Estate

      Experience
      • Advises and assists clients in the creation and structuring of their business entities.
      • Regularly counsels clients relative to employment issues that...
    • Paul M. Kavanaugh

      Paul M. Kavanaugh

      Member

      Phone: 248.205.2711

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Banking & Financial Services, Business Law, Commercial Contracts, Corporate Law, Healthcare Law, Labor & Employment, Mergers & Acquisitions, Real Estate

      Experience

      In his more than 30 years of practicing law, he has helped businesses protect their financial and intellectual property, minimize...

    • Jay R. LaBarge

      Jay R. LaBarge

      Member

      Phone: 248.205.2778

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Banking & Financial Services, Business Law, Commercial Contracts, Corporate Law, Estate & Succession Planning, Healthcare Law, Mergers & Acquisitions, Non-Profit Law, Real Estate, Tax

      Experience
      • Advises clients on a full range of real estate matters, including drafting and negotiating purchase agreements and residential, commercial and...
    • Randi LaFave

      Randi LaFave

      Associate

      Phone: 248.205.2712

      Office: Bloomfield Hills

      Connect:

      Practice Areas

      Banking & Financial Services, Business Law, Commercial Contracts, Corporate Law, Estate & Succession Planning, Labor & Employment, Mergers & Acquisitions, Real Estate, Tax

      Experience
      • Counsels start-ups and growing companies on fundraising, including preparation of private placement memorandums
      • Works with clients to uncover and resolve bank...
    • Brian J. McCullough

      Brian J. McCullough

      Member

      Phone: 248.205.2715

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Business Law, Commercial Contracts, Corporate Law, Estate & Succession Planning, Healthcare Law, Real Estate

      Experience
      • All legal aspects pertaining to healthcare providers, including licensing, certification issues, survey and compliance issues, Medicare, Medicaid and other insurance-related...
    • Pamela S. Ritter

      Pamela S. Ritter

      Member

      Phone: 248.205.2765

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Banking & Financial Services, Bankruptcy & Creditor's Rights, Business Law, Commercial Contracts, Corporate Law, Litigation, Real Estate

      Experience
      • Counsel to lenders in a range of loan origination transactions, including commercial and industrial loan facilities, real estate and construction...
    • James A. Rocchio

      James A. Rocchio

      Of Counsel

      Phone: 248.205.2748

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Bankruptcy & Creditor's Rights, Business Law, Commercial Contracts, Corporate Law, Estate & Succession Planning, Mergers & Acquisitions, Tax

      Experience

      Mr. Rocchio has deep expertise in the area of taxation. Over the course of his legal career, he has counseled...

    • Nelson B. Stieper

      Nelson B. Stieper

      Of Counsel

      Phone: 248.205.2742

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Estate & Succession Planning

      Experience
      • Performs probate and trust administration, revocable and irrevocable trusts, wills, special needs planning, gift planning, and asset protection
      • Advises on divorce,...
    • Thomas J. Strobl

      Thomas J. Strobl

      Member

      Phone: 248.205.2713

      Office: Bloomfield Hills, Michigan

      Connect:

      Practice Areas

      Banking & Financial Services, Business Law, Commercial Contracts, Corporate Law, Labor & Employment, Mergers & Acquisitions, Real Estate, Tax

      Experience
      • Advises a broad spectrum of purchasers and sellers in merger and acquisition transactions involving primarily private companies.
      • Represents financial institutions and...
  • Expertise
    • Banking & Financial Services
    • Bankruptcy & Creditors’ Rights
    • Business Law
      • Commercial Contracts
      • Corporate Law
      • Healthcare Law
      • Labor & Employment
      • Mergers & Acquisitions
      • Non-Profit Law
      • Real Estate
      • Tax
    • Estate & Succession Planning
    • Litigation
  • News
  • Contact Us

Revisiting the SECURE Act of 2019

January 11, 2021

The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”), significantly changed the rules regarding distributions from traditional Individual Retirement Accounts (“IRAs”) both during an account owner’s life and after his or her death. Some of the key aspects of the SECURE Act that may affect you, your estate and your planning are summarized below.

Impact During Your Life
The SECURE Act increased the age which a person must begin taking traditional IRA distributions, known as required minimum distributions (“RMDs”) from age 70 ½ to age 72, thereby allowing the account owner to defer mandatory (taxable) distributions for another year or two. While COVID-related tax relief suspended this RMD for all taxpayers in 2020, the SECURE Act permanently increased the beginning age for these distributions to 72. It also removed the age cap so that individuals may continue to make IRA contributions after reaching the age for taking RMDs. IRA account owners can still begin making charitable contributions directly from their IRA accounts at age 70 ½ even though distributions are not required until age 72.

Impact After Death
The most significant changes to the law apply to required distributions from IRAs (both traditional and Roth) on the death of original account owners in 2020 and after. The prior law permitted most beneficiaries of inherited IRAs to take their required distributions over their remaining life expectancy, allowing them to spread income over a longer period (commonly referred to as the “stretch IRA”). Although these rules were complex, particularly with respect to trusts, many took advantage of these provisions to postpone the payment of income tax and often reduce the marginal tax rate on distributions in order to achieve a greater net return to the beneficiary/heir.

The SECURE Act limited the life expectancy payout only to a surviving spouse, minor children, disabled beneficiaries and individual beneficiaries less than 10 years younger than the account owner. For most other IRA beneficiaries, the life expectancy payout option was replaced with a simpler rule that shortens the payout period. Under the new rule, most other IRA beneficiaries no longer have annual distribution requirements, but must withdraw the entire IRA (and accumulations) within 10 years of the original owner’s date of death. The revised 10-year payout rule begins applying to minor beneficiaries upon reaching age 18. The rules remained the same where an IRA does not designate a beneficiary (or where the account owner’s estate is the beneficiary) on the date of death. In that case, the IRA must be distributed within 5 years of the account owner’s death if the owner died before turning age 72 or if after, distributed over the account owner’s remaining life expectancy.

Impact on Your Estate Plan
Account owners leaving significant IRA assets should consider how these rules affect their plans. A previously created IRA Trust may no longer be suitable. IRAs that name children as direct beneficiaries to allow for the tax deferral may be better paid to a trust that could provide protection from creditors or a divorcing spouse or, alternatively, to the account owner’s spouse or other beneficiary that qualifies for the life expectancy payout.

In most cases, we recommend that you re-visit your beneficiary designations with a trusted advisor to ensure you understand how SECURE impacts your planning. Strobl PLLC is a team of experienced and trusted lawyers that can advise on all legal matters relating to estate planning. For more information, visit Strobl online at www.stroblandsharp.com or on LinkedIn.

News End of Year

https://www.strobllaw.com/wp-content/uploads/2022/11/cropped-strobl_pllc_c.jpg

At Strobl PLLC, our attorneys are committed to your team. We collaborate with clients to share our expertise and guide them to success.

  • Home
  • About Us
  • Attorneys
  • News
  • Contact Us
  • Banking & Financial Services
  • Bankruptcy & Creditors’ Rights
  • Business Law
  • Estate & Succession Planning
  • Litigation
Follow Us On LinkedIn

(248) 540-2300

33 Bloomfield Hills Parkway, Suite 125
Bloomfield Hills, MI 48304

© 2023 Strobl PLLC. All Rights Reserved.