Carlson Capital Management

Integrated Wealth Management

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How the SECURE Act Could Impact You

Kevin Koski
Kevin Koski, CPA

Principal Tax Advisor
651.319.8067
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Professional Biography
Kevin Koski serves as Principal Tax Advisor at Carlson Capital Management and with CCM Tax & Trust Administration, a wholly-owned affiliate of Carlson Capital Management. Kevin works closely with the advisory team to deliver clients fully integrated wealth management services, lending his experience to proactive tax-related planning. As a senior member of the Tax Team, Kevin plays a lead role and helps to oversee the preparation, review, and completion of individual and trust tax returns and tax projections. Kevin participates in client meetings and serves as a tax resource for clients, both individually and collaboratively with other advisors, to develop customized recommendations.

Kevin came to CCM with strong expertise having worked with clients at a St. Paul CPA firm for 15 years. In his role there, Kevin provided leadership and direction for the firm’s tax services practice, and advised clients on income and estate tax matters. Kevin was also an advisor on general financial planning topics such as stock option analysis, charitable planning, and gifting strategies for high-net-worth individuals and families. Kevin is a member of the American Institute of Certified Public Accountants and the Minnesota Society of CPAs.

Kevin grew up in Virginia, Minnesota and is a graduate of the University of Minnesota-Duluth, where he earned his bachelor’s degree in accounting. Shortly following graduation, Kevin earned his Certified Public Accountant (CPA) status. Outside of work, Kevin has three children and enjoys volunteering as a coach and assistant with their athletic teams. Kevin and his family reside in South Minneapolis.

Kevin and other members of the CCM Tax Team regularly post articles of interest on tax planning topics which you can find here.

Kevin Koski
Kevin Koski, CPA
Principal Tax Advisor

In late December, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law. As a result, now is an ideal time to revisit retirement and wealth distribution plans to ensure they are in alignment with the new rules, and explore the opportunities created by these changes to help you further establish your legacy. Because the SECURE Act also impacts trusts that are named beneficiaries, now is also an excellent time to reexamine your estate plan.

Below is our take on the most impactful changes of the SECURE Act:

  • Increases the required minimum distribution (RMD) age to 72 instead of age 70 ½ for those who did not reach age 70 ½ by December 31, 2019.
  • Eliminates the “stretch” or lifetime distribution provision for non-spouse beneficiaries of IRA and other retirement accounts and replaces it with a 10-year distribution period requirement.
  • Allows for a $5,000 penalty-free qualified birth or adoption distribution from IRA accounts, which can be repaid at a later date.
  • Eliminates the age limitation for deductible and non-deductible contributions to traditional IRA accounts to align with the rules for contributions to Roth IRA accounts.
  • Keeps the age at 70 ½ to make a Qualified Charitable Distribution (QCD).
  • Allows for distributions of up to $10,000 from a 529 plan account for qualified education loan repayments.

If you have any questions regarding the SECURE Act and how it will impact your situation, please reach out to us to schedule a conversation.

GOOD TO KNOW
The new rules of the SECURE Act favor the utilization of Roth IRA conversions and charitable remainder trusts as tools to mitigate the negative impact of losing the stretch distribution provision for heirs.

NOTE: The information provided in this article is intended for clients of Carlson Capital Management. We recommend that individuals consult with a professional adviser familiar with their particular situation for advice concerning specific investment, accounting, tax, and legal matters before taking any action.

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Published February 24, 2020 Topics: Estate Planning, IRAs, Roth IRA, Tax Planning

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