- Of Counsel
The SECURE ACT changes the age for required minimum distributions (RMDs) for traditional IRAs from 70 ½ to 72. The new rules allow an individual of any age to make contributions to a traditional IRA, as long as the individual has earned income from wages or self-employment. The Act also affects beneficiaries of inherited IRAs. Other than a few exceptions, inherited IRAs (for deaths of IRA owners on or after 1/1/2020) are now required to be completely distributed within ten years following the death of the original account owner. In view of this significant change for inherited IRAs, estate plans put in place prior to the SECURE ACT may need to be revisited. Read more here.
Paul M. Bishop, Esq. joins Mason, Griffin & Pierson PC as an Of Counsel member of the firm. Paul will be part of the firm's litigation practice group. Paul comes to MG&P with over 15 years of litigation experience having worked the past 10 years at Brach Eichler.
Paul is admitted in the State of New Jersey, the State of New York and the District Court of New Jersey.