Federal Tax Update to IRAs Will (Further) Impact State Escheat Requirements

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Last week, our Unclaimed Property Group examined the recently enacted SECURE Act and the significant changes the new law makes to the treatment of IRAs for state escheatment purposes.

  • Lengthens required minimum distribution age from 70.5 to 72
  • Repeals maximum age for traditional IRA contributions
  • Latest federal tax development to impact the unclaimed property treatment of IRAs

Read the full advisory here.