2020 Illinois Trust Code Laws & SECURE Act
Please know that on January 1st, Illinois has adopted its version of the Uniform Trust Code. If you have been thinking on updating your Trust documents, this recent change may be an additional reason to schedule an appointment with us, to ensure continuous compliance.
Additionally, we would like to inform you that Congress has recently passed the SECURE Act. The SECURE Act changes a number of rules related to tax-advantaged retirement accounts. The age at which retirement plan participants need to take required minimum distributions (RMDs) have been pushed back from 70 ½ to 72. The Act also allows traditional IRA owners to keep making contributions indefinitely aims to increase access to workplace retirement plans. Please feel free to contact us with any questions you may have at 630-424-1100.