Strategies for Secure 2.0, MA’s Millionaire Tax, and the Expiring Tax Cuts and Jobs Act

An update to the 2019 SECURE Act passed in December 2022 as part of a larger government spending bill. Several changes included delayed Required Minimum Distribution ages, 529 rollovers to Roth IRAs, and various updates to how employer sponsored retirement plans are administered. Last year also saw the passage of the 4% surcharge in Massachusetts on families earning over $1 million. Finally, the Tax Cuts and Jobs Act is set to expire after 2025, which would raise federal income taxes and lower estate tax exemption amounts. In this presentation, we will look to discuss the relevant considerations around all of these legislative updates for our clients.