- Money or property left to a person by someone who has died
- Something that is a result of events in the past
Life insurance can combine these two legacy definitions and make sure your plan is complete. But if leaving an IRA was part of the plan, the SECURE Act changed the ability of some beneficiaries to stretch the money in the account over their lifetime.
If your legacy plan involved a “stretch IRA”, it’s a good idea to do a beneficiary review and see how you might be affected by the SECURE Act.
Here is a case study about how to leave a legacy.