This article was published in the July 23, 2021 issue of MarketWatch. In it, Sharon Klein shares her insights on why many professional football players, and athletes in general, don’t enjoy the long-term financial stability of their dreams. While athletes are making more money than ever, they can be financially vulnerable, potentially depriving them of a secure, long-term financial future.
July 27, 2021—The SECURE Act, which went into effect in 2020, severely curtailed the “stretch IRA” as an estate planning strategy. Previously, a beneficiary could extend IRA distributions over his or her lifetime. Now, an heir must withdraw all assets within 10 years of inheriting the account, which can present major tax consequences.
This article reprint was recently published in Steve Leimberg’s Estate Planning Newsletter. Sharon Klein shares her insights on a case that has garnered intense media attention involving the disinheritance of Elizabeth Hurley’s son: “Disinheritance around a massive fortune, bitter court battles, out-of-wedlock children, iconic models, suicide…a soap opera plot? Hardly.
