The new Setting Every Community Up for Retirement Enhancement (SECURE) Act has many financial advisors updating their playbook to help their clients reach their planned giving goals. In addition to changing the IRA Required Minimum Distribution (RMD) start age to 72, the new SECURE Act significantly changes how IRAs are treated post-death. One of the most talked about changes is the end of the stretch IRA. The stretch IRA was a planning technique that allowed the beneficiary of an Inherited IRA to stretch distributions over a long period of time. For example, before the SECURE Act and when the IRA beneficiary was someone much younger than the IRA owner, like a grandchild, the RMDs were calculated based on the life expectancy of the heir. This provided a significant income tax benefit. Under the new SECURE Act, Inherited IRA and retirement plans are subject to a 10-year payout rule. Now, in most cases, those inheriting an IRA will be required to completely withdraw all plan assets within 10 years of the date of death. As a result, the taxable distributions to most IRA beneficiaries will be larger and the taxes they pay will be higher. This has many people with sizable retirement accounts looking for another solution. For charitable-minded people, a Testamentary Charitable Remainder Trust (CRT) is an excellent option to consider. A CRT replaces the now obsolete stretch IRA plan and helps you double your impact by including both family and charity in your legacy planning. By naming the CRT as the beneficiary of your IRA, the plan’s assets can be paid to the CRT upon death. This results in no taxes being paid on the IRA when it is distributed to the trust. The IRA’s principal value is then preserved, invested and allowed to grow tax-free inside the trust. Not subject to the 10-year payout rule, with a CRT, you have the ability to designate the trust beneficiaries, payout rate and term (lifetime or up to 20 years). This helps provide larger payouts over time and reduced estate and income taxes to family members. And once all payments have been made to heirs, provides a significant gift to support your favorite charity or cause. The implications of the SECURE Act will vary for each person, but now is a great time to review your estate plan and talk with your financial advisor about smart ways to accomplish your goals under the new rules.