17 minute read
SECURE ACT CHANGES
Why SECURE Act Matters to You
By Attorney Ashley L. Hawley, Ruder Ware, L.L.S.C.
The SECURE Act, a federal law enacted on December 20, 2019, made significant changes to how retirement assets, including 401(k) plans and other IRA’s, are treated both during our lives and for our beneficiaries after death.
This article will briefly summarize the aspects of the Act that likely matter most to you.
DURING YOUR LIFE
One component of the SECURE Act that will affect many people during their lives is a change in the age at which a person must begin withdrawing from a retirement plan.
Pre-2020, a person was required to begin taking distributions from their retirement plans when they attained age 70 ½. Under the new law, the age is increased to 72.
The Act also removes the age cap for funding traditional (non-Roth) IRA’s, meaning individuals over age 70 ½ are
now able to make contributions so long as they are earning income.
AFTER YOUR DEATH
Perhaps the most significant estate planning change has to do with how retirement plans may be distributed and taxed after the account holder’s death.
If you were the beneficiary of someone else’s retirement assets, you are probably familiar with the concept continued on pg. 48
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of “stretching” the payout over the beneficiary’s life expectancy.
If an account holder passed away prior to January 1 of this year, qualified beneficiaries were able stretch distribution over their life expectancy. In order to be a qualified beneficiary, the person had to either be an individual or a trust that meets specific criteria.
This lifelong stretch provided incometax-free growth of the inherited assets during the beneficiary’s life. It deferred the payment of income taxes, and if distributed in a properly drafted trust, also protected the assets from many of the beneficiary’s creditors.
In many cases, the Act has done away with the stretch-IRA. There are several exceptions.
For example, a surviving spouse, minor children (but not grandchildren) and
Now, with some exceptions (i.e. a surviving spouse), assets left in a conduit trust are required to be distributed to the beneficiary outright within 10 years of the account holder’s death.
beneficiaries who are disabled are still permitted to take distributions over their expected lifetimes, though children who are minors must take the full distribution within 10 years after reaching the legal age of adulthood.
RETIREMENT ASSETS
Retirement assets can still be left in trust for these types of special beneficiaries, but drafters must be extremely careful not to disqualify the individual from this tax favorable treatment.
All other beneficiaries must take the assets out of the retirement account by December 31 of the tenth anniversary
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If a beneficiary is not an individual or a qualified trust, the withdrawal must be made within five years.
Unfortunately, Congress gave us very little warning that these significant changes were coming.
Accordingly, estate plans that, through the end of 2019, offered a sound approach to planning for retirement assets may suddenly no longer provide a good solution.
For example, some of our clients may have current plans in place that leave their retirement assets to a “conduit trust.”
FAVORABLE TAX TREATMENT
When a beneficiary qualified for a lifetime stretch, these conduit trusts oftentimes provided an ideal situation—creditor protection and favorable tax treatment.
Each of the required minimum distributions would be paid directly to Because the assets were stretched out over the beneficiary’s life expectancy, these required distributions were typically small, leaving the bulk of the assets in a creditor-protected trust for the beneficiary over their lifetime.
Now, with some exceptions (i.e. a surviving spouse), assets left in a conduit trust for a beneficiary are required to be distributed to the beneficiary, outright, within 10 years of the account holder’s death.
If the account holder intended these assets to be held within the creditorprotected trust for a longer period, this sort of conduit trust language is directly contrary to his or her intentions.
WHAT SHOULD I DO NEXT?
First and foremost, check your beneficiary designations. Many people are not even aware of who is listed as the beneficiary of these Not listing a beneficiary or listing your estate as a beneficiary is the most common (and most costly) mistake that people make.
Second, review your estate plan. Even if you do not have a trust as a beneficiary of your retirement assets, you should review your estate plan and speak with a qualified estate planning attorney to discuss the advantages and disadvantages of creating a trust and naming that trust as the beneficiary of your retirement assets.
And, if you have a trust as the beneficiary of your retirement assets, you should have the language of that trust reviewed to make sure it is up to date with the new terms.
The best information for you to know is there are options and creative strategies to be explored in order to make the most of the new law.
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Potatoes USA Elects 2020-2021 Leadership Potatoes USA News
Potatoes USA, the marketing and promotion board for the U.S. potato industry, elected its new leadership during its 48th Annual Meeting on March 11. The newly elected chairman and Executive Committee will lead the 99 board members through 2020- 2021.
Marty Myers of Boardman, Oregon, was elected chairman of the Board. Prior to this role, Myers served a sixyear term on the Board from 2010- 2016 and co-chaired the International Marketing Committee for two of those years.
He began his current term on the Board in 2017 and co-chaired the International Marketing Committee for another three years.
Myers has been in the potato industry for 24 years and currently works for Threemile Canyon Farms, focusing on the chip, frozen and seed sectors. He is also R.D. Offutt Company’s 50 BC�T May
western business manager for farming and agriculture, where he oversees operations in Oregon, Washington and Nevada.
“It’s all about the great people in this industry,” Myers said when asked what he enjoys most about his work. “The potato industry truly is unique; it is a young, vibrant and diverse group.”
Myers said that as chairman, he is looking forward to working with the Executive and Administration Committees and the Potatoes USA staff to build on the great work that was done last year. He is also looking forward to working with growers from different regions across the U.S.
In addition to Myers, Potatoes USA’s 2020-2021 Executive Committee members are:
• Jeff Jennings of Camden, North Carolina, chair of the Finance & Policy Committee • Ed Staunton of Tulelake, California, and Steve Streich of Kalispell, Montana, co-chairs of the International Marketing Committee
• Mike Carter of Rosholt, Wisconsin, and Heidi Randall of Friesland, Wisconsin, co-chairs of the Industry Outreach Committee
• Steve Elfering of Idaho Falls, Idaho, and Jaren Raybould of Saint Anthony, Idaho, co-chairs of the Domestic Marketing Committee
Above: The new Potatoes USA Executive Committee is, back row, from left to right: Ed Staunton of Tulelake, California; Heidi Randall of Friesland, Wisconsin; Steve Streich of Kalispell, Montana; Chris Hansen of Bliss, New York; Steve Elfering of Idaho Falls, Idaho; Jeff Jennings of Camden, North Carolina; and Blair Richardson, Potatoes USA CEO. In the front row, seated left to right, are: Mike Carter of Rosholt, Wisconsin; Phil Hickman of Horntown, Virginia; Marty Myers of Boardman, Oregon; Jaren Raybould of Saint Anthony, Idaho; and Jared Smith of Alamosa, Colorado.
continued on pg. 52
Left: Eric Schroeder (left) of Schroeder Brothers Farms in Antigo, Wisconsin, and Mark Finnessy, Okray Family Farms, Plover, Wisconsin, each completed six years on the Potatoes USA Board of Directors. Right: There was good attendance from Wisconsin at the Potatoes USA 48th Annual Meeting, March 11. From left to right are Shannon Finnessy, Keith Wolter, Mark Randall, Mark Finnessy, Heidi Randall, Eric Schroeder, Kevin Schleicher, Mike Carter, Ali Carter, Paula Houlihan, Tamas Houlihan, Erin Baginski and Dana Rady. Mike and Heidi were elected to the Potatoes USA Executive Committee. • Chris Hansen of Bliss, New York, and
Jared Smith of Alamosa, Colorado, co-chairs of the Research Committee • Phil Hickman of Horntown, Virginia, past chairman Myers said that up until this month, his main goal as chairman was to increase outreach to the processing community. With the impact of COVID-19, however, Myers’ priorities are shifting gears. “My main goal now is helping the U.S. to fulfill the potato needs of the American people, and helping the potato industry through this difficult time,” he explains. Outside of his work in the potato industry, Myers works in dairy, organic crop production and renewable energy. He also enjoys golfing and spending time with family and friends. Over 100 Years of Tradition What do you expect from the seed potatoes that you buy?
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COVID-19 Impacts International Potato Market
The coronavirus, or COVID-19, outbreak is causing concern across the globe and impacting many areas of life. The virus and the resulting restrictions, travel bans and work stoppages are impacting international markets for U.S. potatoes.
The hardest hit sector has been foodservice sales, where most of the U.S. fries are sold.
In addition to restaurant closures in nearly all markets, the international cancellation and postponement of large events, including sports, cultural and religious programs, and business conferences, has dramatically decreased foodservice sales.
Travel restrictions and limited tourism are contributing to the loss of sales as well. In South Korea, foodservice operators reported a 40-50 percent decrease in sales. Vietnam saw an increase in foodservice delivery at the start of the outbreak, but that slowed as concerns about people handing food became more prevalent.
MORE COOKING AT HOME
The effects on retail are not quite as negative, however. With fewer people dining out, more are cooking at home, leading to increases in retail sales. A major e-commerce player in South Korea, SSG, said more consumers are using retail delivery to get their
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groceries and reported a 30 percent increase in grocery sales compared to the previous year.
In Taiwan, retailers reported a 30 percent decrease in store visitors, but a 40-70 percent increase in sales of frozen food, instant products and daily necessities.
As a result of more delivery, less consumers going into stores and increased hygiene precautions, retailers are not actively conducting in-store promotions.
Refrigerated containers were backed up at ports in China and across Asia, which impacted exports of U.S. product.
The lack of usage of imported foods destined for foodservice and the work stoppages at the ports resulted in containers not returning to the United States in a timely manner. Fortunately, in China, this problem is subsiding as businesses are getting back to work and port operations are resuming.
With the rapid spread of the coronavirus, new updates on its effects are released regularly.
For more information on COVID-19 impacts on Potatoes USA’s markets, please reach out to Tiffany Thompson at tiffany@potatoesusa.com.
Ali's Kitchen
French Farmhouse Potatoes Best Served Hot!
In these trying times, enjoy some delectable little nuggets of buttery goodness
Column and photos by Ali Carter, Wisconsin Potato Growers Auxiliary
It feels a bit strange contributing an article and recipe with everything that is going on now. And, while the coronavirus is affecting all readers in different ways, I feel better knowing that those interested have access to this recipe and the good, wholesome food that will result from it.
The French Farmhouse Potatoes recipe highlights the mild, earthy flavor of the potato and results in a fluffy, creamy texture on the inside and a crispy exterior.
continued on pg. 54 It’s my simplified version of an already quite simple Jacques Pépin recipe and serves up a panful of delectable little nuggets of buttery goodness.
Ingredients:
French Farmhouse Potatoes • 6-8 small russet potatoes (washed and peeled) • 3 1/2 cups chicken stock • 3 Tbsp. butter • 2 tsp. salt (more or less to taste)
Directions
Place the potatoes and the chicken broth in a deep skillet. Bring to a boil, then reduce heat to medium, cover and cook until the potatoes are fork-tender, about 10 to 20 minutes depending on the size of the potatoes.
Remove the lid. There should be enough liquid remaining in the skillet to still halfway surround the potatoes; add more broth or water if need be.
Increase heat to medium-high. Simmer the potatoes until nearly all the chicken broth has evaporated (about 10 to 15 minutes). Reduce heat back down to medium.
Add the butter to the skillet. Gently stir the potatoes to coat them with the butter and cook for another 5-ish minutes on each side so that the outsides become browned and crispy.
Remove from heat and sprinkle with salt. Serve hot.
Enjoy! Find more recipes at www.LifeOnGraniteRidge.com.
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Friday, June 19, 2020 Bass Lake Country Club W10650 Bass Lake Road Deerbrook, WI 54424
Deadline for sponsorship commitments to be included in June Badger Common'Tater: May 11, 2020 *
DINNER SPONSOR $ 2,000
SUPERIOR SPONSOR $ 500
• Company name and logo on three 12-foot banners placed in prominent areas including dinner area • Company name and logo in Badger Common'Tater • Verbal recognition and name on sign at event • Registration and dinner for four golfers
GOLDRUSH SPONSOR $ 1,500
• Company name and logo on two 12-foot banners placed in a prominent area on the course • Company name and logo in Badger Common'Tater • Verbal recognition and name on sign at event • Registration and dinner for two golfers
• Company name and logo on one 8-foot banner placed in a prominent area on the course • Company name and logo in Badger Common'Tater • Verbal recognition and name on sign at event
OCCUPIED HOLE SPONSOR $ 300
• Company name on hole sign • Rights to occupy a hole on the course and provide giveaways* *If alcohol is being served, it must be purchased through the golf course • Verbal recognition and name on sign at event
SILVERTON SPONSOR $ 1,000
BUSHMAN’S RIVERSIDE RANCH
• Company name/logo on one 12-foot banner placed in a prominent area on the course • Company name/logo in Badger Common'Tater • Verbal recognition and name on sign at event • Registration and dinner for one golfer
BASIC HOLE SPONSOR $ 200
• Company name on hole sign • Verbal recognition and name on sign at event
CONTACT KAREN RASMUSSEN
for more details (715) 623-7683 Make checks payable to WSPIA
MAIL PAYMENT TO:
WSPIA, P.O. Box 173 Antigo, WI 54409
Since 1998, this tournament raised over $111,000, which was donated to Wisconsin potato research .
Non-Profit Org U.S. Postage Paid Stevens Point, WI 54481 Permit No. 480
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OASIS IRRIGATION LLC
715-335-8300 N6775 5th Avenue Plainfield, WI 54966
OASIS IRRIGATION LLC
715-335-8300 N6775 5th Avenue Plainfield, WI 54966
OASIS IRRIGATION LLC
715-335-8300 N6775 5th Avenue Plainfield, WI 54966
OASIS IRRIGATION LLC 715-335-8300
N6775 5th Avenue Plainfield, WI 54966
