I fully understand the ramifications of this type of Confiscation.
As you mentioned, the removal of the ability to Inherit.
But also the Forced conversion to an Annuity which disallows the possibility of any Lump Sum Withdrawal.
Many use their IRA or 401K as an Emergency Fund as well as Funding for enhanced Retirement.
Indeed.
And the removal of the right to inherit is right up their alley, for the social justice crowd. This is exactly the type of plan that would redistribute wealth from the producer class to the parasite class. There are few things these leftists hate more than allowing people to pass their money to their heirs. (Unless it’s their money and their heirs) They have a fundamental belief that this furthers wealth inequality.
So a move like this is a two-fer, for them. It fills a financial gap and furthers their social justice agenda.