The IRS has issued a notice explaining how the SECURE 2.0 Act provides greater flexibility for individuals impacted by a major disaster to access their retirement savings. This guidance outlines special provisions that allow qualified disaster victims to make penalty-free withdrawals from their retirement accounts, such as IRAs and 401(k)s, to help cover emergency […]
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The SECURE Act’s Eligible Designated Beneficiary Designations
Inheriting an IRA can be a financial benefit, but the type of inheritance carries complications due to the regulations that you — as the beneficiary— must adhere to in terms of required minimum distributions. You also need to take the related taxes and penalties into consideration. These rules have become even more complex following […]
What Does a Truly Comprehensive Estate Plan Look Like?
Protecting your assets and ensuring your wishes are honored requires more than just drafting a will. Many people believe that a will alone is enough, but a truly comprehensive estate plan covers more than just distributing property after death. Proper planning safeguards your financial well-being, prepares for potential incapacity, and reduces the burden on your […]
Are Irrevocable Trusts Really Irrevocable – Part II
For many years Estate Planning attorneys touted irrevocable trusts as an immutable way to set an estate plan in stone. As more and more states have adopted the Uniform Trust Code that has changed. Provisions of the Uniform Trust Code allow for modification of an otherwise irrevocable trust which has altered the landscape of Estate Planning. Irrevocable Trusts have long been an effective, albeit static, estate planning tool, with the ability to alter irrevocable trusts, they provide more flexibility and opportunity than ever. Read on to learn more.
A Message from the Murdochs – Part II
Art often imitates life and the latest chapter unfolding for Rupert Murdoch demonstrates that. Most of the time, when an individual creates an irrevocable trust, they part with dominion and control over the assets, and it is difficult to change the terms. Not long ago, the probate commissioner issued his order in response to Rupert Murdoch’s petition to amend the 1999 trust that controls his empire. It didn’t go the way Rupert hoped. Read on to learn more.
How Older Adults Can Avoid Getting Scammed
With the rise of the internet, AI, and other online tools, older adults are being scammed out of their hard-earned wealth at an alarming rate. According to Abigail Bishop, head of Amazon’s External Relations for Scam Prevention, “Scammers are really smart.” They keep constant tabs on how legitimate businesses communicate with older adults, and then […]
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