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The SECURE Act – The Gift That Keeps On Giving

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The Setting Every Community Up for Retirement Enhancement Act of 2019 (more commonly known as the SECURE Act) altered the landscape for IRAs significantly. In early 2022, just when advisors gained a comfort level with the SECURE Act, the U.S. Treasury Department issued Regulations requiring required minimum distributions ("RMDs") under the 10-year Rule in years 1-9. Then, after realizing that many individuals were unaware of the new requirements, the I.R.S. issued Notice 2022-53 suspending the … [Read more...] about The SECURE Act – The Gift That Keeps On Giving

Estate Planning and Divorce: Protecting Your Interests

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Divorce is a complex process that not only unravels the emotional tapestry of a marriage, but also necessitates a reevaluation of financial and legal entanglements. One significant area that requires attention during and after a divorce is estate planning. If not addressed promptly, an outdated estate plan can inadvertently benefit an ex-spouse, potentially leaving one's actual intended beneficiaries in a compromised position. Here's a guide to navigating estate planning during and … [Read more...] about Estate Planning and Divorce: Protecting Your Interests

Durable Power of Attorney vs. Medical Power of Attorney: What’s the Difference?

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It's vital to understand the estate planning instruments available to ensure your wishes are honored, particularly if you become incapacitated. Two essential tools are the Durable Power of Attorney (DPOA) and the Medical Power of Attorney (MPOA).  While both grant authority to a chosen individual to make decisions on your behalf, the DPOA and the MPOA serve very different and important functions. Durable Power of Attorney (DPOA): A DPOA is a legal document that gives a designated person, … [Read more...] about Durable Power of Attorney vs. Medical Power of Attorney: What’s the Difference?