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New Spending Package Includes Sweeping Retirement Plan Changes (SECURE Act)

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The $1.4 trillion spending package enacted on December 20, 2019, included the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which had overwhelmingly passed the House of Representatives in the spring of 2019, but then subsequently stalled in the Senate. The SECURE Act represents the most sweeping set of changes to retirement legislation in more than a decade.

While many of the provisions offer enhanced opportunities for individuals and small business owners, there is one notable drawback for investors with significant assets in traditional IRAs and retirement plans. These individuals will likely want to revisit their estate-planning strategies to prevent their heirs from potentially facing unexpectedly high tax bills.

All provisions take effect on or after January 1, 2020, unless otherwise noted.

Access our full analysis HERE

Perry A. Shulman, CPA, MBA, CFP, TEP
p.shulman@pascpa.com
phone (516)593-8080

 

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Startup’s Artificial Intelligence Wristband predicts health care risks to elderly

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Owlytics Healthcare product line is just getting into the US. I’m not sure of the distributor, but I’m sure it can be found. Seems like senior living centers, home health care agencies, GCMs, rehab facilities, etc. should check out the product line to see if remote monitoring can keep our clients from having events requiring hospitalization. Read more…

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Federal Agency Ignores Judge’s Medicare Ruling to Detriment of Countless Elders in Nursing Homes

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Nursing homes have been terminating Medicare coverage of those that do not show improvement in health. My Elder shares what you need to know. Read more…

 

 

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Nursing Homes Use Guardianship as Tool to Profit

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For some families, the golden years are turning nightmarish, thanks to state laws that some nursing homes are using to try to gain guardianship – and financial control – of their older patients. For more details, go to my blog: Nursing Homes Use Gardianship as Tool to Profit.

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My Grandmother’s Favorite Scammer

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In an article from Sunday’s New York Times Opinion Section (12/8/19), the reporter discusses how his very patriotic 88 year old grandmother was defrauded and lost her life savings.  She believed that she was helping the government stop a multi-million dollar international money laundering scheme. 

We all have to be vigilant in protecting our family and clients’ assets from all sorts of scams.

https://www.nytimes.com/2019/12/07/opinion/sunday/china-bank-scam-grandmother.html

Thank you to all who attended last Wednesday’s Orion NYC Elder Care meeting on Financial Abuse.

 

Perry A. Shulman, CPA

Chairman, Orion Eliminate Elder Abuse and Neglect Commitment Committee

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