This is the intro to our January 2020 newsletter. If you do not receive our monthly newsletter, you can subscribe here for access to the additional articles mentioned.
We have two new important laws that became effective January 1, and the first article in this month’s newsletter addresses the SECURE ACT, which in some important ways changes how IRAs and other retirement plans work. If you have an IRA or other retirement plan, such as a 401k, please review the article and call us with any questions you may have. It is especially important to do this if you have a plan that involves a “conduit” or “see through” trust that governs how money must be withdrawn from the plan, since that plan will no longer function as you may expect. And while you are thinking about retirement plans, this is a good time for you to review your beneficiary designations as filed with the plan administrator, to verify that the existing beneficiary designations reflect your wishes.
Another article in the newsletter addresses efforts being made to remedy shortcomings in Medicare regarding dental coverage, and how since only limited dental coverage exists many people avoid getting dental care they need, which we are increasingly recognizing is important to maintaining overall health. And the article about how limiting immigration may cause a shortfall in workers who care for our elderly, is a thoughtful piece that hopefully our policy makers have in mind.
The other law of import is the Uniform Trust Code, which also became effective on January 1. This law in large part codifies what has been understood to be the law in Connecticut, but there are some changes, including rules as to who is entitled to information about a trust, of which they are a current of possibly future beneficiary. This law in significant ways applies to irrevocable trusts, for example a trust created upon the death of a husband for the benefit of his wife and children, as to which it is common for the wife to be the trustee. In such a case the wife is now required to provide certain information to the children, which may not be what the husband intended. If you are the trustee of an irrevocable trust (one that can’t be revoked) you should familiarize yourself with the new rules, and consider how you will comply with them. If you have established a trust that will become irrevocable upon your death you would do well to become familiar with the new rules, and talk to your lawyer about whether the document should be revised, so that upon your death the trust operates more as you intend, and not simply as the Uniform Trust Code mandates.
We are enjoying an unexpected and welcome warm patch of weather which makes it possible to venture out more than we might usually do at this time of year. We hope it continues!
Finally, a friend sent this to me, perhaps from a twitter site called “The Dad” … hope you enjoy it as I have.
My son asked me “Where does poo come from”?
I was a little uncomfortable but gave him an honest explanation.
He looked perplexed, and stared at me in stunned silence for a bit, and then asked