11 Exceptions to the 10% penalty tax on early IRA withdrawals

"Experiencing financial strain? Explore the option of an early withdrawal from your traditional IRA before age 59½. Be aware of the 10% penalty tax, unless eligible exceptions such as medical expenses, disability, education costs, first-time home purchase, unemployment-related health premiums, or birth/adoption apply. Contact us for further details."



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Consider providing your beneficiaries with the power to remove a trustee

"Ensure your trust aligns with your intentions by appointing a reliable trustee. Granting beneficiaries the right to replace a trustee prevents prolonged court battles, and including a list of successor trustees in the document provides a structured transition, minimizing concerns about excessive beneficiary power."



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Two estate planning documents working in tandem: A living trust and a pour-over will

"At a minimum, your estate plan should include a legally valid will to govern asset distribution upon your death. Comprehensive planning may extend to creating a living trust for asset transfers, bypassing probate. Consider enhancing this strategy with a pour-over will, outlining the transfer of assets not included in the living trust. Consult your attorney for more details."



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Businesses: Know who your privileged users are … and aren’t

"While external threats are a top concern for business owners, internal risks from privileged users with elevated security access should not be overlooked. These individuals, often including IT staff, leadership, and certain departments, pose potential security hazards. To enhance protection, consider implementing a formal privileged user policy detailing criteria for access, specified levels of permissions, and procedures for monitoring and revoking privileged-user status."



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Is your business subject to the new BOI reporting rules?

"Businesses categorized as "reporting companies" under the Corporate Transparency Act must adhere to new beneficial ownership reporting rules starting January 1, 2024. These rules necessitate reporting information about individuals with substantial control over the company or ownership of at least 25%, including those with indirect control, such as senior officers. For further details, reach out to us."

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