In a positive development for seniors and individuals with disabilities, the U.S. Securities and Exchange Commission ("SEC") has just approved the adoption of the Financial Industry Regulatory Authority, Inc. ("FINRA") Rule 2165 (Financial Exploitation of Specified Adults). Rule 2165 allows broker-dealers to place a temporary hold on disbursements of funds or securities from the accounts of specified customers if the broker-dealer has a reasonable belief of financial exploitation of those customers.
The SEC also approved amendments to FINRA Rule 4512 (Customer Account Information) to require members to make reasonable efforts to obtain the name of and contact information for a "trusted contact person" for a customer's account. Both Rule 2165 and the amendments to Rule 4512 became effective on February 5, 2018. It is important for caregivers of seniors and individuals with disabilities to understand the new rules to ensure maximum protection for their loved ones.
The Tax Cuts and Jobs Act of 2017 ("TCJA") is the most significant overhaul of the Internal Revenue Code in more than 30 years. It contains provisions that may impact your retirement, long-term care, estate and special needs planning. Littman Krooks partner,Amy C. O'Hara, Esq., will present. Registration is required to attend this webinar. Register here for this webinar.