Partners' Letter
Dear Clients and Friends,
 
Happy New Year from all of us at SSB! The start of 2020 is a great time of year to look ahead with some estate planning foresight (and hindsight). We started the year with a bang with the SECURE Act. Our goal is to help you navigate changes in the law like these and assist you in creating the right estate plan for your family.

As always we have a lot for you in this issue, including: Five Things to Know if you have been meaning to update your Will and Trust for years but just haven't found the time to do so, when is it appropriate to use a Supplemental Needs Trust when leaving assets to special needs beneficiaries, an important guide to understanding the SECURE ACT, and an article about how successful retirees cope with retirement's biggest uncertainties.
 
Have you put off updating your Will or Trust for years? The first thing to do according to Attorney Baler is to "let go of the guilt." She gives you five great reasons to update your estate plan in 2020.

In "Ask SSB" we answer a question about using a Supplemental Needs Trust to leave assets to special needs beneficiaries. Individuals with disabilities are often eligible for valuable governmental benefits and services, which often require limited assets and income to qualify. A Supplemental Needs Trust can be used to hold or receive money for a person with a disability to ensure that those valuable governmental benefits aren't lost, while allowing the trust funds to be used for the benefit of the disabled person.
 
It's no secret that life is full of uncertainties and in the article How Successful Retirees Cope with Retirement's Biggest Uncertainties, guest authors, Steven Joshua Samuel JD, MBA, AIF® and Sarah Newell CFP® of Samuel Financial LLC, take a closer look at some of these challenges such as health care costs, market fluctuations and unexpected expenses, and present strategies to best address challenges in retirement.
 
We also share some important information regarding the SECURE Act. The Act took effect on January 1, 2020, and is the most significant legislation affecting retirement accounts in decades.  While the Act includes some beneficial provisions, it significantly increases the tax that beneficiaries of inherited IRAs will pay by shortening the period of time over which beneficiaries must withdraw money from inherited retirement accounts. This could have a serious impact on the value of the inheritance you intend to leave for your beneficiaries, and may also require amendments to Trusts which are the beneficiaries of retirement accounts at the death of the account owner. Please contact us if you would like to review how the SECURE Act will impact your estate plan.

Our attorneys have been busy with comings and goings on. In November, Attorney Sayward attended NAELA Summit 2019 which was held in Washington, D.C.  NAELA  ( National Academy of Elder Law Attorneys ) is the premier organization for attorneys who practice in the areas of elder law and special needs planning . 

Read on for more information about our most recent Smart Counsel presentation and about our  upcoming March presentation on the SECURE Act.

We wish you a happy and healthy 2020! As always, we encourage you to send us ideas for future articles. Please feel free to send us email addresses for new subscribers or forward this newsletter to friends and family members.

Steven Joshua Samuel
Suzanne R. Sayward
Maria C. Baler 

On December 20, President Trump signed the SECURE Act (Setting Every Community Up for Retirement Enhancement) into law. The Act took effect on January 1, 2020, and is the most significant legislation affecting retirement accounts in decades.
 
The Act changes the required beginning date for required minimum distributions (RMDs) from retirement accounts from age 70 ½ to age 72, and eliminates age restrictions for contributions to traditional IRAs by individuals who are working.
 
From an estate planning perspective, the Act significantly shortens the period of time over which beneficiaries must withdraw money from inherited retirement accounts, requiring most beneficiaries to withdraw all of the funds from an inherited retirement account within 10 years of the death of the account owner.

By Attorney Maria C. Baler
 
I see clients every day who sheepishly tell me they have been meaning to update their Wills and Trusts for years, but just haven't found the time to do so. First things first - let the guilt go. Procrastinating about estate planning is nothing new and is understandable in many ways. Talking about illness, death and taxes is not most people's idea of a good time (except for us estate planning attorneys). That being said, there are times in life when it's time to move updating your estate plan off the "to do" list and on to the "done" list. Here are those times:
Attorney Sayward Attends NAELA Summit

In November, Attorney Sayward attended NAELA Summit 2019 which was held in Washington, D.C. NAELA ( National Academy of Elder Law Attorneys) is the premier organization for attorneys who practice in the areas of elder law and special needs planning. The Summit is the organization's annual educational conference. Esteemed elder law and special needs attorneys from around the country presented on a variety of topics including the current state of medical aid-in-dying laws, long-term care insurance denials, and long-term care planning when unique assets are owned. As a national organization, NAELA has members in every state, but the Massachusetts Chapter is one of the most robust and boasted a good showing. Above is a photo of the MassNAELA members who attended the Summit. In addition to hearing about the latest planning techniques and catching up with colleagues, Attorney Sayward took some time to visit Arlington National Cemetery and witness the changing of the guard at the Tomb of the Unknown Soldier.
How Successful Retirees Cope with Retirement's Biggest Uncertainties

By Sarah Newell, CFP® and Steven Joshua Samuel, JD, MBA, AIF®
 
With average life expectancies increasing, retirees need strategies that address a broad array of uncertainties that arise during retirements that may last three or more decades. Retirees' top concerns elicited in the 2018 American institute of CPAs (AICPA) Personal Financial Trends Survey included:
Ask Samuel, Sayward & Baler

By Attorney Maria C. Baler

Q:         I have left each of my grandchildren $10,000 in my Will.  A friend recently told me this will cause a problem for my grandson Jared who has Down Syndrome.  Is this true?  
What's New at Samuel, Sayward & Baler
 
Here's what's been happening at Samuel, Sayward & Baler LLC!
 
Our Attorneys Get Out and About
 
Attorneys Baler and Greenfield discussed Managing Incapacity: Powers of Attorney, Health Care Proxies, Guardianship & Conservatorship at the Westwood Senior Center on Monday, November 4th at 10:00 .
 
Attorney Sayward attended the NAELA Summit on November 14th and 15th in Washington, D.C. See her article above for more information.
 
On December 5th, Attorney Baler attended an American Bar Association teleconference hosted by Dedham Institution for Savings about the Recent Developments in Estate and Trust Administration.
 
Attorneys Sayward and Baler attended a seminar on December 10th on Hitching The Estate Plan Wagon To The Right Horse: Who Should Be The Trustee?
 
Attorney Poole hosted a presentation about The differences between Wills and Trusts, and their advantages and disadvantages at the Dedham Senior Center on January 30th. 
 
Attorney Baler will be presenting about Ten Steps to Peace of Mind: What are the most important things you can do to make it easy on those you love when you are no longer around? at the Westwood Council on Aging on February 10th at 10:00 a.m. Please contact the Westwood Council on Aging at (781) 329-8799 for more information if you are interested in attending.
 
Attorney Poole will be doing a Special Needs Presentation with Attorney Annette Hines to a Suffolk University Law School class on Thursday, February 13th. 

Attorneys Sayward and Poole will be attending the 2020 Elder Law Institute on Friday, March 6th focusing on The Physical, Social and Legal Challenges of Assisting Younger Clients Needing Complex Care in Massachusetts.
 
Attorney Baler will be doing a presentation with  realtor Roberta Hershon, financial advisor Brett Goverman, and 2Sisters Senior Living Advisors  about  Navigating Elder Care Without Losing Your Sanity - A Panel Discussion for Adult Children and Seniors  on Tuesday, March 10th at the Dedham Endicott Library and on Wednesday, March 11th in Newton. Please contact the Dedham Library, or check with us for more information about the Newton presentation when it becomes available.
 
Attorneys Sayward, Baler and Poole have also been attending many seminars, watching webinars, and reading as much as they can about the SECURE Act to ensure they are fully informed on the significant changes this law has made to the rules governing inherited retirement accounts, so that they can properly advise our clients on changes that may be necessary to their estate plans in light of the SECURE Act provisions.
 
Smart Counsel Series Presentations
 
Our last presentation, What You Should Know About Home & Auto Insurance: How to Protect Yourself, Your Kids & Your Property was a huge success! A big thank you to John Browne of the Corcoran & Havlin Insurance Group with offices in Wellesley, Medfield and Duxbury, and Attorney Dina B. Browne, a partner in the law firm of Bletzer & Bletzer, P.C. , for coming in and sharing their knowledge with us.
 
Our next presentation in our Smart Counsel Series is on Thursday, March 19, 2020, from 6:00 to 7:30 p.m. at our office at 858 Washington Street, Dedham, Massachusetts. We will plan to discuss the SECURE Act and its impact from a planning and income tax point of view. Watch your inbox for further information!
 
Other News
 
Attorney Ong left the firm on January 17 to pursue new opportunities. We wish her all the best!
 
These articles are not intended to provide legal advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney
Samuel, Sayward & Baler LLC, 858 Washington Street, Suite 202, Dedham, Massachusetts  
781-461-1020      www.ssbllc.com