March 2020
Social Security Scam Targeting People of all Ages

Seniors are not the only targets of scammers who claim to be from the Social Security Administration. If you have a cell phone, you have likely received a call which you have ignored due to not recognizing the number, which leads to a voicemail from someone claiming to be from the Social Security Administration. The details that follow cause fear to arise, which oftentimes leads to the disclosure of confidential information that can compromise your identity. It is easy when feeling this sense of fear to follow the instructions given. These scammers ask for money to be wired, or gift cards to be sent, or personal information. The Social Security Administration wants you to know that they will not call you asking for information. If you are ever unsure, hang up, or don't call the number left on a voicemail. Call the Social Security Administration and confirm that you are a victim of this scam. You can find out more information by following each of the links below.

Did you know we have a blog? TPC Attorneys and Staff share information covering a wide variety of topics. Check out our latest blog from TPC associate attorney, Catherine E. Sears, here .

Recipe of the Month
With winter coming to an end, dinner ideas turn from warm comfort foods to colorful meals with in-season fruits and veggies! If you are ready for spring, check out this yummy salad recipe here !
In Case You Missed It....

Changes to Retirement Savings After
the SECURE Act of 2019

On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”). The underlying premise of the SECURE Act was to enhance individual retirement savings. It also professes to simplify the administration of our retirement system. Some of the basic features of the new law include:
•Increasing the beginning age for mandatory withdrawals from a qualified retirement plan from 70½ to 72;
•Repealing the maximum age for contributions to a traditional IRA;
•Limiting the “stretch” IRA to 10 years;
•Allowing individual small businesses to group together in establishing retirement plans which will benefit employees of the separate companies;
•Changing the requirements for part-time employees to be eligible to participate in an employer’s plan;
•Permitting employers to automatically enroll employees in the company’s retirement plan (substituting an “opt-out” system for the current system which requires an employee to take affirmative action to join his employer’s plan);
•Allowing penalty-free distributions from qualified retirement plans for births and adoptions.
According to the Insured Retirement Institute, the SECURE Act addresses “a deepening crisis where too few Americans are saving sufficiently to ensure an adequate income for their retirement years.” The Act resulted from a widespread belief that these reforms will increase individual  access  to retirement plans in the workplace, and thus expand retirement savings of all Americans.
From an estate planning perspective, one of the most important features of the Act is the limitation of the “stretch” IRA. The term “stretch IRA” refers to an inherited retirement account being able to be drawn down over the life expectancy of the beneficiary. Both the old and new rules do not apply to a qualified retirement account having a spouse as beneficiary. When the spouse is beneficiary, the spouse can make an election to treat the IRA as his or her own, and even commingle it with an existing IRA of the spouse, through what’s called a “spousal rollover.” However, when a child or other individual is named as beneficiary, the account is treated as an “inherited IRA” and very different rules apply regarding distribution and taxation. This is where the SECURE Act made significant changes.

To learn more about the SECURE Act and how it may affect your estate planning, check out the full article  here.

Have questions about how the SECURE Act could impact your planning? Contact us to schedule a meeting to review your estate plan at 757-969-1900.

Mind Game of the Month

Studies show puzzles of all kinds can help to keep the brain active and slow the signs of mental aging.

Click here for this month's word search game!
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Helena S. Mock, Esq.

461 McLaws Circle, Suite 2
Williamsburg, VA 23185 
Phone: 757-969-1900