Page 10 - Palm City Spotlight - July '20

Page 10, Palm City Spotlight DOUBLE SPACE

financial focus

Protect Yourself Against the following suggestions. They are certainly not quite good at sending out messages that look like they’re
• Be alert for suspicious links. “Phishers” have gotten
exhaustive, but they should prove useful.
Financial Scammers • Watch out for unsecure websites. Make sure a from reputable businesses. But if you examine these
website is secure before entering any payment or personal messages carefully, you can usually determine if there’s
By Bryce Buchanan, information. Look for sites that start with HTTPS, rather something off about them. For example, no legitimate
Edward Jones than those with just HTTP, which are not secure and can business will tell you, via this type of message, that you
It’s unfortunate but be hacked. But even a site with HTTPS can still be used have to “correct your account” by providing additional
true: During this period of by scammers, so, if you don’t recognize the name of the information. And if you do hit the link provided and it
economic uncertainty, one company or group that’s requesting your information, do takes you to a third-party site, you can be pretty sure it’s
of the busiest “industries” some research to make sure it’s legitimate. bogus.
has been financial • Review your credit reports. As mentioned above, • Resist “act now” offers. If you get an offer via
scamming. But it goes on the fraudulent opening of new accounts is a big source phone or online urging you to “act immediately” on an
even during normal times, of financial scams. To be sure nobody has opened new investment opportunity, discontinue the communication.
so you’ll want to know accounts under your name; try to review your credit No reputable financial advisor will ever try to force you to
what to look for and how reports at least once a year. You can get them for free at take such swift action, and if an investment is legitimate,
to defend yourself. AnnualCreditReport.com. it will be available tomorrow, next week and next year.
For starters, just how widespread is financial fraud? • Follow up on fraud. If you’ve already been victimized • Use your shredder. You probably have the option to
Consider this: In 2019, more than 3.2 million fraud by having new accounts opened in your name, contact one “go paperless” with all your financial services providers,
cases were reported to the Federal Trade Commission, of the three major credit reporting agencies (Experian, but, if you still do receive paper documents, be sure to
with identity theft being the most common type of fraud, Equifax or TransUnion) and place a 90-day fraud alert shred them when they’re no longer needed.
accounting for about one-fifth of the overall cases. And on your credit file. You save and invest for years to help achieve your
fraudulent new accounts (mortgages, student loans, car You might also want to file a complaint with the Federal long-term goals. Don’t let any of your efforts be undone
loans and credit cards) amounted to about $3.4 billion Trade Commission, print it out and file it with your local by financial fraudsters.
in 2018, according to a study by Javelin Strategy & law enforcement agency. And it’s also a good idea to contact This article was written by Edward Jones, member
Research. the fraud department of the financial companies where the SIPC, for use by your local Edward Jones financial
To prevent yourself from being victimized, consider thief has opened a fraudulent account in your name. advisor.
lEGal talk

How SECURE Is Your IRA inheriting an interest in a retirement plan at the plan owner’s retirement plan interest over a maximum ten-year period.
death (designated beneficiary) to “stretch” annual RMDs
For individuals intending to have retirement plan assets
Planning? from the plan’s interest over the designated beneficiary’s pass in trust for the benefit of their beneficiaries (whether
remaining lifetime. a spouse, child or otherwise) and have those assets be
By Ryan Abernethy The benefit of the stretch was that income tax managed for that beneficiary outside of the beneficiary’s
You may have heard of liability associated with distributions from an inherited direct control, changes to the estate plan may be necessary.
the “SECURE Act” and how retirement account could be spread (or stretched) over If you have significant retirement plan asset holdings,
this new legislation brought that designated beneficiary’s lifetime if he or she only the SECURE Act may make it necessary to consider
changes to retirement withdrew annual RMD amounts, or by naming a special alternative planning strategies if lifetime asset protection
planning. form of trust as beneficiary of a retirement account, with for beneficiaries is a primary goal.
It has many benefits, the trust distributing RMD amounts directly to the trust’s You can do this while also avoiding the negative
including allowing beneficiary each year (while simultaneously controlling the income tax consequences typically associated with having
retirement plan owners to beneficiary’s ability to withdraw greater amounts from the retirement plan assets accumulated in a trust—a double win
refrain from withdrawing account). for your beneficiaries!
required minimum Under these two options, income tax would only be If these changes have you worried about how your
distributions (RMDs) from paid on amounts actually distributed to the beneficiary retirement plan assets will pass to your beneficiaries,
IRA and 401(k) accounts until they have reached age 72 (as (typically just the RMD amount), with remaining account contact a qualified estate planning attorney to discuss
opposed to 70½) and allowing them to continue to make funds continuing to grow tax-free. if you’re affected and what changes need to be made to
contributions to their retirement plans after age 70½, so Under the SECURE Act, this income tax deferral your plan.
long as they continue to work. opportunity has been eliminated for most designated Ryan C. Abernethy, associate attorney and counselor
The SECURE Act has also brought changes that will beneficiaries. at law at Abernethy Law Group, 130 S. Indian River Dr.,
significantly affect many individual’s estate plans. Now, with very limited exceptions, a designated No. 201, Fort Pierce can be contacted at (772) 489-4901
It has eliminated almost entirely the opportunity for those beneficiary must receive distributions from inherited or rabernethy@abernethylawgroup.com.

Palm City Auto

Lube & Services

The DiTerlizzi Family of Companies

Celebrating Our 30th Year

.00
$10 off
our “full Service oil Change”
Enjoy by 7/31/20.

Complete Auto Repair

• Brakes • Diagnostics
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• Air • Tires
Conditioning • Tire Repairs

DiTerlizzi family
owned since 1990

772-223-LUBE (5823)

3584 SW Armellini Ave., Palm City
Located in the “Pure” gas station