Page 16 THE MALDEN ADVOCATE–Friday, May 28, 2021 New 10-Year Rule For Inherited Ira’s determine the age of the IRA owner at the time of death for distribution purposes as long as the IRA owner dies after 2019 and the benefi ciary is a designated beneficiary under the IRA account (a Trust or an individual). For designated beneficiaPThe SECURE Act (Setting Every Community Up for Retirement Enhancement Act) was signed into law on December 20, 2019. A signifi cant provision of the SECURE Act was the repeal of the ability of a designated benefi ciary of an IRA account to withdraw the funds over his or her life expectancy. Designated benefi ciaries inheriting IRA accounts after 2019 must now withdraw monies from the IRA account within 10 years. The IRS should be issuing proposed Required Minimum Distribution (RMD) regulations soon as a result of the changes made by the SECURE Act. It is no longer necessary to ries subject to the 10-year rule, withdrawals from the IRA account are optional until December 31st of the 10th year following the year of death of the IRA account owner. The new 10-year rule also applies to a successor benefi ciary of a designated benefi ciary of the original IRA account owner, who inherited an IRA account prior to 2020, but who dies after 2019. A designated benefi - ciary will establish a benefi ciary IRA account and will then select a beneficiary of his or her inherited IRA account. That subsequent benefi ciary would be deemed to be a successor benefi ciary. If the designated benefi ciary, however, had died prior to 2020, then the successor benefi ciary would have the right to withdraw the remaining balance of the IRA account over the life expectancy of the designated benefi ciary, and not be subject to the 10-year rule. Under the SECURE Act, an Eligible designated benefi ciary is eligible to withdraw the remaining balance of the inherited IRA account over his or her life expectancy. The following qualify as an Eligible designated benefi ciary: a. The surviving spouse of the IRA account owner b. A child of the IRA account owner who has not yet reached the age of majority. Once the child has reached the age of majority, the child then has 10 years to withdraw the balance in the inherited IRA account c. Disabled benefi ciary d. Chronically ill benefi ciary e. An individual not falling into A-D who is not more than 10 years younger than the IRA account owner. These are complicated new rules relating to benefi ciaries of IRA account owners. However, since IRA accounts are so common, it is important to understand the new rules. Joseph D. Cataldo is an Estate Planning/Elder Law Attorney, Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a Master’s Degree in Taxation. ~ LEGAL NOTICE ~ MALDEN BOARD OF APPEAL PUBLIC HEARING The Malden Board of Appeal will hold a public hearing on Wednesday, June 16, 2021, 6:30 pm Eastern Time (US and Canada), at Malden City Hall, 215 Pleasant St., Malden, MA on Petition 21-007 by Wenling Huang for a variance of MCC 12.16.010 Chapter 12 of the revised Ordinances of 2020 as amended of the City of Malden – Namely – Dwelling – Single Family Dimensional Controls (rear setback for deck) as per Plans RES-037365-2021 at the property known as and numbered 34 Tremont St, Malden, MA and also known by City Assessor’s Parcel ID #074-242-214 Additional information, Petition & plans available for public review in the Office of Inspectional Services, 215 Pleasant St., 3rd floor, Malden MA or online at www.cityofmalden.org or https://permits.cityofmalden.org/EnerGov_Prod/SelfService Nathaniel Cramer, Chair May 28 & June 4, 2021 ~ Home of the Week ~ SAUGUS...Conveniently located Two Family. FIRST FLR. offers 6 rms., 3 bdrms., eat-in kit., large lvrm., full bath & enclosed rear sunrm. SECOND FLR. offers 5 rms. located on 2 levels, large, front-to-back lvrm. (or could be used as 3rd bdrm.), eat-in kit., bdrm. & full bath on second flr., bdrm., full bath & huge fmrm. on 3rd floor. Updated roof, some replacement windows, separate utilities, 3 updated electrical panels, 2 driveways, small patio area, corner lot, located just outside Cliftondale Sq. Great Value - Great Opportunity. Property being sold w/ tenants. Offered at $540,000 335 Central Street, Saugus, MA 01906 (781) 233-7300 View all our listings at: CarpenitoRealEstate.com View the interior of this home right on your smartphone. aavvyy navvy S iororeniioor a avvy io iori by Jim Miller Should You Be Screened for Lung Cancer? Dear Savvy Senior, What can you tell me about lung cancer screenings? I was a big smoker but quit years ago, so I’m wondering if I should be checked out. Former Smoker Dear Still, Lung cancer screening is used to detect the presence of lung cancer in otherwise healthy people with a high risk of lung cancer. Should you be screened? It depends on your age and your smoking history. Here’s what you should know. Screening Recommendations The U.S. Preventive Services Task Force – an independent panel of medical experts that advises the government on health policies – recently expanded their recommendations for lung cancer screenings. They are now recommending annual screenings for high-risk adults between the ages of 50 and 80 who have at least a 20-pack year history who currently smoke or who have quit within the past 15 years. This is a change from the 2013 recommendation that referred to patients ages 55 to 80 with 30-year pack histories. A 20-pack year history is the equivalent of smoking one pack a day for 20 years or two packs a day for 10 years. In 2020, lung cancer killed more than 135,000 Americans making it the deadliest of all possible cancers. In fact, more people die of lung cancer than of colon, breast and prostate cancers combined. Lung cancer also occurs predominantly in older adults. About two out of every three people diagnosed with lung cancer are 65 or older. You’ll also be happy to know that most health insurance plans cover lung cancer screenings to high-risk patients, as does Medicare up to age 77. Screening Pros and Cons Doctors use a low-dose computed tomography scan (also called a low-dose CT scan, or LDCT) of the lungs to look for lung cancer. If lung cancer is detected at an early stage, it’s more likely to be cured with treatment. But a LDCT isn’t recommended for every high-risk patient. LDCT scans have a high rate of false positives, which means that many will undergo additional (and unnecessary) screening or medical procedures, such as another scan three, six, or even 12 months later to check for changes in the shape or size of the suspicious area (an indication of tumor growth). For some patients, the anxiety or worry that goes along with waiting can be a real issue. Or you may need a biopsy (removal of a small amount of lung tissue), which has risks, especially for those with underlying health conditions, such as chronic obstructive pulmonary disease or emphysema. For example, in people with emphysema, there’s a chance of a lung collapsing during the procedure. If you meet the U.S. Preventive Services Task Force criteria for high-risk lung cancer, the University of Michigan off ers a free online tool (see ShouldIScreen.com) to help you decide if you should get an LDCT. It’s also important to discuss the benefi ts and risks with your primary care doctor before making a decision. Tips for Testing If you and your doctor determine that you should be screened, look for an imaging facility whose staff follows American College of Radiology requirements when performing low-dose CT scans. You can fi nd accredited facilities at ACRaccreditation.org. This can help to ensure an accurate read of your scans by a highly trained, board-certifi ed or board-eligible radiologist. You may need a referral from your primary care provider. Most insurance companies, including Medicare require this before they’ll cover the cost of screening. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.
17 Publizr Home