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THE REVERE ADVOCATE – FRIDAY, JANUARY 19, 2024 Page 11 The Financially Motivated Sextortion Threat FBI warns about dangers of online schemes targeting young adults and minors The FBI this week issued a new warning about an evolving online threat targeting minors and young adults: fi nancially motivated sextortion. In these schemes, predators typically pretend to be alluring young girls to befriend teen boys—often on social media and gaming platforms. The predators then trick these teens into exchanging sexually explicit material or believing the predators have already obtained it. Once the scammers have a victim's pictures or video, they demand money to keep the explicit material from being shared with the victim’s family and friends. Even when victims comply, scammers often demand more money and escalate the threats. The FBI saw a 20% increase in 10 YEAR PAYOUT FOR RMDs he IRS has clarified when non-spouse beneficiaries of IRA or 401(k) accounts must withdraw monies from the account after the owner’s death. These withdrawals are known as Required Minimum Distributions (RMD’s). If the account owner dies prior to the Required Beginning Date (RBD), the date the account owner must begin withdrawing monies from the IRA account or 401(k) account, the benefi ciary must empty out the account by the end of the 10th year following the account owner’s death. If the account owner dies after the RBD, the benefi ciary must withdraw monies out of the inherited IRA or 401(k) account each year and must also empty the account by the end of the 10th year after the account owner’s death. The RBD is now age 73 under the SECURE ACT 2.0. Pursuant to IRS Notice 202253, the IRS intends on following this approach. As an example of how this area of the tax law operates in practice, assume a mother and father both die in a simultaneous death. The mother is age 69 and the father is age 74. They have one child who is named the 100% secondary benefi ciary of each of their IRA accounts. Since the mother had not yet reached her RBD, the child simply needs to empty out this inherited IRA account by the end of the 10TH year following her death. No annual RMDs are required. Since the father died after his RBD, the child needs to withdraw annual RMDs from this inherited IRA account over a 10- year period and must also empty it out by the end of the 10th year following his death. If an IRA or 401(k) owner dies before his RBD and the benefi ciary is the owner’s estate or a nonqualifying Trust, T the beneficiary must empty reports of fi nancially motivated sextortion incidents targeting minors during a six-month period that ended in March 2023, compared to the previous year. The scam is the latest iteration of sextortion, which has historically been driven by sexual gratifi cation and control, but is now mostly motivated by greed. Minors and young adults caught in this trap often feel isolated, embarrassed, and cornered with seemingly no way out. In some cases, victims have turned to self-harm and suicide. The FBI is urging parents, educators, caregivers, teens, and young adults to fully understand the dangers of fi nancially motivated sextortion and to know there are options for those who need help. "The consequences of sextortion are being felt across the country," said FBI Director Christopher Wray. "We and our partners will relentlessly pursue criminals who perpetuate this deplorable activity." Anyone being exploited in a sextortion scheme should do the following: • Understand you are not at fault and you are not alone • Ask for help from a trusted adult or law enforcement before sending money or more images. Cooperating with the predator rarely stops the blackmail and harassment—but law enforcement can • Report the predator’s account via the platform’s safety feature • Block the predator from contacting you • Report the scheme immediately to the FBI or local law enforcement • Save all interactions; those can help law enforcement identify and stop the predator • If sexually explicit images have been shared, visit the National Center for Missing and Exploited Children's Take it Down tool or Is Your Content Out There? for potential removal Winter Weather Advisory: Check CO alarms and keep vents clear of snow Blocked vents can cause fatal buildup of colorless, odorless, out the account by the end of the 5th year following the account owner’s death. No RMDs are required during this fi veyear period. If, however, the account owner dies after his RBD, the estate or nonqualifying Trust can withdraw the remaining account balance over the remaining life expectancy in years of the account owner reduced by 1 each year after death. This is often referred to as the “ghost” life expectancy. If a qualifying Trust is the benefi ciary of the IRA or 401(k) plan, then the fi ve-year period is extended to 10 years. Essentially, the Trust must be a conduit or see-through Trust meaning the benefi ciaries are clearly identifi ed pursuant to the provisions of the Trust. Once the account owner starts withdrawing RMDs, they cannot subsequently be turned off after his or her death. If, however, the surviving spouse is the beneficiary of the IRA or 401(k) account, he or she can establish his or her own “spousal” IRA account and refrain from taking RMDs so long as he or she has not yet obtained the age of 73 under the SECURE ACT 2.0. Once reaching the age of 73, RMDs must be withdrawn based upon the IRS life expectancy tables. 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. deadly gas W ith the season’s fi rst signifi - cant snow on the books in Massachusetts, State Fire Marshal Jon M. Davine is reminding residents to test their carbon monoxide (CO) alarms and keep dryer, furnace and other exhaust vents clear of snow. “Carbon monoxide is a leading cause of fatal poisoning, and home heating equipment is the primary source of carbon monoxide in the home,” State Fire Marshal Davine said. “As part of your storm planning, check your CO alarms to be sure they’re working properly, and if an alarm is past the manufacturer’s recommended lifespan, replace it.” Residents should also be sure to keep outside vents clear of falling, drifting, or shoveled snow. In January 2005, sevQUESTIONS | FROM Page 9 slopes. Use caution when changing directions on slopes or inclines. For electric equipment, do you pay attention to where the cord is? Use an extension cord designed for outdoor use. Be aware of where the power cord is at all times when using the machine. Avoid tripping. Do not run over the power cord. Are pets and children inside while the snow thrower is operating? It’s best to keep kids and pets en-year-old Nicole Garofalo died when a heating vent was blocked by snowdrifts outside, allowing carbon monoxide to accumulate inside her Plymouth home. This tragedy led to Nicole’s Law, which requires CO alarms on every habitable level of a Massachusetts residence. “Fuel-fi red heating appliances like dryers, furnaces, boilers, and fi replaces are all sources of carbon monoxide,” State Fire Marshal Davine said. “If the vent or fl ue is blocked, this poisonous gas can reach deadly levels inside the home. Know where the vents on your home are, be sure to clear them when shoveling, and be careful not to blow snow onto them if using a snowblower.” Massachusetts fire departments detected CO at nearly indoors and supervised while a snow thrower is operating. Do not allow them to play in the snow as it is tossed out of the chute. About OPEI OPEI is an international trade association representing manufacturers and suppliers of outdoor power equipment, small engines, battery power systems, portable generators, utility and personal transport vehicles, and golf cars. OPEI is the advocacy voice of the industry, and a recognized Standards Development Organization for the American National Standards Institute (ANSI) and active 5,000 incidents in 2022, offi cials said, and 90% of these calls were at residential settings. The poison gas can cause headache, fatigue, dizziness and/or nausea at lower concentrations and death at higher concentrations. Exposure while asleep is particularly dangerous. Children, older adults and people with lung or heart disease are especially vulnerable. “We can’t see, smell, or taste carbon monoxide, but we can detect it with working CO alarms,” State Fire Marshal Davine said. “If your alarm sounds, get outside and call 9-1-1.” For more information on carbon monoxide and CO alarms, visit the https://www.mass.gov/ info-details/smoke-and-carbonmonoxide-alarms internationally through the International Organization for Standardization (ISO), and the International Electrotechnical Commission (IEC) in the development of safety and performance standards. OPEI owns Equip Exposition, the international landscape, outdoor living, and equipment exposition, and administers the TurfMutt Foundation, which directs the environmental education program, TurfMutt. OPEI-Canada represents members on a host of issues, including recycling, emissions and other regulatory developments across the Canadian provinces.

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