A traditional IRA allows money to grow tax deferred (not tax free).  But, eventually, when that money is withdrawn from the IRA, it is subject to income tax.  IRAs are subject to required minimum distributions. The SECURE Act changed the minimum distribution requirements for inherited IRAs. 

Historically, one could spread out the distributions of the inherited IRA over their own lifetime. After the SECURE Act, a non-spouse who inherits an IRA must withdraw the entire amount within 10 years. Exceptions to the 10-year rule are minor children, disabled or chronically ill individuals, and beneficiaries less than 10 years younger than the decedent.

It's no secret COVID-19 (the Coronavirus) is causing a huge deal of uncertainty within companies across the globe. From the glaring financial and supply chain impacts to the less obvious cultural adjustments, there's a lot for business leaders to figure out.

With that in mind, I wanted to share how Gutwein Law is navigating the COVID-19 pandemic from an operations and cultural standpoint in hopes it could help some companies still struggling to find their feet.

As we all continue to adjust our lives as a result of the COVID-19 pandemic, the United States Patent and Trademark Office (USPTO) is providing relief to those individuals, practitioners, registrants, applicants, or any other person associated with a filing who has a matter before the office and has been impacted by the outbreak.  With the recent passing of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) signed by President Trump on March 27, the USPTO has extended due dates by 30 days for most filings that were/are due between the time period of March 27, 2020 and April 30, 2020.

As an Elder Law attorney, these uncertain times have become increasingly worrisome to myself and my clients. Most of my clients are at-risk community members as they are over the age of 60, many have underlying health concerns and/or are residing in a long-term care or assisted living facility. COVID-19 has had a major impact on not only my clients’ daily lives and those of their caretakers, but all at-risk community members. 

In addition to the dangers of the virus itself, COVID-19 has presented the elderly with another potential risk: fraud. With that in mind, I want to share a couple concerns we have been experiencing in our practice and helpful tips to combat them.

The federal government passed the Families First Coronavirus Response Act (“Act”) on March 18, 2020 with an effective date of April 1, 2020.  The Act requires employers with fewer than 500 employees to provide paid leave to employees under an amendment to the Family and Medical Leave Act known as the Emergency Family and Medical Leave Expansion Act, as well as the Emergency Paid Sick Leave Act.  This leave is available for employees through December 31, 2020.

The Department of Labor issued FAQs on March 24, 2020 (“DOL FAQs”), which are updated frequently and provide answers to a vast number of topics.  See https://www.dol.gov/agencies/whd/pandemic/ffcra-questions. Note that even previously answered questions are sometimes modified later. A good practice is to check back daily to the Department of Labor Coronavirus Resources website (https://www.dol.gov/coronavirus) for further information and updates.

The Department of Labor has also issued regulations pursuant to the Act, which can be found at https://www.ecfr.gov/cgi-bin/text-idx?SID=f2e549b7d707e617546a290a5e7a0331&mc=true&tpl=/ecfrbrowse/Title29/29cfr826_main_02.tpl).

Basic questions on the Emergency Paid Sick Leave Act as well as the Emergency Family and Medical Leave Expansion Act are answered below.  Please contact Gutwein Law for further information, to request policies, or to discuss your company’s specific circumstances.