We at Grosskopf Law Office, LLC, hope that this finds you well, as we continue to cope with the Coronavirus pandemic.  Recent news accounts suggest that Wisconsin is seeing the second wave surge that had been predicted, and we hope all of you are staying safe. 

This time of the year also presents some additional requirements or challenges, some of which are described below, in the newsletter.

One of those is the infamous open enrollment for Medicare, where you need to consider changing or modifying your current Medicare coverage, which in turn means possibly changing or modifying your Medicare supplement, prescription supplements, etc.

Another issue you should have on your radar is the effects of the Secure Act, concerning IRAs and some other retirement accounts, especially as for this one year only, 2020, most of us have the option of not taking any required minimum distributions, or going ahead and taking a distribution.  For many of us this will be an important consideration and presumably a one-time opportunity.  You should discuss this with your financial advisor. 

Also, here in Wisconsin, for those clients of ours who either are on Medicaid or have a loved one on Medicaid, the normal rules for annual renewals, as well as the normal rules for termination of Medicaid benefits have been temporarily changed.  For most people what this means is that annual renewals are delayed by at least several months, and for some people, if they have been inadvertently over asset, they have an opportunity to get back down in compliance, without any penalty or loss of benefits.  This, however, is a fairly complicated area of the law, and if you are wanting to look further into it, I suggest making an appointment with this office to see how it might affect you personally.