The Financial Industry Regulatory Authority wants a one-year extension of a pandemic initiative that permits remote branch office inspections. The extension would offer regulatory continuity while the Securities and Exchange Commission considers a three-year inspection pilot program, FINRA says.

Spousal lifetime access trusts can form a valuable part of clients' estate plans in certain circumstances, and pairing them with life insurance and other kinds of insurance coverage can help address potential drawbacks, attorney Martin Shenkman writes. In addition, Shenkman discusses why it might be time to rethink credit shelter trusts and when decanting could be a wise move.

People who are newly single, after a divorce or spouse's death, and their advisors will need to tackle estate planning tasks, including revising wills, updating beneficiary designations and reviewing trust provisions. Determining guardianship plans for minor children is another key consideration.

Instead of investing in a 401(k), small-business owners can put their money in a cash-balance plan for retirement savings, writes Ross Brown, vice president of business development at Payden & Rygel. A cash-balance plan offers large contribution limits and payments can be deducted from taxable income, although there are some complexities to consider, Brown writes.

Independent business owners may fall short in their succession planning if they fail to diversify their wealth or account for the potential tax implications of a transaction, writes Sam Brownell of Stratus Wealth Advisors. Some business owners delay succession planning, but "starting too late can prove extremely costly to your retirement and legacy planning efforts," Brownell writes.

Inflation caused the IRS to significantly raise contribution caps on 401(k)s and IRAs for next year, but many people may view saving more for retirement as an expense they can't afford amid rising prices. "Financial advisors can help clients see the big picture of their finances and encourage maximizing retirement plan contributions," said Lisa Featherngill, national director of wealth planning at Comerica Bank.

A regulatory notice from the Financial Industry Regulatory Authority highlights the importance of succession planning to manage the risk of an aging workforce, as well as unforeseen events. The notice calls attention to a firm that unexpectedly lost two key leaders and comments that "the firm successfully continued operations without any interruptions in service to its customers" as a result of planning.

Lawmakers and advocates are still working toward 2022 passage of the bipartisan SECURE Act 2.0 legislation aimed at revising retirement rules, but uncertainty about the outcome of midterm elections means the effort could face more delays. "It's difficult to predict what Congress will look like and want to do post-election," says Michael Kreps, co-chair of the retirement-services practice at Groom Law Group.

Regulations have not kept up with innovations in the life insurance and annuity markets, writes Richard Weber. He discusses some current issues that may call for better regulation, including the use of premium financing and the accuracy of universal life insurance illustrations.

Tax expert Ed Slott discusses which beneficiaries need to take required minimum distributions before the end of the year to avoid a penalty. Among them are designated beneficiaries who inherited before 2020 and eligible designated beneficiaries, such as surviving spouses.