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While some people anticipated otherwise, 2022 started without any new federal regulation or tax changes addressing estate planning. As proposed legislation passed through the legislative process in 2021, major potential changes to federal estate and gift tax were dropped. These potential changes included a decrease in the estate and gift…
Each year, it’s important for anyone interested in planning for the future of their assets to either create or revise their estate plan. Taking the time and including loved ones in estate planning discussions is the best thing that you can do to avoid conflict or estate planning disagreements. Estate…
TV shows often depict unpleasant estate planning situations that can arise including a deceased person leaving assets to a former spouse. While these situations often do not occur in the way depicted on TV or film including the recent Netflix film I Care A Lot, a former spouse could end…
New variants of COVID-19 including Omnicron and most recently IHU have led many people to prolong social distancing. Understandably, this extended isolation has had a detrimental impact on the mental health of many elderly adults. While you understandably want the best for your loved one, it’s critical to approach discussions…
At the beginning of January 2022, the Centers for Medicaid and Medicare Services revised the organization’s “Frequently Asked Questions” sections. This FAQ addresses the agency’s Nursing Home Visitation Guidance. The revised FAQ emphasizes that visitation must be allowed at all times and states that visitation is essential for all residents.…
As we begin our way through 2022, understanding various federal tax issues can help make the most of your estate planning this year. Because the federal legislature might pass regulations that alter these laws sometime during 2022, it’s important to understand critical federal tax laws you might want to utilize…
In times of economic uncertainty, estate plans can benefit substantially from flexibility. As the country both continues to recover from the COVID-19 pandemic as well as face the challenges brought on by new strains of COVID-19, it’s a good idea to consider how to make your estate plan flexible. Not…
The Status of Estate and Gift Taxes in 2022 In 2021, Congress, as well as the Executive branch, proposed revisions to the tax code that if passed would have substantially changed estate planning. If these changes had been made, some proposals would have been put on the side, while the…
Approximately, 26.9 million Americans are enrolled in Medicare Advantage Plans as of January 2022. While many people are content with their plans, not everyone is. Individuals have between January 1, 2022, to the end of March 2022 to make revisions to their Advantage Plan. During this period, a person can…
As the new year begins, new opportunities are created for people to make the most out of their finances. Currently, the country is proceeding through the “Great Reshuffle”, which is seeing a large number of workers leave their jobs and make new ones. While many workers want to do their…