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New Single Life and Uniform Life Tables and RMDs

The IRS issued final regulations on November 4, 2020, making revisions to the Single Life and Uniform Life tables for calculating required minimum distributions (RMDs), effective January 1, 2022.

Why Use Trust Planning?

This article shows the benefits of multi-generational asset protection planning, using trusts.

Insurance Broker M&A Activity Continues at Record Levels

Mergers and acquisitions among insurance agencies and brokers in the
United States and Canada continue to occur at record levels.

2022 Dollar Limitations on Benefits and Contributions

The IRS has announced the cost-of-living adjustments for pension plans and other related items for the 2022 tax year (Notice 2021-61).

COVID-19’s Impact on the Unemployment System

One of COVID’s most severe impacts was on the unemployment system. The system became incredibly complex to navigate due to significant changes at the federal and state levels. Even today, with the federal benefits having expired, the system still seems unfamiliar and tangled.

Potential Federal Tax Changes: What May Be Coming

On September 13, 2021 the U.S. House Ways and Means Committee (the “Committee”) announced their proposed plan and legislative text for the 2022 Budget Reconciliation Bill (the “Plan”), which includes numerous federal tax changes, including the pertinent modifications highlighted here.

Medicaid Application Checklist

Applying for Medicaid, or Medical Assistance, for long-term care costs can be daunting. The following checklist provides a list of items you or your loved one will need to complete the Medicaid Application in Pennsylvania.

American Rescue Plan Act of 2021: Notice Required for the End of COBRA Premium Assistance

This update is regarding the COBRA premium subsidy mandated by the American Rescue Act Plan of 2021 (ARPA) and the notice regarding the availability of the subsidy.

Powers of Attorney: What Are They and Why Do They Matter?

Powers of attorney (POAs) are an essential document in planning for a client’s potential incapacity and/or long-term care needs. This article discusses financial powers of attorney and their utility in connection with an elderly client’s needs.

Medicaid Eligibility: Can I Gift Cash To My Children?

When meeting with clients and prospective clients, we often get questions about the gift tax, gift tax exemptions, and how a gift of cash affects Medicaid eligibility. To properly understand how these items interact, each needs to be understood separately before taking them together.

What Is Estate Recovery?

Among the many terms that arise in connection with Medicaid planning is the concept of Estate Recovery, which is the process by which the government recoups part of the Medicaid benefits paid on behalf of a Medicaid applicant during their lifetime.

Time to Revisit Roth Conversions: 4 Factors to Consider and 6 Suggestions

President Biden’s proposed tax plan would increase the top rate from 37% back to 39.6%. The President’s plan provides incentive to reconsider a Roth conversion.

ARPA COBRA: IRS Provides Guidance on Tax Breaks

On May 18, 2021, the Internal Revenue Service provided guidance on tax breaks under the American Rescue Plan Act of 2021 for COBRA continuation health coverage.

Is the Home an Exempt Asset?

Clients frequently want to know whether their home (or in some cases their parents’ home) is an “exempt” asset for Medicaid purposes. The answer is a resounding “Yes, but …”.

PRO Act Update: Inching Closer to Reality

On March 9, 2021, The PRO Act was passed by the House of Representatives, and now the Act heads to the Senate for a vote. If the Act is ultimately passed and signed into law, it would bring about substantial changes to labor and employment law that the country has not seen in quite some time.

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