2023 saw one of the biggest retirement relocations in three (3) years About 37% were under 65, including 23% who were under 55. In comparison, 26% of 2022 retirees were under 65. Florida led the nation and attracted 11% of retirees in 2023. South Carolina was a close second with 10% of retirement moves. The
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2024 MEDICAID INCOME LIMITS
As of January 1, 2024, the income criteria, maximum amount of assets, and maximum equity in your homestead property has been adjusted:
Applicant income limits: Increased to $2,829/month if single and $2742 if you are married.
For an individual who is not married, the Applicant can only have $2000 in countable assets. For an Applicant…
2022 FEDERAL ESTATE AND GIFT TAX EXEMPTION AMOUNTS
Each year, the IRS considers inflationary adjustments to the estate and gift tax exemption amount and gift tax annual exclusion amount. The 2022 adjusted numbers are: 2022 Exemptions and Exclusions: The estate and gift tax exemption amount has increased to $12.06 million per person in 2022 (from $11.7 million per person in 2021) 2022 …
OFFICE CLOSED BETWEEN DEC. 24,2021 – JANUARY 24, 2022
OFFICE CLOSED BETWEEN DEC. 24,2021 – JANUARY 24, 2022
HOUSE WAYS AND MEANS COMMITTEE TAX PROPOSAL
On September 13, 2021, the Congressional House Ways and Means Committee introduced legislative tax proposals to help fund the House’s proposed $3.5 trillion stimulus package. A brief summary of the trust and estate and retirement asset taxation proposals included within it follow: 1. Trusts and estates with taxable income of over $12,500 (adjusted for inflation)…
METHODS TO PROTECT AN INHERITANCE
Unfortunately, divorce is a part of society. Many individuals seek legal counsel on how to protect an inheritance they may receive from a parent or family member proactively in the event they become divorced. The following is a brief list of ideas to consider implementing: (i) do not add your spouse’s name to the title…
Funding Different Types of Long-Term Care
Even if you are currently in perfect health, there is a significant chance you will eventually require some form of long-term care as you age. While it is common to do some sort of planning for the expenses of retirement, fewer people prepare in advance for long-term care, with the result being that many people…
Federal Court Affirms Employer Right To Require Employees To Be Vaccinated
On June 12, 2021 a federal judge in Houston, Texas issued the first federal court decision addressing whether an employer may require its employees to be vaccinated as a condition of employment. The federal judge ruled that Houston Methodist Hospital (the “hospital”) did not violate the law by requiring, as a matter of policy, that…
NEW IRS GUIDANCE ON 100% MEAL DEDUCTION
On April 8, the IRS released Notice 2021-25, which provided guidance in determining which meals may be fully deductible under the new IRS rules and which are remain subject to the fifty (50%) percent limitation. Under long-standing IRS rules, the deduction for food or beverage expenses is generally limited to fifty (50%) percent of the…
THE COST OF LONG-TERM CARE IN 2020
The cost of long-term care is a concern for all seniors. The annual cost continues to rise and makes it untenable for most to afford it. It is estimated that an individual turning age 65 has a seventy (70%) percent chance of needing long-term care at some point. The most expensive state for care is…