We are in the midst of one of the most substantial intergenerational transfers of wealth in history. Referred to as the “Great Wealth Transfer,” it is expected to continue for another couple of decades. Baby boomers are the primary source of the wealth being transferred to younger generations across the United States. Some estimates put the amount of assets that will be transferred at over $68 trillion.
With identity theft and taxpayer fraud on the rise, the Internal Revenue Service (IRS) is encouraging taxpayers to take extra caution when filing tax returns. One simple way to help safeguard your identity is to create an identity protection personal identification number (IP PIN) through the IRS. An IP PIN is a six-digit number that helps the IRS verify your identity when you are filing your tax return.
Popular in video gaming and entertainment, VR has more recently been deployed in health care for a variety of purposes, from treating phobias and PTSD to training physicians.
Once you've taken the step to create a will and get your estate plan in order, you need to figure out what to do with the will itself. Keeping track of the location of your current will – as well as any old wills – can be crucial. Old wills should usually be destroyed, but there are rare circumstances under which you might want to preserve the originals or just copies. You want to ensure that your loved ones know how to find the most recent versions of your will and other estate planning documents. This way, they can easily access important information they may need to manage your affairs when you pass away.
Estate planning may be the most overlooked important part of adulthood. According to a Caring.com survey, only 32 percent of Americans have a will.
Inheritance tax is a state-level tax that beneficiaries pay when they receive assets from an estate after somebody has passed away. The inheritance tax is distinct from estate taxes, but planning tools for avoiding or minimizing it, such as lifetime gifting and placing assets in a trust, can be used for both types of so-called “death taxes.”
Effective January 1, 2025, you will be able to make individual gifts of up to $19,000 in the calendar year (an increase from $18,000 in 2024) tax-free. In other words, giving more than $19,000 to any individual in 2025 means you may have to file a gift tax return. For a married couple filing jointly in 2025, the annual gift tax exclusion will be double that: $38,000. Meanwhile, the IRS has announced that the federal estate tax exemption will jump to $13,990,000 per individual in 2025, up from $13,610,000 million in 2024. Again, married couples’ exemption will be twice that, at $27,980,000 million. Over the course of your lifetime, you would therefore be able to give away up to $13,990,000 (as of 2025) before you owed a federal gift tax.
The Social Security Administration (SSA) advises you to apply for retirement benefits three months before you want your benefits to begin. Even if you have no plans to receive retirement benefits, you should still sign up for Medicare three months before age 65.
An excessive amassing of possessions can indicate hoarding behavior and hoarding disorder (HD), a mental health condition. Hoarding disorder leads to a level of clutter that often makes it difficult for those affected to use and maintain their residences.
The Qualified Medicare Beneficiary (QMB) Program is one of four types of Medicare Savings Programs. The QMB Program is also the most comprehensive of the four, as it helps individuals with limited income and assets pay not only for Medicare Part A and B premiums, but also for deductibles and co-payments. This fall, a new rule will ensure that many more people gain access to this valuable program.
Come January 1, 2025, retirees are on track to see their Social Security benefits checks rise slightly once again, by 2.5 percent, or an average of about $50 per month. This will bring the average payout per month for retirees to $1,976.
Whether you need a trust instead of – or in addition to – a will depends on your circumstances, such as the size of your estate and your personal goals.
As of 2024, you can now also roll over unspent funds from a 529 plan to a beneficiary-owned Roth Individual Retirement Account (IRA). This provision, introduced as part of the SECURE 2.0 Act, gives families a way to kick-start a young person’s retirement savings.
What would we do without our smartphones, tablets, and computers? These internet-connected devices allow us to connect instantly with friends and family, order food, hail rides, pay our credit card bills, and so much more. Our devices offer so many benefits and have become such an integral part ...
Cost is a leading factor in why some people don’t use hearing aids. If you’re over 65, you may wonder whether Medicare covers hearing aids.
Medicare open enrollment is on the horizon. Now is the time to start thinking about any changes you may want to make to your Medicare coverage. Thanks to the Inflation Reduction Act, some significant changes have come along for Medicare, and more will take effect in the near future.
It may seem morbid to plan ahead for your passing. But giving the loved ones you trust most a sense of direction about your funeral wishes can be a gift in and of itself.
Being a trustee is a significant responsibility. Those serving in this role must always act in the best interests of beneficiaries when carrying out their trust management duties, which include locating and protecting trust assets, investing assets prudently, distributing money and property to beneficiaries, keeping track of income and expenditures, and filing taxes.
Probate is a legal process that happens after someone dies. While probate can be complex, lengthy, and expensive, an estate planning attorney or probate attorney can help mitigate unwanted risks. They will be able to anticipate what might happen and prevent issues before they arise.
After much anticipation, the Treasury Department and the Internal Revenue Service (IRS) have issued final regulations relating to the 10-year required minimum distribution (RMD) rule for people who inherit individual retirement account (IRA) assets.
In recent years, researchers have been finding potential links between feelings of loneliness and negative health outcomes. Feeling lonely may put you at greater risk of premature death, serious health problems, and higher suicide rates.
Medicare is a federal public benefits program providing medical benefits to individuals over 65 and younger people with certain disabilities.
No state will revoke a driver’s license based only on the driver’s age. However, some states have placed restrictions on license renewals for elder drivers. Other states do not base license renewals on age, and still others have fewer requirements for older drivers.
On July 12, 2024, the SSA announced a change affecting many account users. Those who created a my Social Security account before September 18, 2021, must transition to a different type of online account known as a Login.gov. With a Login.gov account, you can continue to access to the SSA’s online services.
Effective September 30, 2024, the new rule is likely to allow more people to qualify for SSI. In addition, some current SSI recipients may see an increase in their monthly benefit amount as a result. The rule change is part of a broader agency effort to streamline certain aspects of the SSI program.
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