According to the American Association for Long-Term Care Insurance, more than eight million Americans have purchased insurance to protect them in the event that they need long-term health care in a nursing home, assisted living facility, or in their own home.
During this whirlwind time regarding taxes in the United States, there are many changes which, if enacted in the final version of the tax reform bill, could have a drastic effect on the personal finances of millions of Americans.
The IRS has recently announced some changes coming to the tax code in 2018. Among those changes are two updates to the annual gifting exemption and the estate tax exemption.
The annual gift exemption is the amount of money that any individual person can give to another person each year without reducing their lifetime gift exemption. In 2018, the annual exemption will go from $14,000 to $15,000.
If you ask most people these days what age retirement begins, you will likely get an answer of 65. However, that answer is an oversimplification of a large range of ages at which people actually retire. According to a recently completed Gallup poll, 23% of Americans are planning on retiring before age 62, 38% plan to retire between the ages of 62 and 67 and 31% are currently planning on retiring at age 68 or later.
Over the next two years, 60 million Americans will notice a change to their Medicare cards. The Centers for Medicare and Medicaid Services (CMS), the government agency responsible for the administration of the Medicare program, is mailing new cards to everyone currently receiving Medicare benefits.
Back in March, the Securities and Exchange Commission decided to make a change to their settlement policy, known as T+3, which has been in place since 1995. Previously when an investor placed a trade for a stock, bond, municipal security, or exchange traded fund (ETF), they would not officially receive those securities until 3 business days after the trade was placed.
In one of our previous blogs, we covered the topic of how most homeowner’s insurance policies do not cover damage from floods. This is because insurers deem floods a catastrophic event that would put the financial health of their firms in jeopardy, so they exclude losses caused by floods from their coverage.
As it becomes time for students to head back to school, students entering college have a lot on their plates. It is safe to say not many of them are thinking about getting their legal documents in order while they find roommates and sign up for classes. However, considering most students entering college have recently turned 18, this can actually be an important consideration.
The federal tax code is filled with thousands of fine points that you must be on top of if you want to ensure you are taking advantage of all possible tax reduction techniques. Some of these intricacies can be used to save you thousands (or even millions!) of dollars over time, and one such example is Section 109 of the Heroes Earnings Assistance and Relief Tax Act of 2008 (HEART Act).
Starting on January 1st, 2017, families just got another incentive to save for college expenses using the Massachusetts Educational Financing Authority’s (MEFA) U.Fund 529 Account. Individual contributors can now deduct $1,000 of 529 contributions on their Massachusetts state income taxes while married couples filing their taxes jointly will be allowed to deduct $2,000.