As of the 2025 tax year, many older Americans may realize a new tax benefit thanks to a provision in the One Big Beautiful Bill Act. The law, signed in July 2025, created a new annual tax deduction of up…
The estate tax gets many headlines and was a focal point in recent negotiations over President Trump’s One Big Beautiful Bill Act (OBBBA). But if you plan to leave property to a grandchild, there’s another tax you should know about…
According to U.S. Census Bureau estimates, the number of Americans age 65 and older will increase to 82 million seniors by 2050. As the population of older adults in the United States rises, so will the need for long-term care.…
Many terms have been used to describe the intergenerational wealth shift expected as baby boomers, the richest generation in history, reach the end of their lives and pass on the fortunes they’ve accumulated over decades of rising home values, stock…
At a time when we are frequently confronting the rising cost of living, Medicare enrollees will soon see a rise in their premiums and deductibles. In mid-November 2025, the Centers for Medicare & Medicaid Services (CMS) announced the Medicare Parts…
What Is a Durable Power of Attorney? A durable power of attorney is an extremely important estate planning tool, even more important than a will in many cases. This crucial document allows a person you appoint – your “attorney-in-fact” or…
It can be easy to underestimate the amount of money we will need for health care and long-term care after we retire. Not knowing exactly what care we will need and with the costs of all types of care rising,…
Many older adults plan to pass on their hard-earned assets to their children. In fact, trillions of dollars are expected to be passed down from Baby Boomers to future generations over the next few decades as part of the so-called…
Grandparents often are particularly generous to grandchildren as they see their family’s legacy continuing to the next generation. In many cases, grandparents feel they have ample resources while their children or grandchildren may be struggling financially. Assistance with summer camp…
The Internal Revenue Service (IRS) has released the gift tax and estate tax exclusions for tax year 2026. These exclusion amounts are adjusted annually to account for changes in the cost of living. The following updates become effective January 1,…