The Tax Cuts and Jobs Act (TCJA) took effect on Jan. 1, 2018, and impacted personal income taxes, small businesses, estate tax rules, capital gains rules, special needs accounts, and much more. The TCJA is scheduled to sunset...more
Estate planning can be a daunting task for individuals and families. The stakes can be high. The decisions are often numerous. Family dynamics frequently come into play. However, for those living with special needs or those...more
The age 18 milestone is difficult for parents, as they no longer have the legal right to make decisions or receive medical, educational and financial information for their children. For parents of children with special needs,...more
The maximum amount that can be contributed each year to an ABLE account for a person with disabilities rose $1,000 to $16,000 on January 1, 2022. The figure, which is tied to the inflation-adjusted value of the IRS’s gift...more
Among the costs of caring for a dependent with special needs are the fees for professional advice. Some families are tempted to save on these costs by setting up a plan on their own. This can be attractive because so much...more
Any parent of a child with a disability has likely heard of a “special needs trust.” As information has become more easily available online, a simple Google search for “special needs trust” is likely to garner hundreds of...more
President Biden has signed the $1.9 trillion American Rescue Plan into law. Among its benefits are $1,400 checks that are already landing in the bank accounts or mailboxes of most Americans to help them weather the economic...more
The Social Security Administration released a new update to its Procedure Operations Manual System, (POMS), effective March 13, 2020. This is a very important development because the POMS is the manual used by employees of...more
As 2019 comes to a close, while most people are busy making holiday plans, dutiful tax advisors and financial planners are burning the midnight oil to minimize their clients’ tax bills that will be due in a few short months....more
The end of the year is approaching and the holidays will soon be in full swing, a time when many people are getting ready to make gifts to their family members. Not only is this a great way to show love and support to...more
Last week, my colleague, Steven Sacharow, Esquire, an outstanding and personable attorney who limits his practice to family law, adoptions, and “corporate divorces,” and I, co-presented a seminar addressing how the new...more