Just before Christmas, President Biden signed into law an omnibus bill dubbed the “Secure Act 2.0,” which included a workplace retirement access package designed to add new savings plans and reshape some of the rules and restrictions governing most 401(k) plans. Background Congress passed the Secure Act in 2019, which raised the Retired Minimum Distributions...Read More
Kahn, Dees, Donovan & Kahn has been ranked as one of America’s “Best Law Firms” for 2023 as compiled collaboratively by U.S. News & World Report and Best Lawyers®. “All three tier rankings represent the highest-level feedback a firm can receive and demonstrate the best in the legal industry across the United States,” according to...Read More
The Senate Enrolled Act No. 204 (SEA 204) was enacted last year to provide more flexibility for health care decisions traditionally contained in a Health Care Advance Directive (Advance Directive). An Advance Directive is a legal document allowing an individual (known as a “declarant”) to designate another individual as their health care representative (HCR), who in...Read More
President Joe Biden’s proposed “Build Back Better Act” (the Act) is quickly moving through both houses of Congress and may become law soon. Traditionally, changes to the Tax Code have an effective date after the first of the new year or even later; however, this time, certain provisions go into effect on the date of...Read More
In an effort to relieve financial stress caused by COVID-19, the Federal Emergency Management Agency (FEMA) has introduced a program designed to provide financial assistance to individuals who have incurred COVID-19 funeral expenses for loved ones. Such applicants must be over eighteen years of age, and a U.S. citizen, non-citizen national or qualified alien. The...Read More
The recent $1.9 trillion COVID relief bill is planned to be followed by further economic stimulus measures under the Biden administration. It is widely anticipated that these additional stimulus packages will be paired with proposals for various tax increases on those earning over $400,000 annually. One such proposal is to increase federal estate tax revenue...Read More
The SECURE Act of 2019 makes substantial changes to the taxation and distribution of IRAs and retirement benefits. How does it affect your estate plans? KDDK tax and estate attorney Mark S. Samila explains.Read More
With the signing of the Tax Cuts and Jobs Act (the “Act”) by President Trump on December 22, 2017, the most sweeping tax legislation in decades has been enacted. The Act doubles the estate and gift tax exemption amount to $11,200,000 to those individuals dying in 2018, up from what was to be a $5,600,000...Read More
Portability has become an important concept in estate planning and administration since it was first codified in 2010, and made permanent under the American Taxpayer Relief Act of 2012. For individuals passing away after 2010, portability provides that if the spouse who passes away first does not fully use his/her gift and estate tax exclusion...Read More
