In the Maine Legislature in the first regular session for 2019, the House of Representatives proposed legislation that would reduce the Maine Estate Tax Exclusion Amount from its current $5.6 million (indexed for inflation) back down to only $2 million per person for those individuals dying after January 1, 2020. It would also remove the… Read more »
Aging: The need for Wills, Trusts, Durable Powers of Attorney and Health Care Directives
It was recently reported by CBS News that Aretha Franklin passed away, without any Will regarding her nearly $80 million estate. Therefore, the State of Michigan will be deciding the distribution of her assets rather than she. Unfortunately, this is too often the headline in the paper, yet the rest of us go on with… Read more »
Don’t let the tail of the increased federal exemption wag the estate planning dog
On December 22, 2017 the President signed the TAX CUT AND JOBS ACT (The “Act”) that became effective January 1, 2018. For estate tax purposes and for estate tax planning purposes, the Act essentially doubled the federal estate, gift, and generation-skipping transfer tax exemptions through the end of 2025. This means that as of January… Read more »
New federal law targets elder abuse and exploitation
According to a report by Rhonda McMillion, an editor of the ABA (American Bar Association) Washington Letter, a publication of the ABA Governmental Affairs Office, a new federal law championed by the ABA will fight elder abuse and exploitation. The report, which appeared in the December 2017 issue of the ABA Journal, notes the following:… Read more »
Longer living seniors means thoughtful planning now!
“Live long and prosper” – is something we all aspire to during our lifetimes. However, living longer brings with it issues that most of us do not want to think about, but issues that are likely to happen whether we want them to or not. The “Baby boomers,” those born between 1946 and 1964, are… Read more »
Employees Who “Bring Their Own Device” to Work (BYOD)
By Brian L. Champion. Long gone are the days when the only technology concerns with employees involved flip phones and hand held dictation tape recorders. Today, not only are employees more mobile by using their own personal computers, but smart phone sales exceed 500 million per year and the advent and sale of tablets is… Read more »