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The SECURE Act dramatically changed the required minimum distribution (RMD) rules for non-spouse beneficiaries who inherit retirement plans. Most non-spouse beneficiaries must take their inherited benefits over 10 years.
... Read more.On March 27, 2020, Congress enacted and the President signed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act, Public Law No. 116-136). As a part of the coronavirus relief, the IRS announced in Notice 2020-18 an extension of tax filing deadlines. Many federal income... Read more.
Governor Lamont’s Executive Order 7-H recognizes law firms as essential businesses. We remain open for business to serve our clients. Nevertheless, we take precautionary measures to ensure the health and safety of our valued clients, team members, and their families. Some of them... Read more.
On March 10, 2020, Governor Lamont declared a public health and civil preparedness emergency. By Executive Order 7-Q, Governor Lamont ushered in the age of remotely signed Wills. The coronavirus shuttered people in their homes. People fear that visiting a law firm will compromise their... Read more.
The SECURE Act Changes Retirement Rules
On December 20, 2019, Congress passed, and the President signed an appropriations bill (Public Law No. 116-94) that contained the SECURE Act. The word SECURE is an acronym for “Setting Every Community Up for Retirement Enhancement.” The Act... Read more.
January 1st of each year brings changes to several key Medicaid figures, which are adjusted for inflation. Below are the Connecticut Medicaid (also known as Title XIX and Husky) figures that apply as of January 1, 2020:
UPDATED CONNECTICUT MEDICAID FIGURES FOR... Read more.
On July 12, 2019, Governor Ned Lamont signed
House Bill 7104, An Act Concerning the Adoption of the Connecticut Uniform Trust Code. It became Public Act 19-137 (CUTC). It will be effective January 1, 2020.
Connecticut has never had a comprehensive statute... Read more.
UPDATE ON THE CONNECTICUT ESTATE TAX EXEMPTION
In a previous blog, New State Budget Increases the Connecticut Estate Tax Exemption, I reported on a change to the Connecticut estate... Read more.
According to the AARP, just over half (52%) of the people in the U.S. who reach age 65 will need long-term care in their lifetime. And, with nursing home care costing about $12,000 a month, a stay in a nursing home can quickly drain the resources of even the most careful planner.
If you... Read more.