Unlike in 2023, when Medicare Part B premiums and annual deductibles went down, they will rise in 2024. These premiums come off the top from your Social Security benefit as an automatic deduction before the net benefit hits your bank account. Here are the changes, as set forth In a fact sheet recently released by the Centers
The Social Security cost-of-living adjustment (COLA) in 2024 is a 3.2 percent increase. This follows a record-high 9 percent increase in 2023. Does COLA Only Affect Retired Workers? Each fall, the Social Security Administration (SSA) announces changes to the annual cost-of-living adjustment for the forthcoming year. Based in part on the consumer price index, the
When a person declares bankruptcy, an individual retirement account (IRA) is one of the assets that is beyond the reach of creditors, but what about an IRA that has been inherited? Resolving a conflict between lower courts, the U.S. Supreme Court in 2014 unanimously ruled that funds held in an inherited IRA are not exempt from creditors in
Parents of adult children with disabilities know that their child's disability needs may change over the course of their lifetime. Planning for the future well-being of an adult child with disabilities is, therefore, a responsive, ongoing process. The life expectancy of many adults with disabilities has increased over time. For example, according to research, life
Major life changes frequently usher in the need to modify an existing estate plan. Few such life changes are as traumatic or significant as the death of a spouse. Some needed modifications are obvious, such as updating beneficiary designations. But others might only be apparent to an experienced estate planning attorney. One example is the
Probate refers to the process by which a deceased person’s estate is distributed. Assets pass to beneficiaries named in the decedent’s Will or, if there is no Will, to heirs as determined by the law of the State where the decedent lived. In both situations, in Pennsylvania, that process begins at the County Court House
Individual Retirement Accounts, or “IRA”, were established under federal law as an incentive for workers to set aside savings for their retirement. You can create and fund your own IRA and defer payment of income tax on the contributions until years later, when they are withdrawn. Meanwhile, the appreciation in value of this money is
According to Pew Research, 30 percent of adults in the United States report owning a firearm. Gun sales have risen in recent years, particularly during the Coronavirus pandemic. While many reported having weapons for protection and hunting, 6 percent owned guns that were family heirlooms. If you own a firearm of monetary or sentimental
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”, that is, terminate, on January 1, 2026. This will lead to significant changes for taxpayers. So, how
Adults who cannot manage their finances and do not have requisite cognitive capacity to appoint an agent under power of attorney become subject to court supervision via appointment of a guardian. In Pennsylvania, such a person is referred to as a “Guardian of the Estate”. In cases where individuals need help with personal care decisions,
