Takeaways While ABLE accounts offer tax advantages for individuals with disabilities, they come with some limitations. These include spending restrictions, annual and cumulative contribution caps, potential Medicaid payback, and age eligibility rules. Nevertheless, establishing one, especially in Pennsylvania, is probably a good idea for most if not all persons with disabilities. But it’s not a
Takeaways Starting in 2026, employees aged 50 and older who earn over $145,000 must make 401(k) catch-up contributions on an after-tax (Roth) basis, losing the immediate pretax deduction. Affected high earners should check if their employer offers a Roth 401(k) option and review their overall retirement and tax strategy to maximize savings despite the rule
Takeaways Social Security provides spousal benefits to eligible spouses of retired or disabled workers, potentially up to half of the worker’s full retirement benefit. Survivor benefits are available to family members, including spouses, children, and dependent parents, after a worker’s death, offering financial protection similar to life insurance. Social Security is best known as a
Takeaways Estate planning is crucial for everyone, regardless of age or wealth, to protect your family, money, property, and wishes. Many common myths about estate planning can lead to significant problems. Consult a professional and regularly update your plan to ensure your wishes are honored and loved ones are protected. Many people delay estate planning
Takeaways Federal estate taxes are not a universal burden. They are only applicable if your combined assets, which include both gifts made during your lifetime and assets transferred at the time of your death, exceed a high threshold ($13.99 million, as of 2025). This means that most estates will not be subject to federal estate
This article was written by Gunnar M. Crowell, JD, Senior Charitable Estate Planning Advisor, American Heart Association. We at Vasiliadis Pappas Associates believe it represents a comprehensive explanation of important provisions relating to federal income taxation set to take effect in 2026. Bear in mind it was written for estate planning professionals. Consequently, it may
Takeaways Many high-net-worth families make the costly mistake of not filing an estate tax return when the first spouse dies, even when no taxes are due. If they fail to file IRS Form 706, the surviving spouse loses the valuable benefit of estate tax portability, which allows them to inherit any unused portion of the
Takeaways A durable power of attorney is a legal document that allows a trusted individual to make financial or health care decisions on your behalf if you become unable to handle your own affairs. This document provides long-term safeguards, ensuring your affairs are managed without court intervention. Though you are likely in good health now
Takeaways Many older adults underestimate their likelihood of needing sustained, day-to-day care in their later years, and a significant portion of adults aged 50 and older are not adequately planning for long-term care. As Alice struggled to get up from her chair she remarked “I always got up and moved around without giving it a
Takeaways Annuities, particularly Qualified Longevity Annuity Contracts (QLACs), can be used within Individual Retirement Accounts (IRAs) to manage income, defer taxes, and provide peace of mind in retirement. While QLACs offer specific tax advantages, other annuity types and alternative strategies can also be considered to meet diverse retirement income and estate planning goals. You’ve worked
