The Social Security Administration (SSA) has officially released its annual cost-of-living adjustment (COLA) figures for 2025. These newly issued numbers will have an impact on monthly Social Security benefits payouts for retirees, as well as recipients of Social Security disability benefits and survivor benefits, over the forthcoming year. The COLA Change From 2024 to 2025
The Internal Revenue Service (IRS) has released its tax inflation adjustment figures for tax year 2025. Annual Gift Tax Exclusion Effective January 1, 2025, you will be able to make individual gifts of up to $19,000 in the calendar year (an increase from $18,000 in 2024) tax-free. In other words, giving more than $19,000 to
A recent change in the law makes 529 plans more versatile. It used to be that there were only two options for what to do with unused funds from a 529 college savings plan: withdraw the money or save it for future qualified education expenses. As of 2024, however, you can now also roll over
What would we do without our smartphones, tablets, and computers? These internet-connected devices allow us to connect instantly with friends and family, order food, hail rides, pay our credit card bills, and so much more. Our devices offer so many benefits and have become such an integral part of our lives that we often forget
For all but the very wealthy, prudent retirement and estate planning includes legal measures to protect against the cost of financially ruinous long-term care. Nursing homes in Pennsylvania cost $150,000 - $180,00 a year. Medicare and private health insurance don’t pay for this. Medicaid does, without any dollar caps or time limits. But poverty is
After much anticipation, the Treasury Department and the Internal Revenue Service (IRS) has issued final regulations relating to the 10-year required minimum distribution (RMD) rule for people who inherit individual retirement account (IRA) assets. The newly published guidelines generally reflect what the IRS proposed in 2022, but they bring clarity to several key questions about the rule,
A trustee is the person or institution appointed to manage a trust on behalf of beneficiaries of the trust. Being a trustee is a significant responsibility. Those serving in this role must always act in the best interests of beneficiaries when carrying out their trust management duties, which include locating and protecting trust assets, investing
What is Medicaid? Nursing homes in Pennsylvania typically cost $150,000 - $180,000 a year. Medicare and health insurance don’t pay. Medicaid does, without any dollar caps or time limits. But you must first go broke in order to qualify and, if you’re married, your spouse could forfeit a substantial part of his or her estate
Success in business requires planning, commitment, and a strategic approach. Many new businesses take at least two or three years to turn a profit and twice as long to truly hit their stride. If you’ve created a business, you know that success doesn’t happen overnight. But do you know what will happen to your business
Receiving an inheritance can be a mixed blessing. Along with welcome financial gain come responsibilities that if not properly handled can give rise to many unanticipated problems. Here are some mistakes and how to avoid them. 1. Not Considering Potential Taxes You do NOT pay income tax on an inheritance. Instead, there are death taxes,
