Health Wills, Trusts, & Estate Planning Tax

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News & Analysis as of

What Kind of Tax Changes Can We Expect From Trump's Presidency?

The tears have not yet dried for some, and the celebrating is not yet over for others, but let's turn our attention to taxes. With a Republican Congress and a Republican president, some measure of tax relief is a given. What...more

Tax Changes Made by Maine's 127th Legislature

The Maine Legislature ended its tumultuous session on July 16, 2015. After an advisory opinion by the Maine Supreme Court, we now know which bills actually became law. As usual, a number of significant tax issues were...more

Estate Planning for Same-Sex Couples After Obergefell

Many areas of the law are left unanswered by Supreme Court's decision in Obergefell , but the fundamental question of whether same-sex individuals can marry has now been answered. There have traditionally been many obstacles...more

Tax Law Blog: Health Savings Accounts: Beneficiaries and Taxes

As high deductible health insurance plans become more prevalent, so do health savings accounts (HSAs). While most participants are aware of the tax implications of an HSA during life (contributions are deductible from gross...more

Tax Policy Update

NUMBER OF THE WEEK: $23 Billion. The total revenue generated by the additional Medicare tax and the net investment income tax used to pay for the Affordable Care Act. The total exceeds the Joint Committee on Taxation’s 2010...more

Trust and Estate: Passage of The ABLE Act Could Provide Additional Planning Options For Disabled Individuals (2/15)

In late December 2014, President Obama signed into law the "Achieving a Better Life Experience Act of 2014" (known as the ABLE Act). The Act extends the 529 college savings account rules to allow for similar, tax-free "ABLE...more

President Signs Tax Bill with Medicare Provisions, Ebola Treatment/Vaccine Bill

In December 2014, President Obama signed into a law H.R. 5771, a tax extender bill that includes the “Achieving a Better Life Experience (ABLE) Act of 2014.” ...more

Recent Tax Developments

The following is a summary of the most important tax developments that have occurred in the past several months that may affect you, your family, your investments, and your livelihood. Please call us for more information...more

Employee Benefits Developments - January 2014

CASES - Court Finds Former NFL Player’s First Wife Is Surviving Spouse - A recent decision by the U.S. Court of Appeals for the Third Circuit demonstrates once again the importance of divorcing your first spouse...more

Important 2014 Tax Developments

The list is not intended to be exhaustive. - Income: IRS rules that incentives to health care professionals and hospitals for using electronic records are income to those receiving the...more

The IRS Says Yes, We're Married...Now What?

The U.S. Supreme Court in June struck down the Defense of Marriage Act (DOMA) provision preventing the federal government from recognizing a legally-valid marriage of a same-sex couple, and the Internal Revenue Service...more

The Impact of the Supreme Court's Decision in Windsor (DOMA) on Individuals and Businesses

The U.S. Supreme Court’s decision in United States v. Windsor, issued two weeks ago, held that a portion of the Defense of Marriage Act (DOMA) was unconstitutional. This decision will affect individuals, employers, and...more

Mcnees Insights - Asset Planning and Federal Taxation - Spring 2013

In This Issue: ATRA 2012 – How Does it Affect You?; Planning and Paying for Long-Term Care; and Obama Revenue Raising Proposals. Excerpt from ATRA 2012 – How Does it Affect You?: The American Taxpayer...more

McNees Insights - Asset Planning and Federal Taxation - Winter 2013

2012 Tax Act - The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on January 1, 2013 to avert the tax law changes that were one part of the “fiscal cliff” facing our country’s economy (the other...more

McNees Insights - Fall 2012

In This Issue: Year-End Tax Planning - Year-end planning is a bigger challenge this year than in past years because, unless Congress acts, tax rates will go up next year, many more individuals will be snared by...more

New 3.8% Medicare Tax on Investment and Unearned Income Beginning in 2013

Starting January 1, 2013, a new 3.8% Medicare tax will apply to the investment and “unearned income” of individuals, trusts and estates. The tax is intended to apply to income exempt from the regular FICA or self-employment...more

Are You Prepared for Major Income Tax Changes on January 1, 2013?

Much has been written about changes to the estate and gift tax law scheduled to occur on January 1, 2013, particularly the reduction of the lifetime estate and gift tax exemption amount from its 2012 level of $5,120,000 to $1...more

Estate Planning Update - September 2012: New Taxes Make Year-End Income Tax Planning More Important

It is not too early to start planning income tax steps to take before year-end. The Patient Protection and Affordable Care Act introduced two new taxes that will go into effect January 1, 2013. These are a 3.8 percent...more

McNees Insights -- Summer 2012

In This Issue: Planning For College – 529 Accounts; Estate Planning - IRS Issues Temporary Portability Regulations; and Filial Support and Mr. Pittas. Excerpt from Planning For College – 529 Accounts If you...more

Tax and Business Planning - August 2012

In This Issue: - Investment Income Surtax ...2 - Trusts and Estates ...3 - Increased Threshold for Deducting Medical Expenses ...3 - Planning Opportunities ... 4 Excerpt from Headline Article: Tax Increases...more

Elder Law And 2012 Gift Tax Laws

The Need for Planning One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Depending on...more

McNees Insights -- Spring 2012

In This Issue: Have You Checked Your Beneficiary Designations Recently?; Tax-Advantage Charitable Giving; and Planning and Paying for Long-term Care (Part 4 in a series: Medicaid/Medical Assistance). Excerpt from...more

McNees Insights -- December 2011

IN THIS ISSUE: Year-End Tax Planning 2011; Planning and Paying for Long-Term Care; and Gifting and Marcellus Shale. Excerpt from Year-End Tax Planning 2011 Year-end tax planning is especially challenging this year...more

McNees Insights- September 2011

IN THIS NEWSLETTER: BUDGET CONTROL ACT OF 2011 After much debate and brinkmanship, on August 2, 2011 President Obama signed the “Budget Control Act of 2011”. PLANNING AND PAYING FOR LONG-TERM CARE (PART 2...more

McNees Insights- March 2011

IN THIS ISSUE: 2011 Tax Law Changes; Estate Planning and the 2010 Tax Act; Planning and Paying for Long-term Care (Part 1 in a Series);McNees Welcomes Scott Alan Mitchell. Please see full newsletter below for more...more

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