Governor Malloy of Connecticut recently announced an amnesty program for CT state taxes. Connecticut is offering to allow people to report old unpaid taxes for CT and they will waive the penalties and most of the interest in an effort to collect unpaid CT taxes. In addition, they will not pursue criminal prosecution and may limit the number of years they look back.
In the new Bill, the estate tax is repealed effective 12-31-23. The exclusion is doubled until then to $10M per person ($11.2M adjusted for inflation). Second, there are no changes to the current Retirement Account provisions.
The new Budget which was passed on 10-31-17 changed Connecticut Estate Taxes to equalize them with the federal exemption.
Social Security recipients and other retirees will get a 2 percent increase in benefits in 2018.
If you are divorced, you can claim Social Security benefits on your ex-spouses record if you were married for 10 years or more.
Special needs trusts allow disabled people to receive the benefit of trust money without being disqualified from receiving Medicaid and SSI. With a special needs trust, the money can be used to pay for expenses that are not covered by Medicaid or SSI without reducing the benefits that the beneficiary would otherwise be eligible to receive.
In 2017 the average monthly Social Security payment was $1,360. The maximum you could get if retire at your normal retirement date is $2,687. If you retire early it is $2,153 and if you retire at 70 it goes up to $3,538.
The four big questions for parents of children when estate planning are, who should be the Guardian? Who should be the Trustee? How should we give our money to our kids? At what age should I give the money to my kids.
Figuring out how to maximize your social Security Benefits is complicated. The amount you will receive is impacted by a variety of decisions you have to make.
Connecticut is an expensive place to die. First, you have an estate tax that starts at $2M. The federal exemption and most other states start at $5M +. Second, the estate tax ranges up to 12%. Then, it has a material probate fee ranging up to 1% and can be $40,000.
A contribution to a child's retirement account can help them get a head start on a financially secure retirement.
Is it ethical to arrange your financial affairs so you qualify for Medicaid? After all, it essentially means you are moving assets to qualify for a government program for the poor.
If you don't have a Power of Attorney, someone will have to be appointed guardian or conservator in order to manage your affairs.
You can move to Connecticut or New York while on Medicaid but it will not be easy. You will have to move to Connecticut or New York and then reapply for Medicaid.
Over three-quarters of long-stay nursing home residents will eventually be covered by Medicaid.
The new Minimum Monthly Needs Allowance increases to $2,030 and the Community Spouse Monthly Housing Allowance increases to $609 in Connecticut and New York .
Independent contractor or employee is determined by a 6 factor test.
Health Care Costs not Taxes Hurt US Competitiveness according to Warren Buffett.
The American Health Care Act is an all-out assault on the health and long-term care needs of older adults according to Justice in Aging.
The IRS is going to start using private debt collectors to pursue overdue taxes.
The Connecticut law governing LLC's has been revised effective July 1, 2017. It modernizes Connecticut LLC law.
The IRS recently posted the 2017 mileage rates for business, medical and charity.
Everyone needs a Power of Attorney in case they are incapacitated.
Most people do not have a Will. You should use a lawyer to prepare a Will.
There are financial benefits to staggering retirement dates.