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HAPPY NEW YEAR

We wish all of you a  healthy and happy 2020!  But we must interrupt this holiday season momentarily to let you know about the SECURE Act - passed on December 20. SECURE is the biggest piece of retirement related legislation since 2006.  It is good news on certain issues, but most likely bad news for clients with large retirement plans that are not going to charities.

In general, a non-spouse beneficiary is now required to withdraw inherited benefits within 10 years rather than over their lifetime unless they are disabled. This is a game changer for clients with large retirement plans, financial advisors and estate planners. Withdrawal strategies and beneficiaries should be reevaluated in light of the new rules.

More on this next month, and our very best wishes for 2020.

Carole 

 

CAROLE SPAINHOUR

ELDERLAW NEWS
Medicare Premiums to Increase By Almost $10 a Month in 2020
After small or no increases the past couple of years, Medicare’s Part B premium will rise sharply in 2020. The basic monthly premium will increase $9.10, from $135.50 a month to $144.60.
Medicaid's Treatment of the Home
Nursing home residents do not automatically have to sell their homes in order to qualify for Medicaid, but that doesn't mean the house is completely protected.

Home Care Costs Rise Sharply in Annual Long-Term Care Cost Survey
When it comes to long-term care costs, the charges for home care are now rising faster than those for nursing home care, according to Genworth's 2019 Cost of Care survey.
IRS Issues Long-Term Care Premium Deductibility Limits for 2020
The Internal Revenue Service (IRS) has announced the amount taxpayers can deduct from their 2020 income as a result of buying long-term care insurance.

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