Financial Power Blog — Laws

President Biden signed the Inflation Reduction Act of 2022 (IRA) as Public Law 1217-169 on August 16, 2022.   To combat inflation, the Inflation Reduction Act will make a historically large down payment on deficit reduction, make investments in local industry and energy production, and cut carbon emissions by nearly 40% by 2030. The enlarged Affordable Care Act program will be continued for an additional three years, through 2025, under the act, which also permits Medicare to bargain over the cost of prescription drugs. In addition to lowering the current inflation rate, the Inflation Reduction Act is projected to cut...

It is critical to reevaluate your tax strategy when laws, opportunities, and your circumstances change. For the best chance of success for you, I believe it is equally crucial that your advisor collaborate with your accountant and tax attorney. The Tax Cuts and Jobs Act of 2017 and the SECURE Act are two significant improvements that have occurred in recent years.   Tax Cuts and Jobs Act   The majority of people are aware of the substantial changes that this legislation made to the tax system. Don't forget that several provisions of the Act will sunset or expire in 2025,...

In a ruling on January 26, 2009, on Plan Beneficiary Form in the case of Kennedy vs. Dupont Savings and Investment Plan, the U.S. Supreme Court unanimously ruled that William Kennedy's ex-spouse would receive his $402,000 retirement plan because she was the named beneficiary. Mr. Kennedy died in 2001. Under the divorce decree of 1994, his ex-spouse waived her rights to any benefits from his retirement plan. Mr. Kennedy wanted the proceeds to be paid to his daughter.   So what could go wrong? Simple, Mr. Kennedy failed to change the beneficiary form. Mr. Kennedy believed because his ex spouse...