News & Information
The following is intended as general information and does not represent legal or tax advice. The information presented is the view of the author and not necessarily the view of Ecological Society of America. Individual circumstances vary – please consult your legal and tax advisors about your specific situation.
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January 2025
You heard that correctly: Scammers are committing hospice fraud
Did someone reach out and offer free, in-home perks like cooking and cleaning in exchange for your Medicare number? Don’t give it. That could be a scammer trying to commit hospice fraud. Scammers are targeting older adults – with calls, texts, emails, fake ads, and even door-to-door visits – claiming they’ll set you up with services like free cooking, cleaning, and home health care. What they likely won’t tell you is how: They want to commit fraud by signing you up for Medicare hospice – that’s right, hospice – care. Then, they can bill Medicare for all kinds of services in your name.
If a free society cannot help the many who are poor, it cannot save the few who are rich.
John F. Kennedy
Six Items that Could Trigger an IRS Audit
While there are many honest reasons someone might omit or forget some income received, those instances rarely border on criminal or wrongful intent. But illegal practices, such as fabricating documents, taking deductions that aren’t allowed or making up different types of expenses that didn’t occur, can spell trouble. Here are six items that could draw the IRS’ attention:
Three market-moving economic indicators to watch
Among all of the economic indicators released each month, three reports in particular can move the market: the Employment Situation, gross domestic product, and Personal Income and Outlays.
People think $1 million is the magic number to start estate planning – but it’s much lower
If you ask an expert, they’ll say the ideal time to start your estate-planning journey is when you turn 18 – regardless of your wealth, health status or life path. At the very least, you need to designate someone to have power of attorney for you, lest your car registration need to be updated while you are away at college or your parents need to help you with a medical situation. Most Americans don’t heed this advice, surveys and data show: At any given time, some 60% to 70% don’t have a will or other estate-planning documents. What finally prompts people to start thinking about these things? A new survey from Charles Schwab indicates that reaching a savings level of $1 million is what gets the majority of people thinking about how they are going to protect their assets during their lifetime – and how they want to pass them on after they die.
Step-Transaction and Reciprocal Trust Doctrines: Planning Before 2026, or Earlier if Laws Change
The Tax Cuts and Jobs Act of 2017 is scheduled to sunset December 31, 2025, as a matter of current law, potentially resulting in significant changes to the estate and gift tax laws. One of the most relevant changes for estate planning practitioners is the reduction of the estate and gift tax exemption, which is slated to be reduced by half from $10 million inflation-adjusted ($13,610,000 in 2024[2]) to $5 million inflation-adjusted, estimated to be approximately $7,000,000 in 2026. Commentators have long been suggesting that practitioners advise their clients of the need to plan for the upcoming change.
The Top 5 Issues Facing High-Net-Worth Individuals in 2025
As we approach 2025, high-net-worth individuals (HNWIs – Taxpayers with total assets exceeding $1 million) are encountering a rapidly evolving financial landscape shaped by shifting tax laws, market volatility, and an ever-increasing emphasis on wealth protection. The challenges on the horizon are complex, but they can be mitigated with foresight and careful planning. Here, we explore the top five issues likely to affect HNWIs in 2025 and the strategies they should consider to stay ahead.
An Overview of Trump’s Projected Tax Changes
During his first term, President Donald Trump focused heavily on taxes. Will that hold true for term two? Taxwise, Trump’s second presidency will likely look much like his first. This is largely due to the upcoming sunsets of numerous aspects of one of the keystones of Trump’s first term, The Tax Cuts and Jobs Act. But what about income tax rates, S.A.L.T., mortgage rates, estate and gift tax exemption, and more. Read the full article in Wealth Management.
If You Don’t Have a Will Yet, Why Not?
A will is a fundamental estate planning document. It outlines how you wish your property to be distributed, who should handle matters related to settling your estate, and who you want to care for your children after you pass, among other things. If you don’t yet have a will, you’re not alone. According to a recent survey by Caring.com, 64% of Americans think having a will is important, but only 32% have one. There are many reasons people put off drafting a will – here are four that you might relate to.
What Will The World Look Like In 2120?
If we could fast-forward a century, here’s a look at how the world will work as predicted by our future-focused experts. In 2120, what will it be like to travel? Work? Recycle? The megatrends say that industries will be transformed by artificial intelligence, machine learning and data. The next 100 years could see quantum computing revolutionizing chemistry, materials science and many other fields. Used as a tool for development, quantum computers will likely enable the discovery of new drugs, chemicals and materials, lowering the cost of production and improving quality of life. Here is how seven industries will transform.
Do You Have These Key Estate Planning Documents?
Estate planning is the process of managing and preserving your assets while you are alive, and conserving and controlling their distribution after your death. There are four key estate planning documents almost everyone should have regardless of age, health, or wealth. They are -a durable power of attorney, advance medical directive(s), a will, and a letter of instruction. Life is unpredictable. So take steps now, while you can, to have the proper documents in place to ensure that your wishes are carried out. Percentage of Americans with a will, by age group (55+ equals only 46%).
Playing Fair: New Consumer Protections for Airline Passengers
There’s no doubt about it, airline travel can be stressful. Thanks to a new federal law and rules issued by the U.S. Department of Transportation, airline passengers could have extra consumer protections, some in time for the holiday travel season.
Estate Planning Isn’t Just For The Wealthy – here’s why everyone should do it
Though estate planning isn’t the most enjoyable aspect of personal finances, it’s one of the most crucial. Getting your affairs in order ensures your loved ones aren’t left scrambling over your assets or debts when you pass away. There are a lot of misconceptions about estate planning – like, that it’s only for the wealthy or that you don’t need to worry about it until later in life. Everyone should make their wishes clear – and the earlier you can start, the better. CNBC Select looks into what estate planning includes and how you can get started on the process.