In a significant yet understated move, the Internal Revenue Service (IRS) has revised its stance on the taxation of assets held in irrevocable trusts, potentially affecting the inheritance your children might receive. This change centers on the “step-up in basis” provision, a critical element in estate planning that can substantially influence the capital gains taxes … Read more
In the United States, Social Security offers financial assistance through retirement, disability, and survivor benefits to eligible individuals and their families. Managed by the Social Security Administration (SSA), these benefits are designed to help those facing reduced income or unemployment. For April 2025, Social Security payments will be issued on the following dates based on … Read more
But the big question remains: Will Congress finally make these flexibilities permanent? Prescription Drug Costs Surge Under Medicare Plans in 2025 It’s not just groceries going up—Medicare beneficiaries are paying more out of pocket as insurers shift to co-insurance. Elon Musk and DOGE Promise to Crack Down on Medicare Fraud A new KFF Health News … Read more
Millions of Americans rely on the Social Security Administration (SSA) for retirement, disability, and survivor benefits. But recent reports warn that the SSA is facing a funding crisis that could lead to longer wait times, reduced service quality, and growing concerns about future benefit payments. The SSA, which serves over 70 million people, is under … Read more
On Thursday, just a day after former President Donald Trump announced sweeping new tariffs, a federal court in Florida saw the first lawsuit challenging them. That in itself isn’t shocking — the tariffs are expected to raise consumer prices in the U.S. and have already caused turbulence in the stock market. So, it’s no surprise … Read more
China announced on Friday that it will impose 34% tariffs on U.S. imports, directly mirroring the recent tariff hike unveiled by President Donald Trump earlier this week. The move escalates the ongoing trade dispute between the two global powers, with both sides digging in on hardline economic positions. “China firmly rejects this and will do … Read more
A federal judge ruled on Friday that Kilmar Abrego Garcia, a Maryland father mistakenly deported to El Salvador, must be brought back to the United States by Monday, April 7. Abrego Garcia was deported on March 15 to a maximum-security prison in El Salvador, despite being under a court-issued protection order from 2019 that should … Read more
Sixteen state attorneys general have filed a lawsuit against the Trump administration, challenging the cancellation of research grants by the National Institutes of Health (NIH). The legal action, filed in the U.S. District Court for the District of Massachusetts, claims the cancellations are unlawful and accuses the administration of causing intentional and unreasonable delays in … Read more
The Social Security Administration (SSA) is projected to announce a 2.2% Cost-of-Living Adjustment (COLA) for 2026, marking the lowest increase since 2020. This modest adjustment presents a mixed scenario for seniors, as it may not sufficiently offset rising living expenses. Understanding COLA COLA is designed to ensure that Social Security benefits keep pace with inflation, … Read more
Former President Donald Trump did not attend a ceremony on Friday in Delaware where U.S. officials received the remains of four American soldiers who died in a training accident in Lithuania last month. Instead, Trump was in Florida, where he kicked off a three-day LIV Golf tournament at one of his courses and was scheduled … Read more