MGM Law Blog Posts
All Business Owners: Federal Corporate Transparency Act Whiplash
This Act mandates that certain business entities disclose their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) of the Treasury Department. Lawsuits have challenged this Act in the Fourth and Fifth Circuits. The current Federal Administration is unpredictable. Whether or not this Act is enforceable has changed in December 2024, January 7, […]
New SSA Rules: Regarding Payments for “Food” by Special Needs Trusts and Family
Starting on September 30, 2024, “food” will be removed from the calculations of In-Kind Support and Maintenance (ISM). This will allow Supplemental and Special Needs Trustees as well as family members an additional way to help loved ones that receive SSI and related benefits. SSI is a monthly cash payment for food and shelter. To […]
The Gift and Estate Tax Exemption Gets Cut at the end of 2025. What Happens Then?
Currently less than one percent of American households have assets over $10 million and so would not have to worry about the Federal estate tax exemption of $12.92 million (in 2023) and indexed for inflation. Married couples can double the Federal exemption to be over $25 million! But in 2026 the Federal gift and estate […]
May is National Elder Law Awareness Month!
Elder law is an area of legal practice that focuses on the needs and challenges faced by seniors. One important issue that falls under this category is nursing home Medicaid eligibility. Medicaid is a government-funded healthcare program that provides medical assistance to certain populations, and it can be a crucial resource for seniors who require […]