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Governor Authorizes Remote Signing of Estate Planning Documents

Lavelle & Finn


Now perhaps more than ever it is important to have an up-to-date estate plan. Recognizing the unprecedented nature of the times, the Governor has authorized the use of video conferencing (i.e. Skype, Zoom, FaceTime, WebEx) to execute your essential legal documents, including powers of attorney, health care proxies, living wills and last wills and testaments. Given […]

Lavelle & Finn, LLP is Here For You

Lavelle & Finn


Our Commitment To You Even now – especially now – we are here for you Like all of you, we are doing our best in these challenging times to help “flatten the curve”. Although we cannot meet with you in our offices, we are still here for you, attending to your legal and tax needs. We […]

Medicare and Medicaid Will Cover Coronavirus Testing

Lavelle & Finn


With coronavirus dominating news coverage and creating alarm, it is important to know that Medicare and Medicaid will cover tests for the virus. The department of Health and Human Services has designated the test for the new strain of coronavirus (officially called COVID-19) an essential health benefit. This designation means that Medicare and Medicaid will […]

Federal Government Allows States to Choose Medicaid Block Grants

Lavelle & Finn


The federal government has unveiled a plan to allow states the option to cap Medicaid spending using block grants. While this change does not directly affect nursing home residents on Medicaid and is billed as a way to improve state flexibility in running Medicaid programs, it could result in significant service cuts.  Medicaid is a […]

How Secure Is Social Security?

Lavelle & Finn


For years people have been worried about Social Security’s future, but what is the actual outlook? According to the federal government, unless Congress acts to intervene, Social Security shortfalls are expected beginning in 2035. Social Security retirement benefits are financed primarily through dedicated payroll taxes paid by workers and their employers, with employees and employers […]

Make Sure You Are Counted in the 2020 Census

Lavelle & Finn


The 2020 census is starting soon, and seniors need to be counted. This may be more of a challenge this year because for the first time, the census will be completed largely online. The U.S Constitution mandates that the federal government conduct a census every 10 years. Information from the census is used to determine […]

New Law Makes Big Changes to Retirement Plans

Lavelle & Finn


As part of a major spending package, President Trump has signed the Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”), legislation that makes major changes to IRAs and other retirement plans. The SECURE Act offers more incentives for individuals and small business owners to save for retirement, but may require an urgent rethinking of […]

The Future of Social Security and Medicare: Here’s What Trustees Are Projecting

Lavelle & Finn


Most Americans will eventually receive Social Security and Medicare benefits. Each year, the Trustees of the Social Security and Medicare Trust Funds release lengthy reports to Congress that assess the health of these important programs. The newest reports, released on April 22, 2019, discuss the current financial condition and ongoing financial challenges that both programs […]

IRA and Retirement Plan Limits for 2020

Lavelle & Finn


IRA contribution limits The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2020 is $6,000 (or 100% of your earned income, if less), unchanged from 2019. The maximum catch-up contribution for those age 50 or older remains at $1,000. You can contribute to both a traditional IRA and a […]

IRS Issues Long-Term Care Premium Deductibility Limits for 2020

Lavelle & Finn


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. Premiums for “qualified” long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 10 percent of the […]