When we consider the health of our families, one topic that doesn’t necessarily come to mind – but should – is the health of our estate plan.  Just as we age and change over time, so do our estate planning needs. If it has been more than a few years, it is probably time to dust off those documents for a routine examination.  While life events usually remind us or trigger assessing /reassessing our planning, the mere passage of time and changing laws can unknowingly re-write and reapportion our intended outcomes.  The following highlights five common issues we encounter when working with families that might have skipped a few too many of those important estate plan check-ups.

You may be surprised to learn that once you turn 65, traditional health insurance in the individual marketplace is no longer available. The reason: Medicare is intended to be the primary source of insurance coverage, with supplement plans provided by private carriers to fill in the coverage gaps. For this reason, as you approach the age of 65, it is important to address your health insurance exposure to avoid potential coverage gaps and penalties assessed if the Initial Medicare Enrollment Period is missed.

It has now been several months since President Biden formally outlined his administration’s focus and vision and the many tax initiatives required to support them in his draft 2022 Fiscal Year Budget and Greenbook Proposals.  Since then, the Democrat led House and Senate have adopted Budget Reconciliation resolutions activating the process by which tax and spend legislation can be enacted by simple majority in both chambers. Over the past several days, as an initial step in this process, the House Ways and Means Committee issued over 1500 pages of draft legislation further defining the social, environmental, educational, and other programs and incentives sought by the President.  Included in the voluminous release is the much-anticipated draft tax legislation required to finance the $3.5T proposed spend.  While this week’s draft represents only the first of many steps in the legislative process, it is indicative and evidentiary of which tax policies are garnering sufficient House Democrat support to ultimately advance to the Senate for further refinement and debate. The following summarizes select provisions we believe most impactful to our Pathstone client families.