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Articles by Mary Kennedy
Is Your Child College Bound? Don’t Forget These Important Estate Planning Documents
Turning eighteen is more than another important birthday: it marks when a child becomes a legal adult and new legal considerations for parents and children arise. In most circumstances, parents of college-aged children are no longer authorized to obtain information about their child’s medical care, educational records or finances.
Fast, Cheap, and Risky: The Problem with AI Estate Planning
Artificial intelligence tools can seem like a convenient shortcut to estate planning. They are fast, inexpensive, and the documents they produce look convincing. But these tools carry significant risks that may not become apparent until it is too late to correct them. Estate Planning Is More Than Documents Estate planning is not just paperwork. It is a process.
When to Review Your Estate Plan and Planning Documents
When you create an estate plan, it reflects your goals and wishes at that moment in time. Undoubtedly, life brings changes, and your estate plan should evolve with it. For example, the beneficiary you named when you first opened a retirement account may no longer reflect your current wishes, or a will drafted before your children were born may not account for your growing family.
It's Not Just Stuff: How to Plan for Personal Property in Your Estate
Family heirlooms, jewelry, artwork, and treasured household items often carry far more emotional value than financial worth. Because of this, when these items are not included in your estate plan, they easily become sources of conflict among heirs. While families understandably tend to focus on financial accounts and real estate, disputes over something like an heirloom ring or antique table can create lasting rifts.
OBBBA Changes Create New Tax Planning Opportunities | JD Supra
The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, introduced wide-ranging tax and policy changes. It contains hundreds of provisions, which address issues from clean energy to federal debt ceiling to changes to the Medicaid program. Also included are permanent changes to federal estate, and gift tax regulations, which may spur some families to reconsider their existing wealth transfer strategies. What does the OBBBA mean for estate planning and wealth transfer?
Your Estate Plan May Have an Expiration Date: Signs It Is Time for An Update | JD Supra
Happy National Estate Planning Awareness Week If you think your estate planning is a one and done task, think again. As you and your family grow and change, your estate plan needs to change and develop right along with you. That estate plan you thoughtfully created years ago might not fulfill your current goals and intentions or protect your family the way you think it does.
Intentions Aren't Legally Binding, but Estate Plans Are: The Case for Getting Your Affairs in Order | JD Supra
We all want to do right by the people we care about. But life gets busy, and planning for the future often falls off your to-do list. Without a legally binding estate plan, your good intentions might be clear to you—but they won't be clear to courts, financial institutions, or your family when it matters most. So, what exactly does a formal estate plan accomplish? The answer goes far beyond what most people think about. What are the benefits of having an estate plan?
Shield Your Assets as Part of a Comprehensive Long-Term Care Plan | JD Supra
Whether you're assisting an aging parent or proactively planning for your future, the rising costs of long-term care are a pressing concern for many. Understanding how to protect your assets while ensuring access to necessary care is essential in safeguarding your financial future. According to the 2024 Cost of Care Survey by Genworth and CareScout: Nursing home care costs average $9,277 per month for a semi-private room, and $10,646 for a private room nationwide.
Planning for the Future with Advance Directives, POLST, and Funeral Representatives | JD Supra
Healthcare treatment. Hospital preferences. End-of-life care. Some choices are too important to leave to chance—yet they often are. A recent poll found that only 46% of older adults in the U.S. had documented their advanced healthcare preferences. Healthcare wishes can be hard to think about, but planning ahead can make sure your wishes are honored and may reduce stress on loved ones during a difficult time.
Planning for Your Pet’s Care following Your Incapacity or Passing | JD Supra
Whether you’re a dog lover, a cat person, or a caretaker for another kind of feathered, scaly, or furry friend, pets are an important part of our lives. Yet when individuals are creating their estate plan, their pet’s future is often overlooked. While 66% of U.S. households have at least one pet, a 2023 survey found that only 9% of people with estate plans made provisions for them. Why include your pet in your estate plan? You love your pet as it is a part of your family.
What Is Estate Administration and How Long Does It Last? | JD Supra
When an individual passes away, their assets must be distributed to their named heirs or beneficiaries. The beneficiaries may be designated as a co-owner or a beneficiary, or the assets will pass to the estate to be distributed by an estate representative.
Your Personal Belongings: What Happens to Your Tangible Personal Property After You Pass | JD Supra
Assets with significant monetary value like real estate, stocks, and retirement accounts are the key points most people consider when creating an estate plan. But what about your possessions? Personal possessions include items like furniture, collectibles, jewelry, family heirlooms, or artwork, and they often carry sentimental or financial value. Without a plan, determining what happens to these belongings upon your death can quickly lead to confusion and conflict among your heirs.
Planning for the Transfer of the Family Vacation Home | JD Supra
Your family’s vacation home is more than just a property. It is where your family has created memories to cherish for generations. Deciding how to pass down such a meaningful asset can be an emotional decision, but it also can present an opportunity for a strategic financial one. With the right strategy, you can use two common options to protect your property’s future, minimize tax liability, and preserve family relationships.
Empower Your Parents & Secure Their Legacy | JD Supra
No matter how much planning you do, you can never be too prepared to face the future of caring for your aging parents. While it may not be the most comfortable topic, having an open and honest discussion allows you to collaborate with your parents to make sure their voices are heard and intentions clear. A proactive approach minimizes potential confusion and helps secure the legacy they’ve worked so hard to build and maintain.
IRS Releases Increased HSA Limits for 2025 | JD Supra
Seyfarth Synopsis: The IRS has announced increases to key limits for certain health and welfare benefit programs, including HSA contributions for 2025. The IRS recently released 2025 cost-of-living adjustments applicable to dollar limitations for certain employer-sponsored health and welfare plans in Rev. Proc. 2024-25. The changes in the 2025 cost-of-living adjustments for employer-sponsored health and welfare plans that were announced in Rev. Proc.
Employers May Have to Pay More in 2024 as Affordability Threshold Hits New Low for Second Year in a Row | JD Supra
Seyfarth Synopsis: The IRS has announced adjustments decreasing the affordability threshold for plan years beginning in 2024, which may cause employers to have to pay more for ACA compliant coverage in 2024. The IRS recently released adjustments decreasing the affordability threshold for plan years beginning in 2024 in Revenue Procedure 2023-29.
Employers May Have To Pay More In 2024 As Affordability Threshold Hits New Low For Second Year In A Row
Seyfarth Synopsis: The IRS has announced adjustments decreasing the affordability threshold for plan years beginning in 2024, which may cause employers to have to pay more for ACA compliant coverage in 2024. The IRS recently released adjustments decreasing the affordability threshold for plan years beginning in 2024 in Revenue Procedure 2023-29.
Employers May Have to Pay More in 2024 as Affordability Threshold Hits New Low for Second Year in a Row
Seyfarth Synopsis: The IRS has announced adjustments decreasing the affordability threshold for plan years beginning in 2024, which may cause employers to have to pay more for ACA compliant coverage in 2024. The IRS recently released adjustments decreasing the affordability threshold for plan years beginning in 2024 in Revenue Procedure 2023-29.
Fiduciaries in Estate Matters: Who do you Trust? (Pt. II) | JD Supra
In the last alert, we reviewed the responsibilities of an executor. In this next introductory review, we will discuss the role of a trustee. Before we define the role of a trustee, we must explain the definition of a trust first. A trust is an arrangement where a person (or entity) becomes the owner of another’s assets for the benefit of others (the beneficiaries). The trustee is the person or entity that takes ownership and control of the trust assets.
Fiduciaries in Estate Matters: Who Do You Trust? | JD Supra
As part of the estate planning process, clients nominate trusted friends or family members (or sometimes, banks or other institutions, depending on the role) to serve key roles: Executor, Trustee, Guardian, Agent under a Power of Attorney, Health Care Representative and Funeral Agent. Clients, as well as these individuals they intend to appoint, understandably want an explanation of the responsibilities of each of these key roles.
Remedial Amendment Period Modifications and Other Technical Clarifications | JD Supra
Seyfarth Synopsis: In November 2022, the Internal Revenue Service (IRS) issued Revenue Procedure 2022-40, which made modifications impacting the remedial amendment period for both individually-designed qualified 401(a) plans and 403(b) plans, as well as clarifications about eligibility of a qualified plan for an initial determination letter and the timing of a determination letter filing regarding a plan merger.
Coming Soon to Your 403(b) Plan: IRS Determination Letters | JD Supra
February 13, 2023 Mary Kennedy, Richard Loebl, Richard Schwartz Seyfarth Shaw LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: Seyfarth Synopsis: In November 2022, the Internal Revenue Service (IRS) announced in Revenue Procedure 2022-40 an expansion to its Determination Letter Program which for the first time will permit individually-designed 403(b) plans to apply for a favorable determination letter.
The End is Near: Emergency Declarations and COVID Relief Will Expire May 11, 2023 | JD Supra
Seyfarth Synopsis: The Biden Administration has announced that the COVID-19 Public Health Emergency (PHE) and COVID-19 National Emergency (NE) will expire May 11, 2023. In response to the COVID-19 pandemic, two separate emergency declarations have been in effect: (1) the PHE; and (2) the NE. For more information regarding the Emergency Declarations, COVID Relief, and previous deadline extensions, see our prior Legal Updates here, here, and here.
The End is Near: Emergency Declarations and COVID Relief Will Expire May 11, 2023
Seyfarth Synopsis: The Biden Administration has announced that the COVID-19 Public Health Emergency (PHE) and COVID-19 National Emergency (NE) will expire May 11, 2023. In response to the COVID-19 pandemic, two separate emergency declarations have been in effect: (1) the PHE; and (2) the NE. For more information regarding the Emergency Declarations, COVID Relief, and previous deadline extensions, see our prior Legal Updates here, here, and here.
The End is Near: Emergency Declarations and COVID Relief Will Expire May 11, 2023
Seyfarth Synopsis: The Biden Administration has announced that the COVID-19 Public Health Emergency (PHE) and COVID-19 National Emergency (NE) will expire May 11, 2023. In response to the COVID-19 pandemic, two separate emergency declarations have been in effect: (1) the PHE; and (2) the NE. For more information regarding the Emergency Declarations, COVID Relief, and previous deadline extensions, see our prior Legal Updates here, here, and here.
The End is Near: Emergency Declarations and COVID Relief Will Expire May 11, 2023
Seyfarth Synopsis: The Biden Administration has announced that the COVID-19 Public Health Emergency (PHE) and COVID-19 National Emergency (NE) will expire May 11, 2023. In response to the COVID-19 pandemic, two separate emergency declarations have been in effect: (1) the PHE; and (2) the NE. For more information regarding the Emergency Declarations, COVID Relief, and previous deadline extensions, see our prior Legal Updates here, here, and here.
Remedial Amendment Period Modifications and Other Technical Clarifications
Seyfarth Synopsis: In November 2022, the Internal Revenue Service (IRS) issued Revenue Procedure 2022-40, which made modifications impacting the remedial amendment period for both individually-designed qualified 401(a) plans and 403(b) plans, as well as clarifications about eligibility of a qualified plan for an initial determination letter and the timing of a determination letter filing regarding a plan merger.
Happy Holidays! Agencies Gift Plans Good Faith Relief and A Compliance Deadline Extension for Prescription Drug Reporting
Seyfarth Synopsis: Plans have been scrambling to gather data and work with providers in preparation for the December 27, 2022 deadline to report prescription drug and health care spending information. Just in time for the holidays, the Departments of Labor, Health and Human Services, and Treasury (the “Departments”) have issued FAQs related to Prescription Drug and Health Care Spending Reporting under Title II (the “Transparency Requirements”) of the Consolidated Appropriations Act of 2021 (CAA).
IRS Releases 2023 Limits for Health and Welfare Plans | JD Supra
Seyfarth Synopsis: The IRS has announced an increase to the applicable dollar amount for determining the Patient-Centered Outcomes Research Institute (“PCORI”) Fee for 2023 as well as other health and welfare limits. The Affordable Care Act (ACA) established the PCORI to support research on clinical effectiveness. The PCORI is funded in part by fees paid by certain health insurers and sponsors of self-insured health plans (referred to as “PCORI fees”).
IRS Releases 2023 Limits for Health and Welfare Plans
Seyfarth Synopsis: The IRS has announced an increase to the applicable dollar amount for determining the Patient-Centered Outcomes Research Institute (“PCORI”) Fee for 2023 as well as other health and welfare limits. The Affordable Care Act (ACA) established the PCORI to support research on clinical effectiveness. The PCORI is funded in part by fees paid by certain health insurers and sponsors of self-insured health plans (referred to as “PCORI fees”).
IRS Announces Increases to Estate, Gift and Generation Skipping Transfer Tax Amounts for 2023 | JD Supra
The basic exclusion amount is the total amount that an individual may pass by gifts made during his or her lifetime or by devises and bequests at his or her death without liability for federal estate, gift or generation skipping transfer tax. In 2022, the amount exempt from these taxes was $12,060,000 per person. In 2023, the exempt amount will increase to $12,920,000. The lifetime basic exclusion amount is scheduled to expire in 2026.
Save Even More in 2023: IRS Releases 2023 Annual Limits for Retirement Plans | JD Supra
Seyfarth Synopsis: The IRS just announced the 2023 annual limits that will apply to tax-qualified retirement plans. For a second year in a row, the IRS increased the annual limits, allowing participants to save even more in 2023. Employers maintaining tax-qualified retirement plans will need to make sure their plans’ administrative procedures are adjusted accordingly. In Notice 2022-55, the IRS announced the various limits that apply to tax-qualified retirement plans in 2023.
Save Even More in 2023: IRS Releases 2023 Annual Limits for Retirement Plans
Seyfarth Synopsis: The IRS just announced the 2023 annual limits that will apply to tax-qualified retirement plans. For a second year in a row, the IRS increased the annual limits, allowing participants to save even more in 2023. Employers maintaining tax-qualified retirement plans will need to make sure their plans’ administrative procedures are adjusted accordingly. In Notice 2022-55, the IRS announced the various limits that apply to tax-qualified retirement plans in 2023.
Are We There Yet? Emergency Declarations and COVID Relief Are Extended Into 2023 | JD Supra
October 19, 2022 To embed, copy and paste the code into your website or blog: Seyfarth Synopsis: HHS has announced that the COVID-19 Public Health Emergency (PHE) has been extended another 90 days, and will run until January 11, 2023. In response to the COVID-19 pandemic, two separate emergency declarations have been in effect: (1) the COVID-19 PHE and (2) the COVID-19 National Emergency.
Are We There Yet? Emergency Declarations and COVID Relief Are Extended Into 2023
Seyfarth Synopsis: HHS has announced that the COVID-19 Public Health Emergency (PHE) has been extended another 90 days, and will run until January 11, 2023. In response to the COVID-19 pandemic, two separate emergency declarations have been in effect: (1) the COVID-19 PHE and (2) the COVID-19 National Emergency. These emergency declarations provide different types of COVID-related relief for participants and group health plans.
Employers May Have to Pay More in 2023 as Affordability Threshold Hits New Low | JD Supra
Seyfarth Synopsis: The IRS has announced adjustments decreasing the affordability threshold for plan years beginning in 2023, which may cause employers to have to pay more for ACA compliant coverage in 2023. The IRS recently released adjustments decreasing the affordability threshold for plan years beginning in 2023 in Revenue Procedure 2022-34.
Employers May Have to Pay More in 2023 as Affordability Threshold Hits New Low
Seyfarth Synopsis: The IRS has announced adjustments decreasing the affordability threshold for plan years beginning in 2023, which may cause employers to have to pay more for ACA compliant coverage in 2023. The IRS recently released adjustments decreasing the affordability threshold for plan years beginning in 2023 in Revenue Procedure 2022-34.
Estate Planning Checklist: Something to Consider Before Sending your Child off to College | JD Supra
Before you pack the car and bring your student to their new home at college, there is an important bit of estate planning each family should consider. At the age of eighteen, a child become a legal adult. Therefore, in most circumstances, parents of college aged children are no longer authorized to obtain information about their child’s medical care or finances. We suggest that young adults consider signing a Power of Attorney and Advance Directive for Health Care.
Employers May Have to Pay More in 2022 Under New ACA Limits | JD Supra
Seyfarth Synopsis: The IRS has announced adjustments decreasing the affordability threshold and increasing employer shared responsibility payments for plan years beginning in 2022. On May 9, 2022, the IRS updated the Questions and Answers on Employer Shared Responsibility Provisions Under the Affordable Care Act page on the IRS website to include 2022 indexing adjustments for the affordability threshold and employer shared responsibility payments.
IRS Announces Affordability Threshold and Employer Shared Responsibility Payment Adjustments for 2022
Seyfarth Synopsis: The IRS has announced adjustments decreasing the affordability threshold and increasing employer shared responsibility payments for plan years beginning in 2022. On May 9, 2022, the IRS updated the Questions and Answers on Employer Shared Responsibility Provisions Under the Affordable Care Act page on the IRS website to include 2022 indexing adjustments for the affordability threshold and employer shared responsibility payments.
IRS Releases Increased HSA Limits | JD Supra
Seyfarth Synopsis: The IRS has announced increases to key limits for certain health and welfare benefit programs, including HSA contributions for 2023. The Internal Revenue Service (IRS) recently released 2023 cost-of-living adjustments applicable to dollar limitations for employer-sponsored health and welfare plans.
IRS Releases Increased HSA Limits
Seyfarth Synopsis: The IRS has announced increases to key limits for certain health and welfare benefit programs, including HSA contributions for 2023. The Internal Revenue Service (IRS) recently released 2023 cost-of-living adjustments applicable to dollar limitations for employer-sponsored health and welfare plans. The changes in the 2023 cost-of-living adjustments for employer-sponsored health and welfare plans are summarized in the table below: Health and Welfare Program Limits (Rev. Proc.
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