From new Internal Revenue Service (IRS) life expectancy tables for required minimum distributions to lowered reporting thresholds for third-party payment networks, we have recently seen significant developments in estate planning and business law. To ensure that you stay abreast of these legal changes, we have highlighted some noteworthy developments and analyzed how they may impact your estate planning and business law practice.

Powers of appointment are useful estate planning tools that allow the grantor of the power to choose someone they trust to instruct the fiduciary in control of the assets to redirect the distribution of the assets from their estate or trust. This distribution can take place many years after the grantor’s death.

Last August, we published a blog about California’s new Medicaid eligibility rules. Well, those new rules are coming to fruition and will drastically change Medicaid planning in that state.

Most states have a $2,000 asset limit for an individual to qualify for Medicaid. California was no exception. However, the new rules change the asset limit for an individual to $130,000 ($267,000 for a married applicant) as of July 1, 2022. Even more astonishing – all resources will be disregarded no sooner than January 1, 2024. Meaning, a MAGI-based applicant can have unlimited resources and qualify for long-term care Medicaid at that time.