A Perspective on Change: How to Avoid Anxiety When Faced with Uncertainty

Things seem to be happening fast, and many people are worried about potential changes to tax laws and funding for programs on which they rely. Over time, Jeff has learned that talk of change does not always result in change. Because speculation can drive anxiety and poor decisions, often the best approach is to wait. If laws and programs do change, then meet with your professional advisor(s) and make decisions based on the most current and accurate information.

WHAT YOU NEED TO KNOW

(00:00) Episode introduction.

(03:48) We anticipate changes in 2026 to the federal estate tax limit for people who have at least $13.99 million as a single person or $27.98 million as a married couple. Be prepared to speak with your tax attorney in the last quarter of 2025.

(05:45) If you have less than $13.99 million or $27.98 million, hold off on making changes for tax purposes until we know more.

(07:40) Tax planning with an irrevocable trust means giving up control. Understand your options.

(12:00) Jeff is skeptical that they will make cuts to Medicaid.

(16:18) Schedule an appointment with your attorney if changes are made to same sex marriage laws.

(17:50) There is no harm in filing for The Corporate Transparency Act. If you wait, keep track of the filing deadline.

(19:21) If you have a grantor trust and have been filing separate trust tax returns, ask your tax professional if you should continue to do that. Pennsylvania now follows the federal rules.

(21:26) Changes to The Secure Act are possible. Wait to make adjustments until we know whether changes occur.

(23:28) One smart way to prepare for an unknown future is to make sure that everyone over the age of 18 has a financial power of attorney, a health care power of attorney with a living will, and a last will and testament.

ABOUT BELLOMO & ASSOCIATES

Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a master’s degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.

Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesn’t happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website https://bellomoassociates.com/ to learn more.

LINKS AND RESOURCES MENTIONED

Bellomo & Associates workshops: https://bellomoassociates.com/workshops/

• Life Care Planning
• The Three Secrets of Estate Planning
• Nuts & Bolts of Medicaid

For more information, call us at [phone].

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