Financial

On May 9, 2024, the IRS announced the Health Savings Account limits for 2025.  With respect to contribution limits, the limits are higher than the ones for 2024 and the required deductible and out-of-pocket maximums have increased as well.  As a reminder, these inflation adjusted amounts are effective for calendar year 2025.

HSA/HDHP Requirement
Cost-of-Living Adjustments

Limit on HSA Contributions – Self-only HDHP

2024 – $4,150

2025 – $4,300

Limit on HSA Contributions – Family HDHP

2024 – $8,300
Continue Reading 2025 HSA Limits Are Announced

Or, who should be in charge for the sake of middle-class prosperity, Mr. Potter or George Bailey?

Unemployment is a key economic indicator, as the rate is tied to whether companies are hiring or laying off workers. The whole point of unemployment benefits, after all, is economic insurance for businesses so that their customers continue to have money to buy the things they need, like food and housing.
The decreased and irregular purchasing power of wage earners in turn
Continue Reading Which political party is more likely to lead to economic gains

Overtime pay rules have gotten some updates. If you’re a salaried worker in the United States, there’s some important news you should know about the changes to overtime pay rules and eligibility. The US Department of Labor recently announced a final rule that will make millions more workers eligible for overtime pay. Here’s what you need to understand about these changes.
What’s Changing?
Under the new rule, the salary threshold for overtime eligibility is increasing. Currently set at $35,568
Continue Reading New Overtime Pay Rules: What It Means for Salaried Workers

Irrevocable Grantor Trusts (IGTs) have been a popular tool for estate planning. They help you reduce estate taxes, avoid probate, and distribute assets according to your wishes. But a new IRS ruling (Revenue Ruling 2023-2) throws a wrench into things. Let’s break down what this means for you.
What are Irrevocable Grantor Trusts (IGTs)?
Think of an IGT as a locked box. You put assets in the box (like stocks or cash), and a trustee manages them according to
Continue Reading Irrevocable Grantor Trusts: IRS Ruling May Affect Your Estate Plan

Reasons to start estate planning this Spring are all about getting a fresh start! Spring has sprung! The birds are chirping, flowers are blooming, and there’s a fresh sense of renewal in the air. It’s the perfect time to tackle that spring cleaning list, but what if we told you there’s an even more important kind of cleaning to consider?

Reasons to Start Estate Planning this Spring
This spring, why not focus on cleaning up your future and ensuring
Continue Reading Spring into Action: 7 Reasons to Start Estate Planning Now

Wills and trusts may seem like just documents to some, but they are the foundation of protecting your legacy. Estate planning can feel overwhelming, especially when terms like “wills” and “trusts” get thrown around. You know you want to ensure your loved ones are taken care of after you’re gone, but navigating these legal tools can be confusing.
That’s where an estate planning attorney comes in. Wills and trusts drafted by an estate planning attorney will be crafted to
Continue Reading Wills and Trusts: How an Estate Planning Attorney Can Help

Jake has been on a tear with economic news for Wisconsin, and it has been too long since I provided an update on this front. So, I’m going to piggyback off of his efforts.

In general, Wisconsin has seen both solid job AND wage growth the past few years.

While the beginning of 2023 saw a slight slow down, the latter half of 2023 saw significant income growth in the state, especially when compared to other Midwestern states.
Change
Continue Reading Wisconsin economic news

How do you preserve generational wealth? In today’s fast-paced world, where financial stability and security are paramount concerns, building generational wealth has become a significant goal for many families. Generational wealth isn’t just about accumulating riches for oneself; it’s about ensuring that those assets are preserved and passed down to future generations. At Lexern Law Group, we understand the importance of this endeavor and recognize the pivotal role that estate planning plays in safeguarding your legacy for years to
Continue Reading Preserving Generational Wealth with Estate Planning

Life insurance in estate planning is a crucial aspect of financial management often overlooked or delayed by many individuals. Yet, it holds significant importance in securing the future for your loved ones and ensuring your assets are distributed according to your wishes. Among the myriad tools available for estate planning, life insurance stands out as a versatile and powerful instrument. In this blog post, we delve into the vital role of life insurance in estate planning and why it’s
Continue Reading Leveraging Life Insurance in Estate Planning

Making your estate plan tax efficient may not be in the forefront of your mind when it comes to thinking about your legacy. But with the right planning, you’ll be able to make your estate plan tax efficient, saving your assets for future generations. Estate planning is not merely about passing on your assets; it’s also about ensuring that your loved ones receive as much of your estate as possible. One crucial aspect often overlooked is tax efficiency. Taxes
Continue Reading Making Your Estate Plan Tax Efficient

Are severance agreements dead? The value of those agreements for employers will be significantly less if employees are free to disparage employers after being paid.

Update to Employee Severance Agreements by The National Labor Relations Board (NLRB)
In recent years, the landscape of employee severance agreements has undergone significant scrutiny and adjustment, particularly with regards to confidentiality and non-disparagement provisions. The National Labor Relations Board (NLRB) has played a pivotal role in shaping these changes, emphasizing the protection of
Continue Reading Updates to Severance Agreements by the NLRB

In December 2022, Congress enacted the SECURE 2.0 Act as part of its efforts to encourage Americans to focus on savings, both for retirement and for emergencies. Two of the provisions of SECURE 2.0 – related to automatic portability programs that facilitate transfers between employers and for pension-linked emergency savings accounts (“PLESAs”) – are now the subject of Department of Labor guidance. This guidance provides employers some key insights into how these optional provisions will work in practice, and
Continue Reading DOL Issues SECURE 2.0 Guidance on PLESAs and Automatic Portability

Estate planning for couples is a great topic for you and your partner this Valentine’s Day! Valentine’s Day is not just about chocolates and roses; it’s also a perfect time for couples to consider building a lasting legacy together through estate planning. While conversations about wills and trusts might not seem romantic, they are crucial for ensuring your loved one’s future security and peace of mind.
Estate Planning for Couples at Any Stage
Here are some essential estate planning
Continue Reading Estate Planning for Couples at Any Stage

Irrevocable Life Insurance Trusts may alleviate heavy tax burdens on your estate. Are you aware your life insurance policy may bring a heavy tax burden along with it? Many individuals and families are unaware of how their life insurance policies may affect their estate plans, especially those with significant wealth. But fear not, there’s a solution that might just alleviate this stress: Irrevocable Life Insurance Trusts (ILITs) and Crummey Letters.

Let’s break it down into simpler terms.
What’s an
Continue Reading Irrevocable Life Insurance Trusts Make Your Estate Tax Efficient

Estate planning and retirement might seem like two separate financial matters, but they are intricately linked, forming the foundation of your financial security and legacy. While retirement planning focuses on ensuring you have enough funds to live comfortably after you stop working, estate planning addresses how your assets will be managed and distributed both during your lifetime and after your passing. In this guide, we’ll explore the essential connection between estate planning and retirement and provide actionable steps to
Continue Reading The Crucial Connection Between Estate Planning and Retirement

Phantom stock plans are a deferred compensation tool companies can use to attract, motivate, and retain talented employees. These plans (also known by many other names, i.e., shadow stock plans, phantom equity plans, synthetic equity programs, etc.) offer employees some of the benefits of stock ownership without transferring company equity. While phantom stock plans bring many advantages, employers must avoid pitfalls and ensure smooth administration, especially when considering future change-of-ownership transactions.

While phantom stock plans offer a unique compensation
Continue Reading Phantom Stock 101: A Primer on Invisible Equity