Starting January 1, 2010, the rules governing conversion of traditional IRA or 401(K) accounts to a Roth IRA will change. Through the end of 2009, only people with a modified adjusted gross income of less than $100,000 are eligible to convert traditional accounts to a Roth IRA. The income restriction will be lifted in 2010, and all investors will be able to convert funds.

Until the end of 2009, the inheritance tax, also referred to as the estate tax, stands at 45 percent for estates over $3.5 million. The tax will sunset at the end of the year, for one year only. It will then be reinstated in 2011 at the rate of 55% with an exemption of $1 million.

It is still unclear whether the tax will be repealed in 2010. Earlier this month, the House passed a one-year extension of the tax, essentially freezing it at current levels until 2011. The House has also passed smaller extensions, from one to three months, in an attempt to give the Senate time to come up with a more permanent solution.

Senate Proposal Would Eliminate Use of Term “Mentally Retarded” Words hurt, and it has long been recognized that language shapes perception. So when Senator Barbara Mikulski (D-MD) proposed Rosa’s Law, which would replace the term “mental retardation” with “intellectual disability” in federal programs, it marked significant progress for people with developmental disabilities. Rosa’s big brother,…

A revocable living trust is an arrangement by which you transfer ownership of your property into a trust throughout the course of your lifetime, the contents of which are transferred to your beneficiaries upon death. In some cases, a revocable living trust is used as a partial substitute for a Will. As with any trust,…

IRS Issues Long-Term Care Premium Deductibility Limits for 2010 The amount you can deduct on your taxes as a result of buying long-term care insurance has been increased by the IRS for 2010. For the first time, the maximum deductible limit for an individual exceeds $4,000. Premiums for “qualified” policies (see explanation below) are tax…

A Message from Bernard A. Krooks Whatever your personal stance on health care reform, the very public conversation now dominating headlines is momentous. For all citizens, but especially for seniors and individuals with special needs, access to quality medical services is essential. It’s important that our national dialogue is giving this central issue the attention…

Some children with special needs may wish to continue their education beyond high school. It is important for these students and their parents to understand what rights they have at a post-secondary institution, and to know how those rights differ from the rights they had in high school. Post-secondary institutions may not discriminate against students with disabilities, but they are not required to identify the special needs of their students as public schools are.

A trust protector is an individual who will oversee a trust and make sure it is not affected in the event that laws or other circumstances change. A trust that will be in effect for a lengthy period of time may benefit from a trust protector. Appointing a trust protector makes a long-term trust more flexible and able to adjust to unexpected events.

GLBT couples face several unique challenges, many of which are due to the fact that the federal government does not recognize state-sanctioned marriages, civil unions or domestic partnerships. Social Security provides one key example of inequality built into the law. Social Security is a federal law, and the federal government determines eligibility rules. The failure of the government to recognize GLBT marriages results in the loss of benefits for same sex couples.

As a child with special needs approaches the age of 18, a variety of circumstances change. Programs that are available to help with the care of minors may no longer be available for adults. Eligibility for public financial benefits is subject to strict rules. Health care decisions may not automatically be left to parents or guardians.