As set forth in our Client Alert dated March 11, 2014, the IRS requires employers and health insurance issuers to report on the health coverage offered and/or provided to individuals beginning calendar year 2015.
For many people, the estate planning process can be overwhelming. In this digital age, it can also be hard to know who to trust to guide you through the process. If this sounds familiar, an upcoming seminar can help you learn where to turn, and how to avoid common estate planning mistakes.
As the Form 5500 filing deadline for most calendar year plans is quickly approaching, please note that the Form 5500 instructions have changed for 2013 to incorporate Form M-1 filing information. A Form M-1 is required to be filed by most Multiple Employer Welfare Arrangements (MEWAs). In general terms, a MEWA is a plan that offers benefits to employees of employers that are not within the same controlled group or under common control as set for the in Internal Revenue Code section 414(b) or (c). One common exception from the Form M-1 filing requirement for a MEWA is if the MEWA provides coverage to the employees of two or more trades or business that share a common control interest of at least 25 percent.
“At issue here,” said Fraser Trebilcock attorney Jonathan Raven, ” is whether or not individuals can receive subsidies for health insurance in states that use the federal exchange, or if those subsidies are available to taxpayers in states that started their own state exchanges, which eliminates millions of people in states using the federal exchange. Essentially, we’re talking about the “affordable” portion of the affordable care act. And today, two appeals courts reached two opposite conclusions.” Continue reading Conflicting Rulings on Obamacare Component
The Supreme Court ruled on June 12, 2014, that inherited individual retirement accounts (IRAs) are not protected from creditors during bankruptcy proceedings as they are not “retirement funds” within the meaning of 11 U.S.C. §522(b)(3)(c). The petitioners in the case originally filed for bankruptcy under Chapter 7 of the Bankruptcy Code (the “Code”) and attempted to exclude about $300,000 of an inherited IRA from the bankruptcy estate. They claimed that they fit within the “retirement funds” exemption of the Code. The Bankruptcy Court disallowed the exemption but the District Court reversed, stating that the retirement funds exemption covers any account in which funds were saved for retirement. The Seventh Circuit reversed the District Court and the Supreme Court affirmed.
Sparrow Health System recently entered into a high-profile partnership with Mayo Clinic, allowing the community hospital to successfully share data and knowledge with a national institution, to improve patient care and population health—all while preserving local ownership and independence.
In just a few months, our high school graduates will head off to college. We’ll make sure they have the text books they need, the right-sized dorm sheets, perhaps even a min-fridge. But what about the proper legal documents? Despite what many parents think, the law does not give you the authority to act on behalf of an adult child. It’s crucial for anyone 18 and older to have a durable power of attorney and designation of patient advocate in place. These documents allow the student to authorize someone else – you – to act on his or her behalf should the need arise.
Fraser Trebilcock Attorney Mark E. Kellogg was recently elected to the Council of the Probate and Estate Planning Section of the State Bar of Michigan. Mr. Kellogg has been a long-time Member of the Probate and Estate Planning Section and has been active in various committees of the Section, most recently, the Real Estate Committee and the Legislative Committee. Mr. Kellogg also completed the Probate and Estate Planning Certificate Program sponsored by the Michigan Institute of Continuing Legal Education.
On June 26, 2013, the U.S. Supreme Court issued its decision in United States v. Windsor, invalidating Section 3 of the Defense of Marriage Act (DOMA). In the year following the decision, its implications for employee benefit programs are becoming more clear. Fraser Trebilcock attorney Brian Gallagher recently spoke about these implications as the employee benefits panelist for a Thompson Reuters webcast on the current state of the law.
Please let this serve as a reminder that the PCORI fee is due by July 31st and must be reported on Form 720. The fee will be used to partially fund the Patient-Centered Outcomes Research Institute which was implemented as part of the Patient Protection and Affordable Care Act.