Arthur Arsenault

05/05/2026

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04/22/2026

Estate planning is different these days. With a historically high gift and estate tax exemption, most families are unlikely to face federal gift or estate tax liability. This makes it critical to understand the income tax impact of asset transfers, including the stepped-up basis rules. Generally, for people inheriting appreciated assets (such as stock, real estate and business interests), the tax basis for calculating gain when the assets are sold is “stepped up” to their value on the deceased’s date of death. This can significantly reduce or eliminate capital gains tax for heirs, while lifetime gifts don’t get a stepped-up basis. Contact us for help crafting a tax-efficient estate plan.

03/26/2026

03/25/2026

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This update reflects market and geopolitical conditions at the time of writing. Because global developments are constantly unfolding, conditions may change after publication.

03/20/2026

Retirees and soon-to-be retirees should understand Medicare’s Income-Related Monthly Adjustment Amounts (IRMAAs). These surcharges increase Part B and Part D premiums for beneficiaries whose income exceeds certain thresholds. Because IRMAAs are based on modified adjusted gross income from two years earlier, people who recently retired (or soon will) may be charged higher premiums based on income earned while they were still working. Fortunately, Medicare allows beneficiaries to appeal these charges if they’ve experienced certain “life-changing events,” including retirement. With proper documentation, the surcharge may be reduced or eliminated. Contact us for more information.

03/18/2026

On March 6, the IRS issued proposed regulations addressing Trump Accounts (TAs), which were created under the One Big Beautiful Bill Act. TAs provide families with a new way to build savings for eligible children. Contributions of up to $5,000 per year can be made beginning July 4. Contributions aren’t deductible, but the accounts can grow tax-deferred. The proposed regs detail the requirements for opening TAs and define key terms. They also explain who can open the accounts and who’ll manage them. In addition, they describe how the U.S. Treasury Secretary will administer the one-time $1,000 pilot program contribution for eligible children and related rules. Contact us with questions.

03/17/2026

02/12/2026

Many married couples include a working spouse and a nonworking spouse, but that doesn’t mean the nonworking spouse can’t save for retirement. A nonworking spouse can contribute to a traditional or Roth IRA through a “spousal” IRA set up in his or her name. (The couple must file jointly.) Contributions for 2025 can be made as late as April 15, 2026. Whether a traditional IRA contribution is deductible generally depends on the couple’s joint income and whether either spouse participates in an employer-sponsored retirement plan such as a 401(k). Roth IRA contribution eligibility depends only on the couple’s joint income. Contact us for help making tax-efficient retirement planning choices.

02/11/2026

It may be 2026, but it’s still possible to lower your 2025 tax bill! If you qualify, you can make a contribution to a traditional IRA up until April 15, 2026, and deduct the amount on your 2025 income tax return. But if you (or your spouse, if applicable) participate in a work-based retirement plan such as a 401(k) and your income exceeds certain limits, your deduction will be phased out. For 2025, eligible taxpayers are allowed to contribute as much as $7,000 ($8,000 if they’re age 50 or older) to an IRA. You also have until April 15 to make 2025 Roth IRA contributions, so long as you haven’t already exceeded the annual maximum. However, Roth contributions aren’t tax-deductible.