President Biden signed the Inflation Reduction Act into law, but what does that mean for us? Although this legislation left the estate and gift tax alone, it made some modest changes to the income tax. The Act will have a significant impact for those on Medicare, however, because of the cap on out-of-pocket prescription drug costs and insulin.

Our friend Tereina over at the American Academy of Estate Planning Attorneys wrote a fantastic breakdown of the changes, which you can read here.

If you’d rather read some of our articles, please feel free to peruse our pieces on five reasons to use a living trust or intestate distribution.