NPR describes the experiences of those who inadvertently ended up disqualifying themselves from SSI and other programs managed by the Social Security Administration, and ended up owing thousands in overpayments.
The asset limit of $2,000 has not been updated since 1989, it reveals.
Public Act 1 (2024) made a number of changes to the Estates and Protected Individuals Code (EPIC). These changes were given immediate effect as of February 21, 2024.
Two of the most significant ones for probate practitioners:
The expedited estate administration provision of section 3982 and the collection by affidavit (bypassing probate) provision of section 3983 have been expanded to cover estates of $50,000 or less, up from the $27,000 figure that applied in 2023. The figures will continue to be subject to annual adjustments based on cost of living. (Under section 1210, the limit for those who died between January 1 and February 23, 2014 will be the $28,000 certified by the State Treasurer in January.)
There were several amendments to the Trust Code as well.
One significant amendment of interest to personal injury practitioners:
The amount that can be paid under a settlement or payment on a judgment to the parent or custodian of a minor child under section 5102 without having to appoint a conservator is increased from $5,000 per year to $50,000 per year, also annually adjusted.
A relatively new way cyberthieves steal wealth is by taking over the identities of people after they die, an act known as ghosting or ghost hacking - searching for news that someone recently died, such as through online memorials and death notices, then hack into and take over his social media accounts, email accounts, etc.
Forbes - How to Protect Your Estate and Loved Ones From Ghost Hacking
The state Treasurer has issued the updated cost-of-living adjustments to the several dollar amounts specified in EPIC, as follows:
The spreadsheet that displays the historical figures is found at https://tech.906law.net
The IRS has issued Bulletin 2023-48, announcing its annual inflation adjustments for tax year 2024. We have posted an updated Tax calculator 2024 with these adjustments at the 906 LawTech site. Key points of interest for personal planning include:
Per-person per year gift reporting exemption - $18,000
Estate and gift tax exemption equivalent - $13,610,000
Cap on earnings subject to FICA - $168,600
Wired describes the rise of obituary pirates hijacking online death notices and obituaries on YouTube.
At the directly-named URL https://www.deadparentswhatnow.com, a site that addresses some of the practical issues, with a lightly humorous touch, such as:
My parents have literally just died. Please help.
- One of the (hopefully) few times you need to determine how to get rid of a body.
I'm back at home now, but my parents are still dead.
- How to deal with people who want to bring you lasagna in the immediate aftermath.
My parents are dead, but I can't prove it.
- You may be without death certificates, but you’re never without errands.
My parents are dead, and I have proof!
- Death certificates in hand, you’re now ready to battle bureaucracy at every turn — assuming you don’t misread the fine print.
Are your parents not quite dead?
- You don’t just need a to-do list. You need a to-die list.
