President Biden signed the American Rescue Plan on March 11, 2021. The money has already started to go to those taxpayers who use direct deposit. Money will continue to be distributed in the coming weeks and months. Now is a great time to scratch estate planning off your to-do list and protect your family’s future.
The nearly $1.9 trillion relief package includes the following:
STIMULUS CHECKS
- $1,400 per individual earning up to $75,000.
- $2,800 for married couples earning up to $150,000.
- $1,400 per child if you qualify.
- Payments decline above these thresholds and phase out entirely above $80,000 for individuals and $160,000 for married couples.
CHILD TAX CREDIT EXPANSION
- Temporary boost to $3,000 credit per child, or $3,600 for each child under 6.
- Credit boost begins to fade out for individuals earning more than $75,000 per year, or $150,000 per year for married couples.
- Families who are not eligible for the boost will still be able to claim the normal $2,000 credit per child.
FEDERAL UNEMPLOYMENT BENEFITS
- $300 per week boost to unemployment benefits through Sep. 6, 2021.
- The first $10,200 of unemployment benefits are exempt from taxes.
- Applies only to households with incomes under $150,000.
The Rescue Plan also included money for vaccine production and distribution, housing aid, health insurance subsidies, Medicaid expansion, aids to states and local governments, and aid to help safely reopen schools.
ESTATE PLANNING IN CINCINNATI
Contact McCarthy Law Office to schedule an appointment to discuss your family’s estate planning needs by telephone 513-815-7006 or by email mccarthy@danmccarthylaw.com