The final version of the Senate's Enhancing American Retirement Now Act includes a provision that would let people spend up to $2,500 annually from their retirement accounts on long-term-care insurance premiums without paying an early withdrawal penalty. The bill also has a provision that would raise the premium limit for qualifying longevity annuity contracts to $200,000.

Mental health challenges are widespread, and it's important to consider their potential effect when developing estate plans, perhaps with the help of discretionary trusts or special needs trusts. Comprehensive estate planning should go further, though, perhaps including "express trust provisions that speak directly to mental health intervention, treatment, support, financial management and other issues," write attorneys Laura Brancato and Mary O'Reilly.

An estimated $70 trillion in wealth will pass from baby boomers to millennials in the next two decades, and young advisors will play an important role in helping those clients, writes BlackRock's Michael Lane. He offers four ways advisory firms can prepare young advisors for the "great wealth transfer," including hands-on programs that offer mentorship, coaching and chances to network.

Whether using a tax professional or not, every business owner should have a basic comprehension of tax codes and strategies, note members of Forbes Finance Council. Business owners should be familiar with subjects such as the employee retention credit, work opportunity and disabled access credits, small-business health insurance premium credit and the 401(k) offering credit.

A study commissioned by SCAN Health Plan estimates that more than 11 million middle-income Americans age 75 and older will be unable to pay for assisted living facilities by 2033. The middle-income population in that age group is expected to grow to 16 million by 2033, and over half will suffer from at least three chronic conditions and/or mobility restrictions.

Financial planners and advisors, like other small-business owners, need to save money for their retirement, experts say. The same options are available to them, including SEP IRAs, solo and traditional 401(k) plans, and cash pension plans.

Experts say higher premiums on annuities and life insurance policies are likely after Federal Reserve Chairman Jerome Powell said recently that the central bank will continue to raise interest rates as high inflation persists. In the past six months, premiums on multiyear guaranteed annuities have increased 15% to 20%.

Small advisory firms are likely unintentionally breaking the Department of Labor's new fiduciary prohibited transaction exemption for retirement rollover advice, attorney Fred Reish says. "That is partially the case because those firms don't regularly do retirement plan work and are unaware that the DOL regulates them," says Reish, an expert in federal retirement requirements.

Members of the National Association of Insurance Commissioners' Index-Linked Variable Annuity Subgroup held a call recently to discuss the latest draft exposure focused on registered index-linked annuity guidelines. The main issues discussed were the addition of a market value adjustment to partial withdrawals and surrenders and the guideline's effective date.

Leaving assets to beneficiaries who live in other countries is similar to leaving assets to US-based heirs, although certain tax and administrative issues may differ, writes elder law attorney Harry Margolis. Naming a person in the US to act as the executor could smooth the process, Margolis notes.