An Estate Plan Benefits You and Your Family
Jeffrey R. Green
Quick question: Who needs an estate plan? The answer is everyone, not just the affluent. While gift and estate tax liability is not an issue for most folks, most families can benefit from a comprehensive plan that divides their wealth, protects their well-being and provides a compass for the future. Asset distribution Estate planning is […]
Approaching Retirement? How to Deal With Market Volatility
The COVID-19 pandemic has wreaked havoc on financial markets and the general economy, providing swings in both directions. If you are approaching retirement, or are already retired, you may be worried about the effects of market volatility on your retirement portfolio. Here is how to adjust your investments — and possibly, some of your expectations. […]
Giving to Charity is a Little Sweeter in 2020
Jacqueline N. Janczewski
The Coronavirus Aid, Relief, and Economic Security (CARES) Act has temporarily created a new $300 charitable deduction for nonitemizers but also gives larger donors an opportunity to save more tax on their gifts. Here is what charitable donors need to know. Related Read: CARES Act Expands Financial Options for Impacted Plan Participants Limit suspended The CARES […]
Current Conditions are Favorable for Cost-Effective Wealth Transfers
The ongoing novel coronavirus (COVID-19) pandemic has taken a terrible toll on the economy. But the current low-interest-rate environment, coupled with depressed asset values, means that now may be a good time to transfer wealth to your children and grandchildren. Consider making gifts For 2020, the federal gift and estate tax exemption is an inflation-adjusted […]
Charitable IRA Rollover Eases Tax Pain of RMDs
One downside of contributing to a traditional IRA is that, once you reach age 70½, you must begin taking required minimum distributions (RMDs) — and pay taxes on those distributions — whether you need the money or not. But if you are charitably inclined, you can use a qualified charitable distribution (QCD) to avoid taxes […]
Five Tax-Planning Tips for Retirees
James V. Petitpren, II
The combination of Social Security, pensions and withdrawals from retirement savings can complicate tax-planning for retirees. If you are retired or approaching retirement, consider these five tax-planning tips.
Five Good Reasons to Turn Down An Inheritance
Frank L. Washelesky
You may use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause an asset to bypass your estate and go to the next beneficiary in line. What are the reasons you would take this action? Let’s take a closer look at five reasons.
Planning for Required Minimum Distributions from IRAs: Why You Should Consider Making/Taking ROTH IRA Conversions in Low Income Years
Frank L. Washelesky
Individual Retirement Accounts (IRAs) often account for a large portion of an individual’s overall wealth as the person reaches retirement. With few exceptions, IRAs are taxable income at the time they are withdrawn. In addition, a 10% penalty may apply if distributions are made prior to reaching age 59-½.
Divorcing? Don’t Let Your Estate Plan Fall Through the Cracks
If you are going through a divorce, you are probably feeling a little overwhelmed by all the legal and financial items you must attend to before the marriage termination is final. These tasks can be difficult, but revising your estate plan does not have to be. An estate planning professional can help you update documents and ensure that your children benefit according to your wishes — not your ex-spouse’s.
Retirement Plan Changes Under the SECURE Act
Frank L. Washelesky
For many people, qualified retirement plans make up a large part of their overall savings. There are many complex rules surrounding qualified plans and Individual Retirement Accounts (IRAs), but there have not been significant modifications for quite some time. That may all change this year as the House of Representatives has passed the Setting Every […]