Category: Tax Planning
The IRS is throwing a lifeline to taxpayers who missed an important deadline for estate tax purposes. Have you heard of spousal portability? One of the newer and better provisions in tax law is that you can take advantage of any portion of the estate tax exemption that a deceased spouse did not use. This […]
There have been recent changes to tax laws that create the need for married couples to review their wills, especially provisions intended for tax planning purposes. Here are three major changes that create a need for a reread. When is the last time you reviewed your estate plan? Professionally prepared estate plans are normally crafted […]
My father-in-law left land to my mother-in-law, stating that it goes to the kids. A conflict has erupted. Now she wants to sell it so the kids will quit fighting. My mother-in-law is saying she wants the checks made to the kids separately. Would it be better tax-wise for her to just sell it and […]
Are you childfree? Are you planning with an elder parent? Do any of your potential beneficiaries have special needs that must be taken into consideration? Are any of your beneficiaries minors? The first step of planning is to take a moment to consider what makes your situation unique. Although estate planning has many aspects, it’s good to start with the […]
Rivers would have probably gotten a kick out of the fact that the expenses associated with her funeral are tax deductible for federal estate tax purposes – though as a smart business woman, I suspect she already knew that. Are funeral expenses tax deductible? I wonder if the late Joan Rivers had this in mind […]
This legislation would exempt more than 99.7 percent of Americans from paying any estate tax while ensuring that the wealthiest Americans in our country pay their fair share. Is there another estate tax change around the corner? It’s hard to say what the future holds, but one politician is proposing an estate tax increase. Most […]
While the contemplation of your eventual demise is never at the top of anyone’s list, there is satisfaction from the feeling that you have taken care of issues and provided for those you love. But unwitting mistakes can wreck your careful planning and even lead to family fighting and estrangement of the very people you […]
Financial planners are not just for rich people. Everyone, no matter where you stand financially, can benefit from the advice and guidance of a qualified financial planner. You have probably received a lot of free financial advice over the years from friends, family and coworkers. But how do you know which advice to follow? It […]
In some cases, outdated or inadequate estate plans have led to highly-publicized disputes between heirs that have squandered fortunes and diminished legacies. These situations are more tragic because they are usually entirely avoidable, especially when advisors are willing to facilitate difficult conversations. An estate plan is no “one and done” project. In fact, it’s very […]
Ordinarily, the deadline for taking this so-called required minimum distribution is Dec. 31. But for your first such distribution you get until April 1 of the year following the year you turn 70½ to make the withdrawal. Do you know when you can withdraw from your IRA? According to the tax law, from age 59½ […]
