Previously, in the Tax Reduction Letter, we published the first two parts of a three-part series… Tax Considerations When a Loved One Passes Away (Part 1)Tax Considerations When a Loved One Passes Away (Part 2) In this, the final article in the series, we’re coverthe most important non-tax financial issues. Read my new article… Handling Key Non-Tax Financial Issues … [Read more...]
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Tax Considerations When a Loved One Passes Away (Part 2)
Benjamin Franklin observed that “nothing is certain except death and taxes.” And when the death of a loved one does occur the inevitable issue of taxes does arise. Who is responsible for paying the taxes due upon the decedent’s death? The executor. And if you become an executor, I urge you to read the full article. It’s the second in my three-part series that … [Read more...]
Tax Considerations When a Loved One Passes Away (Part 1)
When a loved one passes away and the painful grieving process begins, the last thing on your mind are taxes and complicated financial matters. But these things are tremendously important, and as soon as possible you’ll need to attend to them. That’s why, starting with this issue, the Tax Reduction Letter is beginning a three-part series designed to help executors perform … [Read more...]
New Law Kneecaps Stretch IRA—Here’s What You Can Do About It
Do you have an IRA? Then I urge you to read the full article. Why? Because it explains how the SECURE act, enacted by Congress last December, severely and negatively impacted the Stretch IRA strategy. NOTE: The “SECURE” stands for, “Setting Every Community Up for Retirement Enhancement.” What exactly was the Stretch IRA? The Stretch IRA wasn’t another kind of IRA. It … [Read more...]
Thinking of Moving to a Lower-Tax State? Tax Angles to Consider
Why do people move from one state to another? Sometimes it’s because they’re changing jobs, or want milder climate, or want to be near their families. And some folks move to another state because they want to pay lower taxes. But wait a second! Before you call the moving company and head off to a state that has no personal income tax, be very careful. You see, it’s … [Read more...]