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...]
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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...]
Potential Estate and Gift Tax Threat: Should You Worry?
If you’re financially well off, there’s an unpleasant fact you have to face… Today’s extremely favorable federal estate and gift tax rules may not survive the year! Why? Because our country might finally be forced to confront the issue of huge federal budget deficits made worse by costly federal COVID-19 relief measures. The result? As a way to pump more tax money into … [Read more...]
Avoid the Gift Tax—Use the Tuition and Medical Strategy
Are you going to have to pay gift and estate taxes? It you’re certain that you won’t have to, you may be dead wrong! You see, you may think that you don’t have a problem because your gift and estate taxes come to less than $11,580,000. (Or $23,160,000 for a married couple.) But here’s the reasonyou may be in for a shock… Lawmakers have already votedto drop the … [Read more...]
Check Your Beneficiary Designations Now, Before Disaster Strikes.
Are your beneficiary designations listed correctly on key documents? Are they up to date? I sure hope so because you may think that with the generous $1.4 million federal estate-tax exemption, your estate wouldn’t owe any federal estate tax. Or that your estate plan is in good order. But things change. Your wishes change. And things can turn ugly fast if your beneficiary … [Read more...]