Retirement Watch Weekly
IRS Pursues Non-Filers of Estate and Gift Tax Returns
The IRS believes that nonfilers of estate and gift tax returns are a major cause of the “tax gap” between taxes legally owed and those actually paid. From 1995 to 2000, estate tax returns filed increased from 86,000 to over 123,000. In 2004, only 74,000 estate tax returns were filed. The IRS is undertaking a […]
Nine Important Questions to Ask IRA Custodians
IRA custodians are not all the same. Most people know that and do some comparison shopping before they select a custodian. The comparisons usually end with fees and investment choices. But other IRA issues can matter more and can dramatically affect the percentage of your IRA that benefits your heirs. A custodian needs to be […]
How to Help Grand kids Avoid Debt
The best gifts to leave heirs often are not wealth or things. Knowledge, values and good habits are more important. From my vantage point, the best thing an older person can do for a younger one today is to provide an education on debt and debt management. Today’s youth do not learn about debt management […]
The Newest Wrinkle in ID Theft
ID theft is a booming business, and not always for the crooks. Firms are responding to fears of ID theft with new services. A host of ways now exists to protect you from ID theft or limit the damages from theft. Not all these services are effective or worth the money. Don’t be stampeded into […]
New Tax Law Affects Pensions, Charities
In late July, Congress passed the most comprehensive changes in decades to retirement plans and also made it easier to make charitable gifts with retirement accounts. Most of the law is directed at the old-style defined benefit plans that pay a guaranteed income for life. Congress became concerned that too many employers were not properly […]
Estate Tax Still in Limbo, Estate Planning Might Need Adjusting
Congress still is struggling in its attempts to make some sort of estate tax permanent. The current law will eliminate the estate tax in 2010 but restore the pre-2002 tax law in 2011. Without a change that means in a few years a large number of middle class estates will pay significant estate taxes. Attempts […]
Should You Keep Your Mortgage or Pay it Off?
A home is the most valuable asset owned by most Americans. A key and confusing financial issue for many is how to manage the home equity. Proper management of the equity can increase net worth and enhance one’s life style. Managing home equity means determining the trade off between a mortgage and unencumbered home equity. […]
Estate Planning Mistakes – How to Avoid Mismanagement of Inheritance by Heirs and Beneficiaries
Many estate plans ultimately fail. The problems are not with the plans. The owners spent a fair amount of time and money preparing and executing the plans. The problem with many estate plans is the final stage. The heirs are not prepared to receive the wealth. So they mishandle it. Or they did not know […]
