Retirement Watch Weekly
Many People Use the Wrong Tax Rate in Their Retirement Planning
Many people do their tax planning wrong and give the IRS more money than they truly need to pay. Often, that’s because they use the wrong tax rate in their planning. Determining the right tax rate to use can be especially tricky for retirees and near-retirees. Most people consider their tax rate to be the […]
Don’t Let Your Heir’s Creditors End Up with Your Retirement Funds
As part of your estate plan, you need to consider whether it’s possible your IRA or 401(k) could end up in the hands of creditors of one of your heirs. A general rule is that qualified retirement plans are exempt from bankruptcy claims. But that general rule applies only to the original owner of the […]
Beware of the Scams Using Self-Directed IRAs
Interest in true self-directed IRAs is increasing, and that naturally is increasing the number of scams based on self-directed IRAs. The scams target primarily retirees and older Americans. A true self-directed IRA is one that essentially can invest in any asset allowed under the tax code. The tax code prohibits an IRA from owning only […]
The Three Ways to Make Tax-Free Gifts
Congress is considering slashing the lifetime exemption for estate and gift taxes, perhaps cutting it in half or even more. Because of that, estate planners are telling clients to consider giving away assets before the end of 2021 to remove from the estate some assets that might be subject to the federal estate tax after […]
What to do While Congress Ponders Estate, Gift Taxes
Congress is considering some far-reaching legislation on estate and gift taxes. There are actions you should be taking while our elected officials negotiate the details. You know from media reports the proposed legislation would slash the estate tax exemption, eliminate a number of estate planning strategies that have been used for a long time and […]
Bob’s Journal for 10/21/21
Some Notable Events That Grabbed My Attention This Week This past Tuesday, Oct. 19, marked 34 years since the S&P 500 had what is still the largest decline in a single day. The index lost more than 20% of its value on that day in 1987. An investor who bought at the close on that […]
How to Make a Will Without a Lawyer
In a recent survey, 53% of people who did not have a will gave this as their main reason: Difficulty finding an attorney they could trust. However, you don’t need a lawyer to prepare a will for you. You can prepare a will yourself, and there are plenty of resources, especially online, to guide you. […]
Bob’s Journal for 10/14
To learn the details of the changes for estates, trusts and taxes that are being considered in Congress via the Build Back Better Act, visit the new Art of Legacy Planning podcast. It is produced by David Phillips’ Estate Planning Specialists with the aid of the Durfee Law Group. Misreading the Employment Reports Last Friday’s […]
