Retirement Articles
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Major Tax Increases Are in The Works
Shortly after the $1.9 trillion stimulus law was enacted, President Biden’s aides began publicly discussing the coming tax increases. But, in fact, the tax increases have already started. Three tax increases were slipped into the stimulus law. They have been estimated to raise tax bills by about $60 billion. One increase limited the amount of […]
What You and Your Heirs Should Know About Powers of Attorney
You may already know your estate plan needs an up-to-date power of attorney (POA). But it also needs much more than that. Here are some important facts on the power of attorney for you and your heirs, in terms of both the uses and limits of the POA. For starters, here’s why you need more […]
Reviewing Your Will and Estate Planning
Your will and estate planning strategy need to be reviewed. Be sure they are ready for coming changes. A key tool in many estate planning strategies especially needs some re-working soon. Otherwise, you might be caught in a trap. The current lifetime estate and gift tax exemption is $11.58 million per person in 2020. It […]
15+ Tax Strategies That Will Survive the Coming Tax Increases
Tax increases are back on the national agenda. President Joe Biden, and many Democrats, campaigned on promises regarding specific income tax increases and more general promises to raise taxes. A number of tax increases have already been proposed in Congress and serious tax legislation is likely to emerge in late 2021 or early 2022. Fortunately, […]
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Bob’s Journal for 3/11/21
The Big Rotation in Stocks The winners and losers in U.S. stocks were stable, until recently. For years, U.S. growth stocks, especially technology stocks, regularly outperformed other categories of stocks. Investing in the large U.S. indexes, such as the S&P 500, was an easy, inexpensive way to earn high returns. Those trends started to shift […]
Retirement Stealth Tax: How To Avoid the ‘Widow’s Penalty’ Part II
It’s one of the Stealth Taxes no one talks about, and it comes at an emotionally vulnerable time. I’m referring to the “widow’s penalty tax.” Last week we discussed the first three potential hits to the surviving spouse: Income is likely to decline. Second, the surviving spouse is pushed into a higher tax bracket. A […]
Electronic Wills Are Coming
Very slowly but surely, estate planning law is catching up to modern technology. The latest development paves the way for electronic wills in most states. An electronic will, or e-will, is one that recognizes the traditional formalities of a will when they’re in an electronic format. An e-will can be written in an electronic medium, […]
Bob’s Journal for 3/4/21
Tips Retirees Need for 2020 Tax Returns Many retirees and people who took COVID-related retirement plan distributions might need some extra time to work through their 2020 tax returns. Those who took distributions from traditional IRAs at any point during 2020 will receive a Form 1099-R reporting the distributions to them and the Internal Revenue […]
