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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 […]
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 […]
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, […]
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 […]
What you don’t know about retirement can hurt you. In fact, just a few wrong decisions in your investments, taxes, or estate planning could completely derail your retirement plans. Worse yet, the rules of the game keep changing, making it harder to keep up. For these reasons, I’ve assembled all the key points – everything you need to know — into one comprehensive report. Click here today for free access.
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 […]
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, […]
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 […]
When an estate planning strategy needs updating, there’s always one key question. Should an entire will be written and executed, or is a simple amendment sufficient? An amendment to a will, in lawyer talk, is a codicil. It’s an important question, and not one to be taken lightly. There are no guidelines or restrictions in […]
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