Financial Advice for Retirement, Social Security, IRAs and Estate Planning

Grandchildren & Beneficiaries

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estate planning

Estate Planning Tip: The Advantages of Giving Now Instead of Later

December 23, 2019

Many people fall into the trap of believing that, since the estate and gift tax rates and credits are the same, it doesn’t matter whether you give property away during your lifetime or under your will. The fact is, if property is going to be subject to the federal wealth transfer taxes or you are […]

estate planning

How To Involve Your Children in Your Estate Plan

June 11, 2019

Of course it’s a good idea for parents to talk with their children about money from an early age… But it’s never too late to start… if you didn’t start early. First, you need to be clear what the money means to you and what its purpose is. You also should know what’s important to […]

new-looks-in-529-plans

The New Rules for 529 College Savings Plans & K-12 Tuition

February 4, 2019

The last tax reform law provided a tool that’s such a good way to help pay for a family member’s education… Many states are worried it will break their budgets! You’re probably familiar with 529 college savings plans. These are sort of like Roth IRAs for college savings. They were created in the 1990s, and […]

Estate Planning

How to Write an Ethical Will for Your Estate Planning

May 4, 2018

Your estate plan is part of your legacy, but your legacy should be more than financial assets, material possessions and legal documents. For more and more people, the final touch to their estate plans is what sometimes is known as an ethical will. Others have called it a legacy letter, heritage will, family philosophy statement, […]

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Retirement Strategy: How to Transfer Real Estate to Family

November 3, 2017

Some assets require special Estate Planning. One such asset is what I sometimes call heirloom real estate, or family real estate. This is a property that’s been in the family for a while and that you’d like to continue in family ownership. Heirloom real estate includes vacation homes or other second homes, farms, a longtime […]

Estate Planning

When You Should File Gift Tax Returns

January 1, 2009

Too often people neglect to file gift tax returns. A smart plan is to file a gift tax return even when not required to. In some situations that provides substantial insurance. Gifts above the annual exemption amount ($13,000 for 2009) potentially are taxable and must be reported on Form 709. The gift might not be […]

gifts

How to Multiply the Benefits of Gifts

January 1, 2009

A key estate planing tool for almost every family is more valuable as of Jan. 1, 2009. The annual gift tax exclusion is increased to $13,000, up from $12,000. Each person can make gifts of up to $13,000 annually to any other person without incurring gift taxes or counting against the lifetime annual gift credit […]

estate planning

A Loophole for 529 Plans Losses

December 1, 2008

Many people who saved for college through 529 savings plans face substantial losses in their accounts. There is a silver lining in the tax law, and it is one reason 529 plans are among the best ways to save for education. Income and gains earned by the 529 account are sheltered. If the account balance […]

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