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

Income Tax Planning

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Capital Gains & Investments

Deductions

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Using and Misusing the Marital Deduction

April 1, 2005

The marital deduction is key to most estate plans of married couples. It can wipe out the entire estate tax liability. But misuse of the marital deduction can create a larger long-term tax bill or cause non-tax problems. Let’s look at how to use the marital deduction and avoid misusing it. The estate tax is […]

how-to-beat-the-estimated-tax-hassle

How to Beat the Estimated Tax Hassle

March 1, 2005

We’re coming up on the day many retirees dread. It arrives four times each year. What many do not realize is that they easily can avoid this day. During their working years, most retirees had income taxes withheld from paychecks. They did not worry about making quarterly estimated tax payments during the year. The only […]

key-ira-decisions

Key IRA Decisions for 2005

January 1, 2005

It’s another year, and many IRA owners have to focus on required minimum distributions (RMDs). The right strategy for these and other aspects of an IRA can make the account last longer. RMDs are mandatory after an owner is age 70 1/2. The rules apply to all qualified retirement plans, though we’ll focus on IRAs […]

tapping-real-estate-equity-part-2

Tapping Real Estate Equity, Part 2

December 1, 2004

The rapid real estate appreciation of recent years endowed many families with substantial real estate wealth but not enough cash. Real estate appreciation does not produce cash. But it does result in higher property taxes, and there are maintenance expenses to pay. Some families also are disappointed with having paper wealth that cannot be spent […]

little-known-new-tax-laws

Little-Known New Tax Laws

December 1, 2004

The American Jobs Creation Act is a major tax law enacted quietly just before the elections. While primarily a corporate tax law, several provisions affect individuals and small businesses. Sales tax. In 2004 and 2005, individual taxpayers who itemize deductions have the option of deducting either state and local sales taxes or state and local […]

how-to-reduce-taxes-by-passing-up-some-deductions

How to Reduce Taxes by Passing Up Some Deductions

November 1, 2004

In early October, Congress voted to extend for another year the higher exemption amounts for the AMT that were enacted in the 2003 tax law. The exemptions were to expire at the end of 2004. Yet, many of you still are likely to be snared by the AMT. You need to carefully review your finances […]

how-to-keep-inherited-ira-from-the-irs

How to keep the Inherited IRAs from the IRS?

October 1, 2004

You work hard to manage your IRAs and set them up just right. One reason is so your heirs will get the maximum benefit from the IRAs. Unfortunately, heirs rarely know what the owner had in mind or what the IRS requires when IRAs are inherited. As a result, the IRS gets thousands of extra […]

IRS-exemptions

Exemptions to the 60 Day Transfer Rule by IRS

July 1, 2004

Money can be moved from a retirement plan to an IRA or from one IRA to another. The trick is that the transfer must be completed within 60 days. If the transfer isn’t completed, or the money isn’t returned to the original account, within 60 days the account owner must include the entire amount in […]

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