Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less
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Many of you own annuities or cash value life insurance that no longer fit your needs. They were good ideas when you bought them. But times have changed, and so have your needs. Fortunately, there are strategies you can use to enhance the value of these policies to you. Let’s look at a creative strategy […]
Retirement plans, especially defined benefit plans, used to be a great deal for professionals and small business owners. A successful business owner could sock away large deductible contributions in his account each year. But sharp limits were put all pension plan contributions in the 1980s, and defined benefit plan contributions were targeted for the most […]
It’s gift giving season, at least it is for those who want to make shrewd income tax and estate planning moves. While most people don’t make annual estate planning gifts at all and those that do make them in December, the first part of the year is the best time to make tax-wise gifts. Making […]
Trusts are hot, and the IRS has declared war on them. It has increased staff and is planning more audits of trusts. But most Retirement Watch readers can relax. Trusts put together by the scam artists are those the IRS is going after. These are trusts that purport to eliminate taxes without changing your use […]
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.
Would you like your grandchildren to end up with only 20% of what you intended? That’s what happens in most cases. The government doesn’t want you to pass wealth directly to your grandchildren. It wants the money to stay in your estate, get it hit by estate taxes, go to your children, get it hit […]
Let’s take a strategy we developed last month, build on it, and turn it into something very powerful. In the “defective” grantor trust we discussed last month the grantor of the trust is taxed on all its income, but the trust is excluded from the grantor’s estate. The combination lets you leave more tax-free dollars […]
For last-minute tax deductions, your best move these days often is to make charitable contributions. Whether you sold a business or investment or just have more income than expected, charitable contributions are a great way to bring taxes down. But you have to be careful. Charitable contribution deductions are such attractive tax reduction devices these […]
Sometimes when Congress closes one tax loophole it creates another. This is especially likely when Congress doesn’t coordinate the income and estate tax sections of the law. That’s how complicated the tax law is. And it opens up an opportunity for you with “grantor trusts.” A grantor trust in the income tax law is one […]