There are many different acronyms that are used to describe estate planning devices, and some of the terms that they represent are a bit confusing. One that may fit this description is the intentionally defective grantor trust. This type of trust may be a viable option if you are seeking to reduce the taxable value of your estate for eventual distribution to your heirs. … [Read more...] about IDGT: When Defective Becomes Effective
There are those who decide that they don't need an estate plan because they are not going to be exposed to the federal estate tax. … [Read more...] about Do You Really Need an Estate Plan?
Most people are going through life without an estate plan, and it is not always because they are irresponsibly shirking a responsibility. In many cases there is so much to take into account that it can be hard to know where to begin.With this in mind we would like to look at four prime estate planning/elder law concerns. … [Read more...] about Consider These Four Estate Planning Concerns
Most people don't know which assets they need to include in their estate plan, and which ones the government will include (whether you plan for it or not) when calculating the value of your estate for tax purposes. When we help our clients identify which of their belongings to include, we most often find that they way underestimate the value of their assets and "stuff." In this short video, Larry Parman discusses the items to include in your estate plan, including the obvious and … [Read more...] about Learn Which Assets Must Be Included in Your Estate Plan
Retirement is just around the corner for a vast number of Baby Boomers. Perhaps you are among those who are counting the days until you retire and settle in nicely to live off of that well-planned portfolio in your IRAs, a pension and, of course, Social Security. Unfortunately, the time of reckoning arrives and the income taxes on the IRA funds must be paid as money is withdrawn from the account. Taxes on IRA Funds The federal government provided inducements for individuals to save for … [Read more...] about Managing Income Taxes in Retirement
Many retirees live on a fixed income and paying extra taxes can easily strain their financial well-being. Fortunately, there are deductions that seniors can take advantage of that will help to save money on taxes. Contributions to Your Retirement Plan – Even after you retire you can still make contributions to your IRA account, or if you are self-employed you can make contributions to your SEP-IRAs or Keogh plans. This serves a double purpose, you get a tax deduction for the contribution, … [Read more...] about Important Tax Deductions for Seniors