The death of a spouse is one of the most difficult things imaginable. Besides the emotional toll, surviving spouses typically confront financial issues, which often trigger tax-related questions and consequences.
Traditional IRAs have been available to retirement savers who have earned income since 1974. That’s 23 years longer than Roth IRAs (introduced in 1997) have been on the scene. The big difference between these two types of individual retirement savings vehicles is when you pay federal (and possibly state) income tax on your savings.
Increasing tax changes for the wealthy are coming, and motivation to find ways to protect the wealth is getting increased attention, according to a recent article from CNBC entitled “Here’s how to reduce exposure to tax increases with charitable contributions.” Charitable remainder trusts (CRTs) and Donor Advised Funds (DAFs) are options for people who are…
The For the 99.5% Act reduces the estate tax exemption to $3.5 million per individual and $7 million per couple. The bill adds higher tax brackets for larger estates.
One of the best ways to prepare for retirement is to set aside money in a tax-advantaged retirement account. Hopefully, you have done so year after year and built a nice nest egg.
The Trump administration is now a part of American history. And though many may not agree with everything the former administration brought forth, one thing is certain: Life settlements and life policy owners benefited greatly.
Many people work hard to acquire real estate and then later find that that real estate makes them ineligible for Medicaid to help pay for nursing home or in-home, long-term care.
The federal estate tax exemption is going up again for 2021.
Gifting sounds pretty simple, but there are many ways to do it. There are also several tax ramifications to be aware of.
The inheritance you leave could be eaten away by taxes or given to the wrong person. Here are five tips to avoid that.
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