What Taxes Have to Be Paid When Someone Dies?
December 31, 2021
Tax obligations continue on despite the passing of a loved one, and in some cases, come about because of it. Tax deadlines pose a challenge for grieving families.
How Can I Rescue My Retirement?
December 6, 2021
A 2019 survey by Global Atlantic Financial Group, which sells annuities, asked more than 4,000 Americans, pre-retirees and retirees, about their retirement savings. Of those surveyed, 55% said they had regrets. The top three were that they: Did not save enough. Relied too much on Social Security. Did not pay down debt before retiring. However,…
How Much can You Inherit and Not Pay Taxes?
November 23, 2021
Unless you spend your winters in Aspen and your summers in the Hamptons, you probably don’t have to worry about paying federal estate taxes on an inheritance. In 2021, the federal estate tax doesn’t kick in unless an estate exceeds $11.7 million.
Why Do People Give to Charities at End of Year?
November 8, 2021
With a draft bill from the House Ways and Means Committee on the table, all signs suggest that higher income taxes could be right around the corner. How they will affect charitable giving remains to be seen.
Where Do You Score on Estate Planning Checklist?
October 13, 2021
Every so often, it’s smart to methodically go through your estate planning documents and see if any tweaks are needed. Here’s a checklist to guide you through that mission.
States with the Best Tax Rates for Retirees
September 24, 2021
The Tax Cuts and Jobs Act raised the federal estate tax exemption considerably. Before the tax reform law, it was $5.49 million per person for 2017. It’s up to $11.7 million for 2021 ($23.4 million for a married couple).
How to Prepare for Higher Taxes
July 26, 2021
President Biden’s proposal to eliminate the step-up for calculating inheritance taxes targets a tactic that has long been a wealth-preservation tool. What are some of the ramifications of the proposal and what, after political wrangling, could be the tax implications for large inherited assets?
What Taxes are Due When Children Inherit Home?
July 7, 2021
My sister passed away. Her only possession was her home, which still has a mortgage and she left it to my son and daughter, her niece and nephew. What inheritance tax will there be?
Does My State have Inheritance Tax?
June 3, 2021
If you live in California, you likely know it is one of the highest-taxed states when it comes to income taxes. However, there is some good news for those worried about estate taxes. California is part of the 38 states that don’t impose their own estate tax.
How Do I File Taxes on a CARES 401(k) Withdrawal?
May 19, 2021
Penalties were waived on 401(k) and IRA withdrawals for coronavirus costs, but you still owe the taxes.