Do I Need to Pay Taxes on Life Insurance Proceeds?
May 12, 2021
Knowing when life insurance is taxable and how to avoid taxation can help families ensure their loved ones get all of their policy’s proceeds.
Will Inheritance and Gift Taxes Change in 2021?
May 10, 2021
Facing down an uncertain election outcome and the possibility of tax reform in 2021, many families started transferring substantial amounts of wealth last year, making large gifts to take advantage of the historically high gift and generation-skipping transfer tax exemptions.
What Qualifies as a Qualified Charitable Distribution?
April 16, 2021
Qualified Charitable Distributions, which allow Individual Retirement Account holders in their 70s and older to divert some of their federally taxable required distributions to charity while reducing their federally taxable income, are back after a 2020 hiatus.
Does New COVID Relief Bill have an Impact on Seniors?
April 13, 2021
Besides the third round of stimulus payments, multiple expanded tax credits for parents are perhaps the most widely known provisions of the COVID-19 relief bill that President Joe Biden signed into law on March 11. But the expansive legislation, formally known as the American Rescue Plan Act of 2021, contains provisions that affect Americans of all ages, even retirees.
What are Most Costly Mistakes with Social Security?
April 6, 2021
On its surface, Social Security seems like a fairly straightforward program. You and your employer pay a tax based on your earnings, while you work. When you retire, you get a lifelong income stream that’s somewhat tied to how much you paid into the system.
What are Big Tax Goofs to Avoid when Retiring?
April 1, 2021
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.
Would Life Estate Have an Impact Taxes on an Inherited Home?
March 15, 2021
My mother died this year and when my sister and I went to sell her home, we found out that without our knowledge, our mom had put us on the title as joint owners, even though neither of us had put any money into the purchase of the home some 30 years ago. Are we now on the hook for taxes on the gain in house value?
Estate Planning Meets Tax Planning
March 12, 2021
By being very selective about who receives which type of money—whether Traditional or Roth IRAs, after-tax brokerage accounts, life insurance, etc.—you can dramatically cut the share that goes to the IRS and increase the amount going to your family.
Does Living Trust Help with Probate and Inheritance Taxes?
March 8, 2021
I was told that unlike wills, a trust doesn’t require probate and is not taxable. My main asset is a house that I want to pass on to my son. Would a living trust help?
What States Make You Pay an Inheritance Tax?
February 26, 2021
As if losing a loved one weren’t hard enough, you might also have to add ‘death tax’ on the property that you receive from the estate—depending on where you live—in addition to all the other costs of death.