What are My Taxes on a House I Inherited?
February 24, 2021
When a house is sold, the seller is responsible for paying tax on the profit in the year of the sale.
Am I Missing Retiree Tax Breaks?
February 19, 2021
For new retirees—especially those on a fixed income—it’s more important than ever to take full advantage of every tax break available. After all, you have to stretch out your retirement savings to cover the rest of your life. However, holding on to your money is becoming more difficult these days, thanks to the economic problems caused by the coronavirus pandemic. That’s why retirees really need to be on top of their tax situation.
A Health Savings Account Can Improve Financial Outlook
February 18, 2021
Open an HSA in minutes to help you save on taxes, cover medical expenses and grow your retirement nest egg.
Some States Have No Estate or Inheritance Taxes
February 9, 2021
As states address budget woes due to the pandemic, one place they may turn to for revenue as they have in past economic crises is death taxes.
Is Transferring House to Children a Good Idea?
December 8, 2020
Adding an adult child to your house deed, or giving them the home outright, might seem like a smart thing to do. It usually isn’t.
Is a Tax Change a Good Time to Check My Will?
December 3, 2020
Changes in tax laws could be affecting—and outdating—your clients’ wills and bequeathing plans.
Estate Planning Actions to Consider before 2020 Ends
November 2, 2020
If you have not already been inundated with invitations to webinars, articles and newsletters regarding estate planning, you should consider doing so before the end of the year, since you undoubtedly will receive these over the next few months.
Do I Have to Pay Taxes during Retirement?
October 13, 2020
Some retirees may be surprised to learn that a portion of their Social Security benefits could be subject to federal income taxes.
What If a Sole Beneficiary Wants to Share?
September 30, 2020
An Uncle (or grandparent, sibling, or parent) died, leaving his IRA to one named niece (or grandchild, sibling, or child). However, everyone, including the named beneficiary, agrees–the decedent should have named all members of the class as equal beneficiaries. After all, he left all his other assets equally to all the class members. He surely meant for all of them to share the IRA equally too, right? Can’t we just ignore this mistake and pay out the IRA to everybody?
Do I Have to Accept an Inheritance?
September 29, 2020
No one has to accept inherited assets. Inherited assets can be disclaimed.