The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago—as well as the scheduled 50% reduction in the size of the federal estate tax exemption four years from now—has resulted in a renewed interest in estate planning for IRA and 401(k) accounts owned by married couples.
Once more hesitant to plan ahead, clients in today’s environment are much more proactive and willing to take action in the near term, rather than waiting and risking having to pay higher taxes down the line.
The early part of the year is often referred to as “divorce season,” since it’s a popular time for couples to part ways. Regardless of when it happens, divorce is a significant time of change for women in many aspects, especially when it comes to their finances and money management.
Trusts are often associated with the rich, but the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
In terms of federal tax law changes, the last year had much ado but little change.
Make Your Child a Tax-Free Millionaire! Want to jump start your child’s retirement with a million dollar tax-free account? Consider this: The million dollar idea
No one likes doing taxes, but the task is even more daunting when filing a return for someone who has died.
When you begin claiming affects how much money you get from the program, and once you’re receiving checks, it’s difficult to undo your decision.
The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago and the scheduled 50% reduction in the size of the federal estate tax exemption four years from now, has resulted in a renewed interest in estate planning for IRA and 401k accounts owned by married couples.
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