Navigating the Step-Up Tax Basis Rule
...heard of the step-up in tax basis, but what is it? If you receive property outright from someone on the account of their death, then your tax basis in the...
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IRA Beneficiary Designation Planning
...to leave something to charity should consider using the IRA to do so. Unlike other beneficiaries, the charity will fully benefit from the IRA. Charities are tax-exempt. A charity can...
Naming A Minor as Your IRA Beneficiary
...of trust requires the trustee to distribute the required distributions each year from the trust to the child so that the child pays the tax rather than the trust, which...
What does divorce do to your estate plan?
...may effect your retirement plan. Your ex-spouse may retain rights in a retirement account, or the divorce decree may require maintenance of life insurance payable to the ex-spouse or children....
Stretch IRA – How Your IRA Can Survive Several Generations
...should also designate a certain percentage of you IRA assets to each of your beneficiaries. By doing this, each beneficiary can then choose to have their share distributed over their...
Letter to Your Spouse
By Parag Patel, Esq. In addition to your estate planning, it’s a good idea to have a non-binding letter to your spouse, children and other heirs outlining where the important...
Estate Planning When a Spouse is Confronting Health Issues (Estate Planning for the Healthy Spouse)
...of a Medicaid plan. Of course, when changing the Last Will and Testament of the community spouse, the attorney must consider the impact that such a change would have on...
2009 Tax Update
...are helpful when deciding how detailed your records need to be. Record Keeping for individuals http://www.irs.gov/pub/irs-pdf/p552.pdf Starting a business and keeping records http://www.irs.gov/pub/irs-pdf/p583.pdf Travel, Entertainment, Gift, and Car Expenses http://www.irs.gov/pub/irs-pdf/p463.pdf...
How to Stretch Your IRA Into a Family Fortune
Your individual retirement account (IRA) can do much more than provide funds for your retirement — it can be stretched to provide millions of dollars in payouts to your children,...
Stretch your IRA
...same 7% rate, her account is then worth $213,487,584 when she retires! I can see the smile on her face now … even if the money becomes all taxable. I...
2008 Year End Estate and Trust Taxes and Planning: Before It’s Too Late!
...deposit the check before year-end so there is no doubt when the gift was made. Direct deposit of funds into the donee’s account would be even better. b. 529 Plan...
The Secret Stretch IRA
...ARS Financial Services in Jericho, N.Y. Even though the IRS offers these provisions, some financial institutions won’t let you stretch out your IRA. So before you open an account or...