Do you want your ex-spouse to get your money when you die? Or how about someone that’s fallen out of your good graces? No matter what your will says, the name(s) on the beneficiary form you signed is written in stone. And if you forgot to name a new beneficiary after a change in family status, somebody is just plain [...]
Gifting: Definition The transfer of assets, such as cash, investments or property, from one person to another without receiving anything in return, often with the intent of helping the recipient with financial goals like education, buying a home, or investing. Gifting can also have tax implications for the donor. Gifting is a highly effective estate planning tool that has [...]
Here it is, the end of the year, and you may be faced with that pesky government requirement that forces you to take money out of your IRA whether you want to or not. The distribution is considered ordinary income and you pay taxes on that amount at your tax rate. If you don’t, you’ll end up paying an excise [...]
“Hurry, hurry, hurry! There are only a few more saving days until 2025 is over! Don’t miss this opportunity to save tax-deferred dollars and keep the IRS from going deeper into your pocket. Time is running out and come December 31st this opportunity will be GONE, GONE, GONE. So, act now!” Okay, so that may be a little too [...]
When you look back over the previous 12 months, you might be surprised at what may have changed for you, whether in terms of the economy at large, your individual finances, or your personal circumstances. That’s why the end of the year is a great time to reflect and to prepare for the year ahead. Maybe you want to pay off [...]
It won’t be long before you’ll be gathering every slip of paper and receipt you can find so you can step back into the ring with the IRS. The standard deduction and all tax brackets have been adjusted for the 2025 tax year. Here are the numbers that will be used to determine what you owe. Standard Deduction The [...]
Taking care of aging parents is not something most people ever expect to do. But as Americans live longer, the need to help mom and dad with various aspects of Senior living is becoming much more common. That may include being in charge of their finances, and giving you the legal right to act in that capacity is best done [...]
It’s always a great challenge to find all possible deductions that will make your tax bill as small as possible. This late in the year you may have thrown up your hands and asked, “What else can I do?” But take heart. There are still several strategies available if you are charitably-minded. Appreciated assets If you itemize deductions on [...]
When is the last time you reviewed your Medicare coverage? If it’s been a while, now is a great time to do it. The annual Medicare Open Enrollment window is open and runs through December 7. You can compare plans to make sure you have the best one for your situation. This is the time when you can make any [...]
Still looking for ways to keep the IRS’s hand out of your pocket at tax time? If so, you still have time to make the maximum retirement plan contributions for 2025. Every $100 of deductions you gather now can reduce your federal tax bill by up to $37 next April. Here are some possibilities. For 2025 you can contribute [...]
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