The President’s bout with COVID-19 demonstrates the importance of keeping planning current. A Health Care Power of Attorney appoints someone to make decisions for you if you’re not able to do so for yourself. An Advance Directive expresses your wishes regarding end-of-life decisions. Read on to learn more. … [Read more...] about Staying Current is Especially Important in the Pandemic – Part 2
A Health Care Power of Attorney appoints someone to make decisions for you if you’re not able to do so for yourself. An Advance Directive expresses your wishes regarding end-of-life decisions. During the COVID-19 pandemic, it’s important to have them up-to-date. Read on to learn more. … [Read more...] about Staying Current is Especially Important in the Pandemic
Planning is important. End-of-year tax planning is one part of that planning. This year you should also consider whether you’ve had any payroll tax withholdings deferred. If your employer deferred those withholdings, you’ll have more money withheld next year than usual. That means you’ll have less money for other things, like IRA contributions. Read on to learn more. … [Read more...] about Planning Is Important
Puerto Ricans hold a unique position under U.S. law. U.S. estate taxation treats those from Puerto Rico different from other U.S. citizens or citizens from other countries. Read on to learn more. … [Read more...] about Puerto Ricans are Unique, as Is Estate Planning for Them
Chadwick Boseman played many heroic American roles and the superhero role of the Black Panther. His death at age 43 demonstrated how it’s important to have at least a basic estate plan in place even if you’re young. Read on to learn more. … [Read more...] about Chadwick Boseman Demonstrates the Importance of Planning
Generational wealth is wealth earned by one generation and passed on to the next. Generational wealth is key to allowing the next generation to be free from the burden of having to live hand-to-mouth and allows them to pursue an education and build a career or business to build a better life for themselves. Read on to learn more. … [Read more...] about Generational Wealth is Key to Leveling the Playing Field
There are a number of different things to think about when you are planning your estate. Yes, you have to arrange for the passing of your legacy, and there are a number of ways to go about it. The best choice will depend upon the circumstances, and this is why you should discuss your options with an estate planning attorney. In addition to the postmortem processes, you should think about the eventualities that you may face toward the end of your life. There are legal documents that should be … [Read more...] about What Is a HIPAA Protection?
You should fully understand the Social Security parameters when you are looking ahead toward your retirement years, because you will have decisions to make. We were going to provide some important details in this post, but first, we will take a quick look at the way that you qualify. When you work and pay those annoying FICA or self-employment taxes, you get something back for your contributions eventually. You earn retirement credits when you pay these taxes, and in 2020, you get one credit … [Read more...] about Can I Work and Collect Social Security?
The majority of people do not have estate plans in place, but a survey that was conducted by Caring.com found that most of the same folks know that estate planning is important. Why do they fail to take action? There are various reasons including the simple fact that many of them don't know where to begin. With this in mind, let's look at the basic framework. Legacy Preservation The first aspect of the process may come as somewhat of a surprise. Before you start to think about how the … [Read more...] about Estate Planning: Where Do You Begin?
The step-up in basis is related to the capital gains tax, and we will look at this tax and a potential change to it in this post. But before we do, we will provide a quick overview of the way taxes can impact postmortem asset transfers. State and Federal Income Taxes Since the tax man always wants a piece of the pie, you may assume that an inheritance would be looked upon as taxable income by the IRS and state authorities. In a rare instance of good news that applies to taxation, this is not … [Read more...] about Step-Up in Basis May Be Eliminated