The two different types of individual retirement accounts that are widely utilized are the traditional IRA and the Roth individual retirement account. There are similarities between them, but there is one major difference, and we look at the details in this post. Traditional Account Rules You make contributions into a traditional account before you pay … [Read More]
An Overview of Living Trust Administration
The most commonly used type of trust is the revocable living trust, and we are going to focus on the administration of these trusts here. We will look at the administration of irrevocable trusts in a future post. The First Steps When you establish a living trust, you are called the grantor of the trust. … [Read More]
How Can I Reduce Estate Tax Exposure?
If your estate is very valuable, you have to be concerned about estate taxes. We are going to take a look at tax efficiency strategies, but first, we will explain the parameters so you know what you are up against. Federal Transfer Taxes The estate tax was repealed for 2010 due to provisions contained in … [Read More]
What Is a HIPAA Release?
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. In this post, we will explain why this piece of legislation is something to take into consideration when you are planning your estate. Advance Directives for Health Care Everyone is well aware of the fact that you have to facilitate postmortem … [Read More]
Staying Current is Especially Important in the Pandemic – Part 2
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 More]
Staying Current is Especially Important in the Pandemic
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]
Planning Is Important
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 More]
Puerto Ricans are Unique, as Is Estate Planning for Them
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]
Chadwick Boseman Demonstrates the Importance of Planning
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]
Generational Wealth is Key to Leveling the Playing Field
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]
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