Most of us have more than enough to do. We’re on the go from early in the morning until well into the evening – six or seven days a week. Thus, it’s no surprise that we may let some important things slide. We know we need to get to them, but it seems like they [...]
Since the Supreme Court’s 2013 Windsor decision, same-sex couples who are legally married under state or foreign laws are treated as married for federal tax purposes just like any other married couple. The Supreme Court’s Obergefell decision (issued in late June) now requires all states to license and recognize marriages between same-sex couples can exercise [...]
RETIREMENT PLAN REVIEW Your retirement plan savings (e.g., qualified plans and IRAs) are important to your financial wellbeing for many reasons. You can accumulate income without currently paying tax, and the power of compounding pretax dollars makes a retirement plan one of the most powerful investment vehicles available. When you reach retirement age, your retirement [...]
Taxpayers are often confused about when a gift is taxable or nontaxable. We thought it would be a good time to review some basic information on the annual gift tax exclusion. Most gifts are not subject to the gift tax. For example, there is usually no tax when you make a gift to your spouse [...]
Living trusts remain a popular and affordable estate planning vehicle. A revocable (or living) trust is a trust that is funded with part or all of the property of the creator (grantor) of the trust. By serving as trustee, the grantor retains control of the property and also has the right to revoke the trust [...]