SAFEGUARDING YOUR CRITICAL DOCUMENTS

By |2023-08-29T11:29:38-04:00September 25th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

So many of the documents we all use in our personal lives these days are digital.  However, there are still many that you should retain as hard copies.  These include:   Birth, marriage and death certificates Social Security cards Tax returns Passports Estate planning documents, such as deeds and wills   Be sure to safeguard [...]

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TALKING ABOUT THE “SANDWICH GENERATION”

By |2022-11-21T15:19:50-05:00November 21st, 2022|Accounting and Auditing, Estate planning, Retirement, Taxation|

The term “sandwich generation” was originally coined to describe baby boomers caught between caring for their aging parents and their children.  These days the term applies to whichever generation is grappling with the problem.  If you’re in the middle of the sandwich, it may be time for some honest discussions with the other parties about [...]

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IS NOW THE TIME FOR SOME LIFE INSURANCE?

By |2022-08-18T08:44:49-04:00November 19th, 2018|Estate planning, Retirement, Taxation|

Many people reach a point in life when buying some life insurance is highly advisable.  Once you determine that you need it, the next step is calculating how much you should get and what kind. CAREFUL CALCULATIONS If the coverage is to replace income and support your family, this starts with tallying the costs that [...]

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ARE YOU A MEMBER OF THE SANDWICH GENERATION?

By |2022-08-18T08:44:55-04:00October 15th, 2018|Accounting and Auditing, Estate planning, Retirement, Taxation, Uncategorized|

If you’re currently taking care of your children and elderly parents, count yourself among those in the “Sandwich Generation.” Although it may be personally gratifying to help your parents, it can be a financial burden and affect your own estate plan.  Here are some critical steps to take to better manage the situation. IDENTIFY KEY [...]

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TCJA ELIMINATED OPTION TO RECHARACTERIZE ROTHS

By |2022-08-18T08:45:03-04:00August 6th, 2018|Accounting and Auditing, Estate planning, Retirement, Taxation, Uncategorized|

The passage of the Tax Cuts and Jobs Act late last year had a marked impact on Roth IRAs: to wit, taxpayers who wish to convert a pretax traditional IRA into a post-tax Roth IRA can no longer “re-characterize” (that is, reverse) the conversion for 2018 and later years. The IRS recently clarified in FAQs [...]

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TAKE NOTE OF THE DISTINCTIVE FEATURES OF ROTH IRAs

By |2022-08-18T08:45:03-04:00August 6th, 2018|Accounting and Auditing, Estate planning, Retirement, Taxation|

For some people, Roth IRAs can offer income and estate tax benefits that are preferable to those offered by traditional IRAs.  However, it’s important to take note of just what the distinctive features of Roth IRA are before making the choice. Traditional vs. Roth The biggest difference between traditional and Roth IRAs is how taxes [...]

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