ENSURING YOUR LONG-TERM CARE POLICY IS TAX-QUALIFIED

By | July 1st, 2019|Accounting and Auditing, Retirement, Taxation|

A long-term care insurance policy supplements your traditional health insurance by covering services that assist you or a loved one with one or more activities of daily living.  Such activities include eating, bathing, dressing, toileting and transferring (in and out of bed, for example). Long-term care coverage is relatively expensive, but it may be possible [...]

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7 WAYS TO PREVENT ELDER FINANCIAL ABUSE

By | January 28th, 2019|Accounting and Auditing, Estate planning, Retirement|

As tax season ramps up, so do the efforts of scam artists looking to steal people’s financial data and money.  Such fraudulent activities often target older adults.  Whether you’re in this age bracket or worry about senior parents and other relatives, here are seven ways to prevent elder financial abuse: Keep both paper and online [...]

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GETTING CAUGHT UP WITH THE LATEST CATCH-UP CONTRIBUTIONS

By | November 1st, 2018|Estate planning, Retirement, Taxation|

 One could say that there are only two key milestones in retirement planning: the day you begin participating in retirement savings account and the day you begin drawing money from it.  But, of course, there are others as well. One is the day you turn 50 years old.  Why? Because those age 50 and older [...]

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DOL HAS INCREASED SCRUTINY OF DEFINED BENEFIT PLANS

By | October 22nd, 2018|Accounting and Auditing, Business, Estate planning, QuickBooks Tips, Retirement|

Sponsors of defined benefit plans – commonly known as pensions – might be facing tighter scrutiny from the U.S. Department of Labor.   Just last year, at an ERISA Advisory Council meeting, the agency’s Employee Benefits Security Administration (EBSA) announced that it had ramped up pension audit operations in its Philadelphia office and later decided to [...]

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ARE YOU A MEMBER OF THE SANDWICH GENERATION?

By | October 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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ASSESSING YOUR EXPOSURE TO THE ESTATE TAX AND GIFT TAX

By | August 13th, 2018|Accounting and Auditing, Estate planning, QuickBooks Tips, Retirement, Taxation|

When Congress was debating tax law reform last year, there was talk of repealing the federal estate and gift taxes.  As it turned out, rumors of their demise were highly exaggerated.  Both still exist and every taxpayer with a high degree of wealth shouldn’t let either take their heirs by surprise. Exclusions and Exemptions  For [...]

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