Stashing away the maximum amount into your IRA each year is retirement planning rule 101.
When most people think about what will happen to their assets after they’ve passed, they envision everything going first to their spouse and then to their children.
We live in an ever changing world. Some areas which will most likely change many times during your lifetime include your car, job, the place where you live, your hobbies, your relationships with others, and even the organizations you associate with.
A common misconception is that trusts are only for the extremely wealthy, however, there are a host of benefits that trusts can provide to everyone.
Life insurance can benefit individuals and their families in numerous ways.
As a general rule, an individual taxpayer who is not considered insolvent or in bankruptcy may have to treat cancelled debt unrelated to their personal home as taxable income.
George Steinbrenner, the former Yankees owner, was in the news in 2010 when he died during a period of time when the estate tax was repealed, but the rest of us will likely not be as lucky (bad word choice?) as the estate tax appears to be around for the foreseeable future.
When taxpayers mix pre-tax and after-tax contributions in the same retirement account such as a 401(k) or other defined contribution retirement plan, withdraws and rollovers can have unintended tax consequences if not properly planned.
The Bipartisan Budget Act of 2015, which was signed into law on November 2, 2015, is closing some of the advantageous Social Security filing options that were formerly available.
What would be your reaction to a letter from the IRS saying that you owe money because your charitable deductions are being disallowed?