Tag Archives: Tax Planning

Trusts Aren’t Just for the Wealthy Anymore!

Many clients who initially come to visit me regarding their estate plan say “I need a Will” or “I need to update my existing Will.”  They automatically assume that since they don’t have a taxable estate (since the estate exemption … Continue reading

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Introducing the IRA Inheritance Trust! (Part 1)

You may know the difference between a Last Will & Testament and a Revocable Living Trust, but did you know there is a special trust specifically for retirement accounts? Don’t make the faulty assumption that your Revocable Living Trust will … Continue reading

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IRS Issues 2014 Long Term Care Premium Deductibility Limits

The Internal Revenue Service (IRS) is increasing the amount taxpayers can deduct from their 2014 taxes as a result of buying long-term care insurance. Premiums for “qualified” long-term care insurance policies (see explanation below) are tax deductible to the extent … Continue reading

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Is Your Inherited Retirement Plan Protected in Bankruptcy?

Previously, bankruptcy courts have strongly trended toward protecting not only personal retirement plans, but also those inherited from deceased family members. The argument in favor of such a trend was that the bankruptcy code protects “retirement funds to the extent … Continue reading

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Governor Signs Tax Changes Into Law

A compromise tax reform bill was signed by both houses of the North Carolina General Assembly and signed into law by Gov. Pat McCrory on Tuesday. The final bill cuts taxes for both individuals and businesses while still achieving Gov. McCrory’s … Continue reading

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Debt Counseling for Seniors

Despite the fact that you may have worked and saved all your life, more and more seniors are finding themselves in financial distress, due to the economy these days.  Perhaps you need credit counseling, foreclosure assistance or even financial assistance. … Continue reading

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‘Fiscal Cliff’ Deal Brings Changes to Estate Taxes and IRAs

Congress finally came to an agreement to avoid the “fiscal cliff,” and the agreement includes some changes to federal estate taxes and Individual Retirement Accounts (IRAs). The American Taxpayer Relief Act sets a permanent estate tax rate and provides a … Continue reading

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What is this “Portability” Nonsense, Anyway?

Under the provisions of the recently passed American Taxpayer Relief Act (“ATRA”), “portability” of the estate tax exemption between spouses has been made permanent.  So what does “portability” of the estate tax exemption actually mean? Well, in a nutshell, it … Continue reading

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2013 Tax Law Overview

Have you heard something about how the American Taxpayer Relief Act (“ATRA”) was passed, but you query what exactly that means? Well, despite a lot of bravado amongst congressmen, ATRA generally makes permanent many of the laws that were enacted … Continue reading

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Is your Retirement Protected from the “Fiscal Cliff”?

Okay, it may not be possible to entirely safeguard your retirement from the “fiscal cliff” talked about so readily in the news these days, but it is possible to make wise decisions with regard to your investments during retirement.  Also, … Continue reading

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