Retirement is highly individual and must be tailored to personal circumstances. It may appear to be a general balancing act between reduced activity and consumption versus increased health care costs and inflation, but even these outlays are subject to differing ages, interests, and locations. Beware of oversimplified rules of thumb when your entire future is […]
Financial Planning
How To Plan for Estate and Gift Taxes
Federal estate tax in 2023 mostly remains an issue for the very wealthy — those with an estate valued at more than $12.92 million or $25.84 million for a married couple. Even with the generous exclusion, some estates may be subject to tax, i.e., you may be on the hook for state taxes. The tax […]
QCDs Tax Free Gifts to Charity
If you have an IRA, you are required to take out a certain amount of money each year once you reach age 73, even if you don’t need the funds. This is known as a required minimum distribution, and it can increase your taxable income, potentially pushing you into a higher tax bracket. How QCDs […]
Foreign Homes and Estate Plans
Foreign Homes and Estate Plans Don’t overlook foreign assets when planning your estate. If you own real estate outside the U.S., you should address the assets in your estate plan. But watch out for double taxation. There’s that risk if the assets are subject to estate, inheritance or other death taxes in the country where […]
A New Look at SECURE Act 2.0 Issues
The SECURE Act 2.0 has a new provision that speaks to the nature of auto-enrollment for new 401(k) plans. All eligible hires will be required to enroll at a pretax rate of 3% at the minimum. Furthermore, the mandatory enrollment will come with an auto-escalation of 1% annually, but this is only effective until the […]
Traveling in Retirement
Have you ever dreamed of selling off your worldly goods and sailing away … indefinitely? Many have contemplated a nomadic senior lifestyle as an intriguing option. Of course, many reject it. The lure of friends, family and their own familiar bed is too powerful. If you do embrace the travel lifestyle, how can you juggle […]
See Larger Map Get Directions