Don’t Look Back and Wish You’d Seen the Opportunity to Save Taxes for Subsequent Generations through Lifetime Gifting Heading into a volatile election season, the risk of higher income and estate taxes in 2021 and beyond is a very real concern for our affluent clients. Today’s federal income and estate taxes are historically low (even if it might not feel
It’s that time of year again: tax season. No one enjoys doing their taxes, and that is likely why many of us leave this tedious task to the last…possible…moment. As Tax Day approaches, millions of Americans are likely scrambling to track down all of their important documents to meet the April 15 deadline. But as with anything in life, the more
Shocking to most people, the retirement account you leave for your spouse can be seized in a divorce, lawsuit, or bankruptcy. 3 Options Available To Surviving Spouses When your surviving spouse inherits your IRA, he or she generally has three options: Cash out the inherited IRA and pay the income tax. WARNING! The cashed-out IRA will not have creditor protection and accelerates