Editor’s Note: “Companion animal” is the preferred term – just doesn’t make for a catchy title. Although many states define companion animals as property most of us view them as family members. With the recent passing of legislation in Minnesota the creation of pet trusts is now possible in all 50 states. While the following [...]
Our caveman ancestors had a simple test for survival – Fight or Flight. In our modern world money is the source of survival. As a result every primitive survival and pleasure-seeking drive is intensely focused on capturing and guarding money. These drives are involuntary and highly emotional emerging more quickly and forcefully than logical analysis. [...]
In a recent general information letter the IRS reiterated several RMD rules and the Required Beginning Date (“RBD”) for taking RMDs: IRAs: The requirement to take RMDs begins on April 1st of the year following the calendar year in which the taxpayer reaches age 70 ½. EXAMPLE: Taxpayer reaches age 70 ½ in 2016. S/he [...]
On April 20, 2016, Representative Sander Levin – the ranking member of the House Ways and Means Committee – introduced legislation to restore the estate tax rate and exemption level to the same amounts as in 2009. The proposed legislation known as The Sensible Estate Tax Act of 2016 would be a trip back to [...]
Earlier this week the Department of Labor (“DOL”) released new rules aimed at ensuring providers of retirement investment advice adhere to a fiduciary standard – that is, to put the best interests of clients first and above all. This may seem like an obvious point but as we wrote here many investors have no idea [...]
Many ‘experts’ advise waiting until age 70 to claim Social Security benefits. The reasoning is sound on its face – the longer you wait the larger your monthly check. According to the SS Administration the following is how much of your full benefit you will receive depending upon the age you file: age 62 - [...]
First the good news... The recently enacted Consolidated Appropriations Act of 2016 includes a subsection that eliminates the state residency requirement for Achieving a Better Life Experience (“ABLE”) accounts. ABLEs are tax-free accounts (similar to §529 qualified tuition plans) that allow individuals who become disabled before reaching the age of 26 to pay for certain [...]
The Consolidated Appropriations Act of 2016 became public law on Dec 18th. Included therein is the establishment of Qualified Charitable Distributions (“QCDs”) from IRAs as permanent. Previously the QCD provision expired annually and required extension via temporary legislation. What is a QCD? QCDs are direct transfers from an IRA to a qualified charity totaling up [...]
In an oft-paraphrased 1789 letter to Richard Price Thomas Jefferson wrote that a well-informed electorate is a prerequisite to democracy. The next time we as a society collectively wonder about the political landscape and direction of our country we need look no further than ourselves and the things we deem important. Just what are the [...]
Mark Zuckerberg and his wife Priscilla Chan recently announced they will donate 99% of their wealth (currently valued at about $45 billion) to charity. Who will benefit from the largesse? Why the Chan Zuckerberg Initiative of course! There’s nothing “wrong” with this per se. Many charitable foundations exist as vehicles for funneling a proverbial pot [...]