Back in 2015 we introduced you to myRA. Well, OK, Treasury under the Obama Administration introduced myRA but we sat down with "her" for this exclusive, in-depth interview. Well, myRA is no more. The program intended for people who did not have access to workplace savings plans is being discontinued. The program has been far [...]
The powerful tax-deferral tool is likely nearing its end. WHAT IS STRETCHING: Sustaining and maximizing the tax-deferred status of an IRA when the beneficiary is a non-spouse such as a child. WHO LIKES IT: Beneficiaries who accrue years of compounded, tax-deferred growth while minimizing the Present Value of the liability (i.e. $1 in the future [...]
According to a recent study by caring.com just 40% of U.S. adults have a will (including only 36% of U.S. adults who have children under the age of 18). What’s more only 53% of U.S. adults have a healthcare power of attorney (“POA”). What’s the big deal? Without a will or similar trust agreement decisions [...]
Special Needs Trusts (“SNTs”) are a common estate planning tool used to improve the quality of life of individuals with special needs. When properly drafted they integrate with governmental benefits ensuring assets are used to supplement (rather than disqualify an individual for) governmental benefits. On December 13, 2016, President Obama signed the 21st Century Cures [...]
Legislation has been introduced to the House Ways and Means Social Security Subcommittee that among other things would: increase full retirement age at which workers could claim benefits after 12/31/29 raise for workers the “early retirement age” to 69 change how benefits are calculated to increase benefits for lower-income workers while slowing the growth of [...]
Retirement savers in Required Minimum Distribution status likely (or at least should) know some of the basics. Some retirement savers will have reached age 70 ½ this year and begin taking their first RMDs. A popular strategy involves aggregation. IRS rules state that an RMD should be calculated for each account separately. Then, where aggregation [...]
Yesterday the Internal Revenue Service announced in Revenue Procedure 2016-55 the tax year 2017 annual inflation adjustments. Salient points are as follows: TAX BRACKETS (single – “S”) If taxable income is between $0 and $9,325 then 10% of taxable income. If taxable income is between $9,326 and $37,950 then $932.50 + 15% of the amount [...]
Aristotle famously stated, "A is A." A fork is a fork. A fork is not a spoon (well, unless you're a fan of the spork!), a fork is not a baseball, a fork is not a pencil, etc. Seems obvious enough. Apparently politicians are lousy logicians as they seem to think permanent is temporary. On [...]
Love your companion animals? Of course! Want to be buried with them? Maybe...and if you live in New York you now have that option. On 9/24/16 Gov. Andrew Cuomo signed into law the measure allowing people to be buried with the cremated remains of their companion animals. Cemeteries aren't required to offer the option. Religious [...]
In accordance with Supreme Court decisions the Internal Revenue Service has issued final regulations redefining terms relating to marital status. The rules reflect the Supreme Court’s landmark rulings in the 2015 case of Obergefell v. Hodges and the 2013 case of Windsor v. U.S. that legalized same-sex marriage in every state and invalidated the Defense [...]