Retirement Watch Weekly
Tax Court Shows Risks in Self-Directed IRAs, Unconventional Investments
A self-direct-ed IRA is a good way to invest your retirement account in non-traditional investments. But a recent Tax Court decision shows the dangers of taking shortcuts and not setting up and operating the IRA the right way.In the case, the taxpayer had a SEP-IRA. The custodian was a national bank. The taxpayer set up […]
The Times When the Payoff from Converting to a Roth IRA Increases
Should I convert my traditional IRA or 401(k) to a Roth IRA? How much should I convert? These and related questions are being asked more frequently these days. That’s primarily because of a wide-spread belief that increases in income and estate taxes are likely to be enacted in the next year or two. Also, Stealth […]
Prince’s Estate Shows the Importance of Naming Your Executor
Many of us can learn a lesson about the importance of choosing executors from the legal actions involving the estate of Prince Rogers Nelson, the late entertainer known as “Prince.” Prince was a successful musician, entertainer and record producer. He died at age 57 and left a valuable and complicated estate. He apparently left no […]
7 Steps to Ensure a Successful Estate Plan
Your estate plan is much more likely to be successful when you recognize and avoid the most common mistakes and instead take some key actions. Most estate planners will tell you that the same estate planning mistakes and oversights recur with frequency, whether an estate is worth a billion dollars, a few hundred thousand dollars […]
Major Tax Increases Are in The Works
Shortly after the $1.9 trillion stimulus law was enacted, President Biden’s aides began publicly discussing the coming tax increases. But, in fact, the tax increases have already started. Three tax increases were slipped into the stimulus law. They have been estimated to raise tax bills by about $60 billion. One increase limited the amount of […]
What You and Your Heirs Should Know About Powers of Attorney
You may already know your estate plan needs an up-to-date power of attorney (POA). But it also needs much more than that. Here are some important facts on the power of attorney for you and your heirs, in terms of both the uses and limits of the POA. For starters, here’s why you need more […]
Reviewing Your Will and Estate Planning
Your will and estate planning strategy need to be reviewed. Be sure they are ready for coming changes. A key tool in many estate planning strategies especially needs some re-working soon. Otherwise, you might be caught in a trap. The current lifetime estate and gift tax exemption is $11.58 million per person in 2020. It […]
15+ Tax Strategies That Will Survive the Coming Tax Increases
In my new Retirement Watch Spotlight Series, I’ll share my newest breakthrough strategies for protecting your assets and growing your portfolio, including how to prepare for the next market downturn. Click here now to learn more. […]
