Retirement Watch Weekly
October – December 2008
RMD Relief for 2009, not 2008 December 19, 2008 05:00 p.m. Many IRAs experienced steep declines in their values in 2008. This can put a strain on those over age 70½. They are required to take minimum distributions from their IRAs and other qualified retirement accounts based on their values as of Dec. 31, 2007. […]
The Crisis and Money Market Funds
Once we left the 1980s behind, I thought this issue would not be addressed again. But for the second consecutive month we are having a discussion about when your money is insured by the government or an entity created by it. Money market funds are this month’s focus. Traditionally a money fund is where you […]
Asset Declines are an Estate Planning Opportunity
There is at least one silver lining in today’s dark cloud – Estate Planning opportunities are being created. Today we have a rare opportunity to transfer wealth to younger generations while incurring very low gift and estate taxes. Falling market prices and low interest rates are a great combination for estate planners. If the price […]
Money-Saving Move for Estate Planning in 2008
A little-known provision of the estate tax can save quite a bit of taxes for estates of those who passed away in late 2007 or the first part of 2008. The estate tax is based on the value of the estate assets, normally the value on the date of the owner’s death. The executor, however, […]
A Loophole for 529 Plans Losses
Many people who saved for college through 529 savings plans face substantial losses in their accounts. There is a silver lining in the tax law, and it is one reason 529 plans are among the best ways to save for education. Income and gains earned by the 529 account are sheltered. If the account balance […]
Medicare, Other Health Changes on the Way
The good news is that Medicare premiums are unchanged for 2009. They remain at $96.40 per month for Part B. This is the first year in the last eight the premium will not rise. The program’s reserves increased, allowing it to keep premiums and fees steady. But do not take that as a sign of […]
IRA: Key Questions and Answers
The financial crisis continues to have secondary effects few people anticipated. Decisions are required, especially with regard to IRAs. Let’s take a look at the IRA: key questions and answers. Is there relief for IRA owners over age 70½ who have not yet taken their required minimum distributions for the year? IRA owners must take […]
How the Turmoil Can Alter Trusts
The financial crisis is causing major changes in the banking business, and that will lead to changes at trust companies and in trustees. Trust creators and beneficiaries need to at least monitor the situation and might need to take action. Many trusts have a corporate trustee or co-trustee, such as a bank or trust company. […]
