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Many people aren’t aware that all of the proceeds from life insurance policies that they own at death will be included their estate for estate tax purposes. This is because if the policy owner can withdraw the cash value and change the beneficiary, then the policy owner will be deemed to have incidents of ownership [...]
Delaying these discussions can lead to significant family hardship and a loss of highly prized and hard-earned assets.
If you aren’t a citizen or resident of the United States, and want to own U.S. shares, don’t hold them in your own name.
Many commentators do not believe that a permanent fix for the federal tax will emerge anytime soon.
IRAs and qualified plans are great vehicles for saving for retirement. Contributions to the plans are not taxed, and the assets inside the plan enjoy tax free reinvestment and accumulation. The income tax is payable only when the assets are withdrawn from the plan. Unfortunately, while IRAs and other retirement plans are great for retirement [...]
Every storm eventually comes to an end…Now is the time to gift.
1. Business and real estate values may be down as much as 20% since last year at this time. This creates opportunities for transferring the business, stock or assets to children or key employees at significantly less tax cost than prior years. The transferor will use less of their lifetime annual gift exemption of $1.0 [...]
New Jersey and Maryland levy both types of tax.
There are many other viable estate-planning tools and techniques that should be discussed with your tax adviser, but the key is to plan ahead.