The American Taxpayer Relief Act of 2012 (ATRA) made the estate tax exemption “portability” feature permanent. This allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax...more
Over the past 10 years, thousands of entrepreneurs have used their existing retirement savings held by a qualified retirement plan or IRA to finance the startup or acquisition of a new business. According to industry experts...more
Inattention to beneficiary designations and jointly held assets can quickly unravel an estate plan. Many don’t realize that their will doesn’t control the disposition of “nonprobate assets,” such as life insurance policies,...more
If you converted a traditional IRA to a Roth IRA in 2012, you have until October 15, 2013 to “recharacterize” the account and revert back to a traditional IRA.
In January 2013, when President Obama and Congress compromised on changes in the estate tax area most commentators thought the changes (part of the American Taxpayer Relief Act of 2012) meant that further changes to estate...more
American taxpayers have approximately $4.7 trillion invested in IRAs as of 2011. Only 2 percent of these assets or $94 billion are invested in self-directed IRAs. This is a surprising result when you...more
Advice on retirement planning is being offered by many entities and forms of media these days. Those of us in the early baby boom generation are bombarded by offers to have dinner and listen to lectures as to how to invest...more
Important decisions in planning retirement income and expenses can be made at seven ages, and the decisions made at those ages can have a substantial effect on the quality of retirement....more
Most doctors loath dealing with financial reports and generally dealing with the business side of the practice of medicine. ...more
Splitting up marital assets in a divorce is challenging enough when you are dealing with property in the here and now. When it comes to assets accrued for the purposes of future retirement, things can get even more...more
The President’s recent budget proposal would impose a new cap on tax-favored retirement benefits.
Annual contributions and accruals under tax-favored plans are already limited, but this would be a complex new limit...more
On April 10, 2013, the White House released its Fiscal Year 2014 Budget (the Budget), which includes a number of proposals related to employee benefit plans. Although it is unlikely that all of the proposals will ultimately...more
From time to time, we hear about threats to the Social Security System – even talk about eliminating it for younger workers. Some reports indicate that about half of Americans have less than $10,000 in savings, while other...more
Would you leave money on the table for the government to take instead? Would you not maximize your retirement savings because your accountant or third party administrator (TPA) told you that you had to give the same amounts...more
The following are select tax topics affecting individuals and businesses for tax year 2012.
Personal Exemptions: The personal exemption is $3,800 for 2012, an increase of $100.
Congress extended through the end of 2013 the popular "charitable IRA transfer." This permits individuals who have reached age 70 1/2 to make income tax-free distributions up to $100,000 directly from an individual...more
The newly enacted American Taxpayer Relief Act (H.R. 8) includes a significant new opportunity to perform “in-plan” conversions of pretax dollars to Roth (after-tax) dollars of funds held in defined contribution retirement...more
As you no doubt are aware, Congress just passed, and the President just signed into law, the American Taxpayer Relief Act of 2012 (the “Act”). The Act is effective as of January 1, 2013. This summary addresses certain of...more
The best retirement savings plan begins when you are young and just starting out. If you have the discipline to follow a few simple rules, by the time you reach retirement age, you should be able to do what you want, where...more