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Category: Estate Planning

Choosing Retirement Account Beneficiaries Requires Some Thought

While the execution of wills requires formalities like witnesses and a notary, the reality is that most property passes to heirs through other, less formal means. Many bank and investments accounts, as well as real estate, have joint owners who take ownership automatically at the death of the primary owner. Other banks and investment companies […]

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Use Your Will to Dictate How to Pay Your Debts

The main purpose of a will is to direct where your assets will go after you die, but it can also be used to instruct your heirs how to pay your debts. While generally heirs cannot inherit debt, debt can reduce what they receive. Spelling out how debt should be paid can help your heirs. […]

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Income Tax Benefit of the IRA Charitable Rollover

Recent changes to income tax law may result in fewer individuals taking advantage of the traditional charitable deduction, but individuals can still receive a reduction in income tax by using their Individual Retirement Account (“IRA”) when completing charitable goals. The Change The Tax Cuts and Jobs Act was signed into law last December.  The new […]

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How Will the New Tax Law Affect You?

While most of the new tax law – the Tax Cuts and Jobs Act – has to do with reducing the corporate tax rate from 35 percent to 21 percent, some provisions relate to individual taxpayers. Before we get into the details, be aware that almost everything listed below sunsets after 2025, with the tax structure […]

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You Can Give Away More Tax Free in 2018, Contribution Limit to ABLE Accounts Will Increase Also

After staying the same for five years, the amount you can give away to any one individual in a particular year without reporting the gift will increase in 2018. The annual gift tax exclusion for 2018 is rising from $14,000 to $15,000. This means that any person who gives away $15,000 or less to any one individual […]

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Five Valuable Tips When Caring for a Parent at Home

More and more children are living with their parents when their parents begin to need supports for their care.  This situation can occur either with the parent moving in with the child or the child moving in with the parent.  This trend probably won’t reverse anytime soon. Children and their parents are finding that living […]

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