If you are 50 or older, you can put $6,500 into your Roth IRA: that includes a “catch up” contribution of $1,000. Typical Roth IRA contributions are still limited to $5,500 a year. There are income limits, which you’ll need to be careful about. One good thing about the new…
It may sound whimsical, but the moment you open a business is also the time to start thinking about how you’ll exit the business, whether you intend to sell to a partner, leave the entire business to a family member or sell as soon as you come up with the…
If you plan on leaving the family home to your heirs when you die, be aware of the tax liabilities that are associated with inheriting a house. This is the type of estate planning decision that requires a closer look with an estate planning attorney to evaluate the pros and…
Unintended consequences can occur when dividing up real property, which is often harder to distribute than investment accounts or savings accounts. Planning for real property division must take into account the different circumstances of your heirs. You may have envisioned a time in the future, when your children and grandchildren…
Some states are cheaper to die in than others, that is, when it comes to death taxes. The average American doesn’t have to worry too much about paying a federal estate tax, as the current federal estate tax exemption is a generous $5.49 million for 2017 and twice that if…
With many tech companies, universities and businesses, North Carolina has become home to many resident aliens who contribute greatly to the state’s growth. Estate planning requires special knowledge of non-citizen tax rules. More than $1 billion in annual foreign direct investment gives North Carolina’s private sector employment a huge boost,…
Without the spending habits of Michael Jackson and the involvement of members of his inner circle, the Jackson estate has been transformed into an efficient multi-million dollar empire. As it stands now, the only factors that might keep the Michael Jackson money machine from moon-walking into eternity are his heirs.…
Regardless of which candidate becomes president and what changes are made in coming years, there will still be a need for estate planning in Texas, and that includes regular folks as well as the ultra-wealthy. If the U.S. federal estate tax were to be eliminated, there will still be plenty…
We’ve been so inundated with the idea of tax-free investment accounts that the taxable investment account’s role in retirement planning is underutilized and overlooked. If you’re like most Americans, you’ve got at least one and maybe a few retirement accounts. You like the tax benefits that come from having IRA's,…
Trusts are not right for everyone, so they need to be fully explored before being created. If someone says you need a trust as part of your estate plan, you should speak with an experienced estate planning attorney before moving forward. A recent post from NJ 101.5, “The disadvantages to…