Almost every type of income comes with a tax consequence. Capital gains and dividends are both income but they are treated differently when it comes to taxes. Understanding the difference between capital gains and dividend income can have an impact on portfolios and tax planning. That includes the difference in…
Estate tax, death tax, income tax and inheritance tax: what do they mean for your estate and your heirs? You’ll want to be sure to know the difference between them, as you create your estate plan. Most people don’t have to worry about the federal estate tax, which is often…
Some people give generously all year long, supporting local nonprofits and taking care of their family members. If that’s you, perhaps it’s time to consider taking a more strategic approach to lifetime giving. Not everyone gives because they are looking to minimize their taxes. If you’ve reached the age and…
The foundation of your estate plan is a will, also known as a last will and testament. Depending upon your situation, your Houston area estate planning attorney may recommend additional documents, including trusts. The first part of your estate plan is the creation of a will to provide clear instructions…
“Financial planning is an ongoing process that examines your goals, situation and finances, in order to determine if and how these goals can be met. It’s not a product-centric process, but often we use financial products like mutual funds, annuities and/or life insurance to achieve goals in the most efficient…
You may know that there are tax traps when IRA withdrawals or rollovers are done incorrectly. However, did you know that an investment portfolio could contain a tax trap that could ruin your IRA status? The most frequently occurring IRA tax trap comes from tax bills through the Unrelated Business…
The ING trust is used to generate tax savings in a number of ways. For the right person, they are a trend worth looking into. Are they right for you? The expanded transfer tax exemptions created by the 2017 tax reform legislation will end in 2026. However, in the meantime,…
Life insurance can help heirs avoid having to incur expenses like estate taxes, funeral costs and similar expenses. However, it also gives heirs breathing room, so they can make the best use of other assets. Here is an example of how life insurance should work. A father, Howie, dies and…
While there’s a time limit on this great opportunity for tax-free giving—2025, unless Congress makes some changes—this is a good time to take advantage of minimizing your tax liability through generosity. There’s a new big break for top-dollar wealth transfers, thanks to the new tax law. Basic rule: the more…
You know that health care, taxes and not saving enough for retirement can derail retirement. However, what about the risks you never saw coming? Consider these three risks to retirement says Wealth Advisor in the article, “The Three Risks To Prepare For In Retirement.” They are a little less obvious…