There is some kindness in the tax code, especially when it comes to the disabled and their care givers. There are a few tax breaks that are intended to alleviate some of the financial burden. Even when a disabled person is able to work, they or their caregivers must incur…
New Year’s Eve is the deadline for taking RMDs if you are older than 70 ½. Haven’t started yet? Get on this right away to get it done in time. Otherwise, be prepared to pay a penalty. You still have a little time to beat the last minute rush on…
TOM’S 8 TIPS FOR SUCCESSION PLANNING(1) © Realize that your Exit Strategy is not business as usual. Get knowledgeable guidance e.g. from financial/legal advisors (team approach). Start now. Be realistic about objectives: Is it first and goal to go or is it a goal line defense? Anticipate Buyer’s due diligence. Financial statements…
TOM’S 9 TAX TIPS AND FACTS RELATED TO SUCCESSION PLANNING(1)© 1. Estate tax, the cruelest tax. You are taxed once on the income you earn. You save some of what you earn and are successful. If you die with “too much”, you are taxed again on your hard earned savings.…
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…
Most Houstonians like to stash away our tax forms as soon as we file our taxes, but that’s a mistake. When it comes to making financial decisions, you want to arm yourself with as much information as possible. One often overlooked source is your Form 1040, advises CNBC in “Use…
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…
While the number of people making New Year’s financial resolutions are on the rise, we would do well to make a midyear financial check a regular part of the summer season. The good news is more than 30% of Americans did give some thought to making financial resolutions this past…
Moving a lifetime of possessions in or out of the country is one thing, but moving money from country to country without losing it takes a new kind of financial planner. Whether you are retiring to a small cottage in the Cotswolds or coming home after a career that kept…