Do you own a highly appreciated asset that produces little or no income? Are you selling your business? Are you highly compensated and looking to shelter more of your income? Put the charitable remainder trust in your list of options.
Do you think whole life insurance is a poor investment? Are you skittish about variable universal life due to fluctuations in the stock market? What if there was an insurance policy with cash values linked to the equity market but that could only go up and never go down? Nirvana? Here it is...
Do you need cash for medical expenses, to pay off debts or to buy that long-desired boat, cabin, car or RV? If so, you may be able to sell an insurance policy that you no longer need.
Studies have shown that 46 per cent of business owners do not intend to ever retire from their businesses. Amidst the sophisticated estate planning techniques for business succession planning, the simple buy-sell agreement solves a myriad of post-death problems. Here's how...
Expert Author: Robert D. Cavanaugh | Category: Annuities Many people buy annuities blind. Others avoid them due to a misunderstanding. Here is a simple primer on deferred annuities which will make you a smarter consumer.
Have you blindly named your spouse as the beneficiary of your IRA? Is this your best choice? Depending on your situation and objectives, other beneficiary elections may be better. Here are three options you may not have considered.
If you are contemplating buying life insurance to pay estimated future estate taxes, you will probably want to use an Irrevocable Life Insurance Trust. Here's why...
Survivorship life insurance can pay estate taxes, offset income taxes on inherited qualified plans, and replace assets. When putting your estate plan together, do not overlook this valuable planning tool.
Do you have your own business? Do you have a 401(k) at work and have self-employment income on the side? If so, the SEP IRA may be one alternative to building a bigger retirement nest egg.
Are you considering long term care insurance but are balking because you don't think you will ever need it? Here is an approach that does not require annual premiums and provides a tax-free benefit to your heirs if long term care is never needed.
Expert Author: Robert D. Cavanaugh | Category: Charity If you are over 70 1/2, have an IRA and are charitably inclined, a new law allows you to make a substantial gift from your IRA - tax-free. However, there is a narrow window of opportunity.
Expert Author: Robert D. Cavanaugh | Category: Taxes Will you be selling your home soon? How much of the gain can you exclude from tax? Do you know the current rules? Do you know the exceptions? Did your spouse die, are you divorced, remarried or in the Armed Forces? All these circumstances require special planning.
Whether or not to sell their home is one of the biggest sources of consternation to seniors. Here are reasons to stay put and ways to remain in the home and get the equity out.
If you retire early and roll your 401(k) into an IRA, what is the best way to take out income to live on? What are the rules? What are the penalties for taking money out before the magic age of 59 1/2? What are the exceptions? What are the work-arounds?
Why is making the proper beneficiary election for your IRA important? Does your election follow the rules? Is it the best one for your family circumstances? Is there a better one? Find out by taking a look a few common beneficiary elections and their results.
Your IRA could be one of your biggest assets. Do you know the IRA distribution rules at death? Do you have your IRA set up so your desires match the rules? Here's a quick primer that could help you avert costly mistakes.
Your IRA may represent the bulk of your estate. Care must be taken to assure that your wishes for the distribution at your death follow the rules. Here are the rules and several common mistakes to avoid.
Expert Author: Robert D. Cavanaugh | Category: Taxes Roth IRAs are popular, but the rules are complicated. Take this quick 5 question quiz and see if you are up to speed on the Roth IRA.
Many seniors have long term care needs but limited assets. Here is one technique to squeeze the maximum income from a given asset.
Expert Author: Robert D. Cavanaugh | Category: Taxes Are you searching for another income tax deduction and wonder whether you qualify for an IRA? If so, here are the new contribution rules--some brand new as the result of the Pension Protection Act of 2006.
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