Jun 3, 2021 | Charitable Giving, News, Personal Finance, Retirement, Tax
Background The Pension Protection Act of 2006 first allowed taxpayers age 701/2 or older to make tax-free charitable donations directly from their IRAs. Technically, these taxpayers were allowed to exclude from gross income otherwise taxable distributions from their...
Jun 27, 2020 | Retirement
The Coronavirus Aid, Relief and Economic Security (CARES) Act contains provisions that make it easier to withdraw funds in certain tax-advantaged retirement accounts like 401(k)s and traditional Individual Retirement Accounts (IRAs). These temporary changes eliminate...
Feb 14, 2020 | Estate Planning, Retirement, Tax
Late last year, Congress passed bipartisan tax legislation that President Trump promptly signed into law on December 20, 2019. The legislation included the “Setting Every Community Up for Retirement Enhancement (SECURE) Act”, which is mainly intended to expand...
Dec 5, 2019 | Estate Planning, Investing, Personal Finance, Retirement, Social Security
After contributing through payroll and self-employment taxes for decades of work, many Social Security beneficiaries are astonished when they learn that their benefits may be subject to federal and sometimes state income taxes. When benefits were first paid in 1940,...
Dec 5, 2019 | Personal Finance, Retirement
Retirement plans are often one of the most valuable assets a couple acquires during a marriage. If a couple divorces and there is an agreement or judgment that requires all or a portion of the employee spouse’s retirement plan to be shared with the spouse or former...
Dec 5, 2019 | Estate Planning, Personal Finance, Retirement
I am often asked whether it is a good idea for elderly parents to transfer their home to their children. I always ask: “Why do you want to do this?” The most common reason is to protect the house in the event one or both of the parents need nursing home care. First, I...
