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Ask A Trust Officer: Estate Tax Filings
I don’t have $5 million. I don’t need to worry any more about estate taxes, do I?
IRS Announces 2012 Retirement Plan Limits
To make it possible for voluntary retirement savings to keep up with inflation, the various numerical limits embedded within qualified retirement plans are indexed for inflation.
The Higher Education Price Index is an annual report that documents the relentless rise in the costs of college in the USA. The report for 2011 shows that, once again, higher education costs are growing faster than inflation, 2.3% versus 2.0%.
Ask A Trust Officer: The Trust Industry
The trust industry seems to have a pretty low profile, I don’t read much about it, even in the business press or on the Internet. How big is it? Is the trust industry successful? Are trusts just for the ultra-wealthy?
The third quarter of 2011 lacked much in the way of good news for investors or the economy. It was the quarter when Standard & Poor’s downgraded the U.S. credit rating, in the wake of a contentious debate in Congress over raising the U.S. debt ceiling.
With the fragile economy, this might seem like an unlikely time to explore the issues that attend “sudden wealth.” But even in difficult economic times, people can come into money suddenly.
In October, a key IRS interest rate (the Section 7520 rate) fell from 2.0% in September to 1.4%, the lowest rate ever. (The high point for the Section 7520 rate was 11.6% in May 1989.) As recently as last May, the rate was 3.0%. Very low interest rates favor some estate planning techniques, but others lose their allure.
Ask A Trust Officer: In-Law Protection
I have two grown children, both married. One couple is financially secure; the other is less so. Candidly, I don’t trust the spouse of my child who is struggling. Is there something I can do to keep that child’s inheritance from the spouse’s hands? How do I treat the children differently without provoking a family feud?
When you hear about the challenges of building a financially secure retirement, or think about your own plans, here are some facts to keep in mind.
It May Be Worse Than We Thought
The recession ended, officially, in June 2009. However, not everyone agrees with the official dating. The economic news at the end of July was notably grim, reinforcing the views of the pessimists.
Ask A Trust Officer: Exception on Required Distributions
When I reached 65, I decided to cut my hours instead of retiring. Now I’m 71 and still going strong. Do I have to start taking 401(k) distributions? I’d rather not.
The economic recovery, which began in June 2009, according to the official scorekeepers, passed its second anniversary with a spate of bad news.
The great advantage of the Roth IRA over the traditional IRA is the potential for complete tax freedom for one’s savings. Note carefully the word “potential.” The IRS has several hoops for taxpayers to jump through before tax freedom is achieved.
Recent developments in New York and Florida have placed a spotlight on a new phenomenon, the predatory marriage to a terminally ill person shortly before the person’s death in order to gain access to the person’s wealth.
What’s up with the housing market? Have prices stabilized? Is this a good time to buy?
Planning for the Digital Estate
The first step in estate planning is compiling an inventory of all current assets. Financial records, life insurance policies, real estate interests, bank accounts, brokerage accounts, retirement accounts, collectibles . . . the list is extensive and can be exhausting.
Components of Income, Top Taxpayers
IRS issued a report in May on the top 400 taxpayers by adjusted gross income (AGI) each year for the years 1992-2008. This exclusive club has a lot of turnover. According to the report, 73% of the people who fell into this group were there for only a single year during the study period.
Most of James Mitchell’s fortune was held in his revocable living trust. Six days before his death in 2005, he transferred a 5% interest in two real estate properties to an irrevocable trust for his sons. The reason for the transfer was to keep the properties in the family at least until the sons reached age 45.
Ask A Trust Officer: Inflation
What’s up with inflation? Gas is over $4 a gallon, and I’m getting sticker shock at the grocery store, and yet I keep hearing on the news that inflation is mild. What does all this mean for my investment portfolio?
Trust-based wealth management plans are growing in popularity. According to one recent survey, more than half of families whose wealth exceeds $5 million already employ a trust for asset management. More than a third of families whose wealth falls into the $1 million to $5 million range have a trust.
A substantial portion of the trillions of dollars that will be transferred through the estates of baby boomers in the coming decades is expected to be in IRAs, qualified retirement plans and other tax-preferred accounts. IRA rollovers have grown significantly as workers have moved their 401(k) money at retirement in order to extend its tax-deferred status.
Word came in April that Superman would renounce his American citizenship in an upcoming issue. Three questions sprang to mind: When did Superman gain American citizenship? How hard is it to renounce one’s citizenship? Why would one do that?
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