Tag Archives | taxes

Planning Your Financial Future One “Step” At a Time

Key Takeaways Stepping up the cost basis of your assets can be a good planning tool when determining what assets to sell in your lifetime. If possible, consider passing taxable assets with large unrealized gains to your heirs. Assets that receive no step up include those held in any retirement accounts or annuities An investor […]

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Getting Charitable: The Basics of Donor Advised Funds

Key Takeaways Donor-advised funds have similar advantages to private foundations but require less time, money, legal assistance, and administration to establish and maintain. A donor can generally take an immediate income tax deduction for contributions, but may spread gifts out over months or several years. Many institutions provide these charitable vehicles. It’s that time of […]

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New Legislation Extends Popular Tax Provisions

In one of its final actions, the 113th Congress passed the Tax Increase Prevention Act of 2014 and the President signed it on December 19th. This legislation extends for one year a host of popular tax provisions (commonly referred to as “tax extenders”) that had expired at the end of 2013. The following provisions were […]

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Decanting a Trust

The Basics A trust is a legal relationship where someone (the grantor) arranges with another (the trustee) to hold property for the benefit of a third-party (the beneficiary). The grantor transfers a split ownership of property–legal ownership to the trustee and beneficial ownership to the beneficiary. The grantor names the beneficiary and trustee and establishes […]

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2013 Tax Law Changes

2013 Year-End Tax Planning Considerations

As the end of the 2013 tax year approaches, set aside some time to evaluate your situation. Here are some things to keep in mind as you consider potential year-end tax moves. The tax landscape has changed for higher-income individuals This year a new 39.6% federal income tax rate applies if your taxable income exceeds […]

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Avoiding Tax on Your Social Security Benefits

Understanding how Social Security benefits are taxed has always been a question on many retirees’ minds. As you might have guessed with the complicated tax code, the tax on your Social Security benefits can vary greatly. Did you know that up to 85% of you benefit could be taxed depending on how much income you […]

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2013 medicare Premiums

Medicare Updates for 2013

The following is a guest post from Howard Peck of Senior Insurance Solutions. Along with the usual and customary annual Medicare cost increases, 2013 will likely be the year that two BIG Medicare issues will be bantered about and then possibly implemented as our politicians try to get a handle on the runaway costs of […]

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