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Many people still expect that government programs, such as Medicare and Medicaid, will pay for their long-term care needs. Unfortunately, these programs provide limited assistance for long-term care needs. Medicare, the program for those 65 and older, has restricted coverage for stays at long-term care...
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Heirs routinely lose a large percentage of inherited IRAs to unnecessary taxes. The rules are simple, but they aren't obvious and most heirs don't know about them or to ask about them. If you don't want a large portion or your hard-earned wealth and careful plans wasted, be sure your heirs...
Posted to
Retirement Watch
by
Bob Carlson
on
11-12-2009
Filed under:
Filed under: Estate Planning, IRA Benefits, Traditional IRA, estates, Estate tax, Carlson, Bob Carlson, iras, ira distributions, estate taxes, small business
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Most estate plans are missing a key ingredient. Many estate planners don’t recommend it, and it isn't even mentioned in many estate planning discussions. One reason might be that, despite its importance, the document is not legally binding on anyone. This document can clear up a lot of issues...
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Hedge funds continue to make headlines, and most of them are not good. The big insider-trading case involved a hedge fund firm, and news stories indicate the investment process of the firm was to get an “information edge” that apparently included insider information on a regular basis. Forbes...
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Readers with homes or other property in more than one state need to give special attention to their estate plans. Each state has different rules and requirements, and your estate might have to run probate proceedings in each state. There is more work involved for either you or your executor or both....
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In this post we discuss two key issues that don’t draw much attention but are keys to the success or failure of your wealth transfer plans. They probably are not what you’d expect. Meeting a plan’s goals often does not hinge on the “headline issues” of trusts, family limited...
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Year-end tax planning will be unique and tricky this year. The usual year-end strategies are complicated by the potential for significant tax increases over the next couple of years and the lack of details we have today. In addition, the incentive to convert traditional IRAs into Roth IRAs in 2010 provides...
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Most of the time it’s not a good idea to combine an IRA with an annuity. The IRA already has tax deferral, so why take on the costs and limitations of an annuity? But there are a couple of times when it may make sense to mix an annuities with an IRA. We take a look at two such situations. Managing...
Posted to
Retirement Watch
by
Bob Carlson
on
10-02-2009
Filed under:
Filed under: Estate Planning, IRA Benefits, Traditional IRA, Carlson, Bob Carlson, income taxes, iras, ira distributions, estate taxes, retirement plans, annuities
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One of the most important decisions about an IRA is naming the beneficiary or beneficiaries. There are many candidates for the biggest mistake made by IRA owners, and a leading contender is the failure to name a beneficiary or naming the wrong beneficiary. If no beneficiary is named, the estate is the...
Posted to
Retirement Watch
by
Bob Carlson
on
09-24-2009
Filed under:
Filed under: Estate Planning, IRA Benefits, Traditional IRA, Roth IRA, estates, Estate tax, Carlson, Bob Carlson, wills, iras, ira distributions, estate taxes, grandkids, grandchildren, retirement plan
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The success or failure of an estate plan often depends on small details. Amid all the big picture issues (taxes, trusts, gifts, business interests), these matters may seem too small to deserve much time. Don’t have that attitude. It could cost you and your heirs. Don’t make these very common...
Posted to
Retirement Watch
by
Bob Carlson
on
09-17-2009
Filed under:
Filed under: Estate Planning, estates, Estate tax, Carlson, Bob Carlson, wills, iras, trusts, estate taxes, retirement plan, retirement, retirement plans
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Home prices are down, and inventories of unsold homes are high in many areas. These are buyer’s markets. That makes this an ideal time to buy a home, or to help a grandchild buy that first home or move up to a larger home. Even better, there is a tax incentive that leverages the help you provide...
Posted to
Retirement Watch
by
Bob Carlson
on
09-10-2009
Filed under:
Filed under: Estate Planning, tax-free gifts, taxable gifts, gifts, Carlson, Bob Carlson, homes, grandkids, annual exclusion, grandchildren, mortgages
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Despite the rally in stocks and other risky assets since March 9, many portfolios are still damaged from the events of the last few years. For those who are retired or near retirement, one step you have to take after such an event is to re-evaluate your retirement plan, especially your spending. Specifically...
Posted to
Retirement Watch
by
Bob Carlson
on
09-03-2009
Filed under:
Filed under: Carlson, Bob Carlson, retirement plan, retirement, financial crisis, retirement plans, stock, stocks, stock market, investments, portfolios, portfolio theory
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The debate over health care reform has brought an important issue into the headlines. The public debate is not very enlightening, but it serves a good purpose if it causes more people to include one or more important health care documents in their estate plans. Everyone needs one or more of these documents...
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Paying off the mortgage used to be part of the American dream and a prerequisite to retirement. Then, times changed. Debt management and the use of leverage spread from businesses to personal finance. It was not unusual for people to enter retirement with mortgages and other debt with no plans to become...
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Perhaps one of the worst effects of high estate taxes is the way tax planning diverts attention from other important estate planning issues. For many years, I have stressed that estate planning is about much more than taxes, but most people believe estate planning and estate tax planning were the same...
Posted to
Retirement Watch
by
Bob Carlson
on
08-13-2009
Filed under:
Filed under: Estate Planning, estates, Estate tax, gifts, Carlson, Bob Carlson, wills, income taxes, trusts, estate taxes, grandkids, grandchildren, creditor protection, small business, family limited partnerships