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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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The unfortunate fate of many IRAs shows why everyone needs an estate plan, even when the value of the estate is far below the taxable level. Few people are aware of what could happen to their IRAs when the next generation inherits them. Most people, and discussions of IRAs, focus on building the balance...
Posted to
Retirement Watch
by
Bob Carlson
on
05-29-2009
Filed under:
Filed under: Estate Planning, IRA Benefits, Traditional IRA, Roth IRA, estates, Estate tax, Carlson, Bob Carlson, wills, income taxes, iras, trusts, ira distributions, estate taxes, retirement plan, retirement, retirement plans
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The swift declines in most asset classes in late 2008 and into 2009 damaged many portfolios. For those who are retired or near retirement, one necessary step after such an event is to re-evaluate retirement spending. Specifically you have to check the rate at which you are withdrawing money from the...
Posted to
Retirement Watch
by
Bob Carlson
on
03-27-2009
Filed under:
Filed under: Bob Carson, IRA Benefits, estates, Carlson, Bob Carlson, iras, ira distributions, retirement plan, retirement, financial crisis, retirement plans, insurance, annuities, stocks, stock market, investments, portfolios, income investing
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Conventional investment advice has been turned on its head by changes in the fundamentals of the economy and markets. Now, fundamental changes in the government, demographics, and the economy are forcing changes in tax policy and tax planning advice. The age-old advice is to defer taxes whenever possible...
Posted to
Retirement Watch
by
Bob Carlson
on
03-19-2009
Filed under:
Filed under: Bob Carson, Estate Planning, IRA Benefits, Traditional IRA, Roth IRA, estates, Estate tax, Carlson, Bob Carlson, income taxes, iras, ira distributions, estate taxes, retirement plan, retirement, retiree health care, retirement plans, stock, stocks, stock market, portfolios, income investing
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For the two lowest tax brackets, the tax rate in 2008 through 2010 is 0% for qualified dividends and long-term capital gains. This compares to the 15% top rate others will pay on those types of income. Single taxpayers with taxable income up to around $33,000 and married couples filing jointly with taxable...
Posted to
Retirement Watch
by
Bob Carlson
on
01-30-2009
Filed under:
Filed under: Bob Carson, Estate Planning, estates, Estate tax, tax-free gifts, taxable gifts, gifts, Carlson, Bob Carlson, income taxes, trusts, estate taxes, grandkids, grandchildren, retirement, stock, stocks, investments, portfolios
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Many estate plans ultimately fail. The problems are not with the plans. The owners spent a fair amount of time and money preparing and executing the plans. They are sound plans that, if properly executed, would meet the goals. The problems with many estate plans tend to occur in the final stage. One...
Posted to
Retirement Watch
by
Bob Carlson
on
01-23-2009
Filed under:
Filed under: Bob Carson, Estate Planning, IRA Benefits, estates, Estate tax, gifts, Carlson, Bob Carlson, wills, iras, trusts, ira distributions, estate taxes, grandkids, grandchildren, retirement plan, retirement, retirement plans, selling a business
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Converting a traditional IRA to a Roth IRA has been a valuable tool to consider since the Roth was created in 1997. There are two reasons why a conversion is worth far more consideration now than in the past . First, a brief review of the basics. A Roth IRA has "back-ended tax benefits." There...
Posted to
Retirement Watch
by
Bob Carlson
on
01-09-2009
Filed under:
Filed under: Bob Carson, Estate Planning, IRA Benefits, Traditional IRA, Roth IRA, estates, Carlson, Bob Carlson, income taxes, iras, ira distributions, retirement plan, retirement, financial crisis, retirement plans, stocks, portfolios
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Come January, Democrats will be in charge all over Washington. They campaigned on a theme of change, and we should expect major changes. The questions are which changes and how will they affect your retirement finances? I will focus on the changes I think are most likely to occur. When evaluating the...
Posted to
Retirement Watch
by
Bob Carlson
on
11-07-2008
Filed under:
Filed under: Bob Carson, Estate Planning, IRA Benefits, Traditional IRA, Roth IRA, estates, Estate tax, taxable gifts, gifts, Carlson, Bob Carlson, wills, income taxes, iras, ira distributions, estate taxes, retirement plan, retirement, financial crisis, retirement plans, stock, stocks, stock market, investments, portfolios, market timing, market indicators
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Family limited partnerships have been a key element in many estate plans for decades. The FLP provides an array of benefits to the estate owner, not the least of which are tax reduction plus continuing control of the assets. Those benefits and the popularity of FLPs are why the IRS has been fighting...
Posted to
Retirement Watch
by
Bob Carlson
on
09-26-2008
Filed under:
Filed under: Bob Carson, Estate Planning, estates, Estate tax, tax-free gifts, taxable gifts, gifts, Carlson, Bob Carlson, wills, trusts, homes, estate taxes, grandkids, real estate, grandchildren, retirement, retirement plans, creditor protection, asset protection, business sales, selling a business, family limited partnerships, partnerships
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IRAs are supposed to be simple, but when it comes to inheritance IRAs are more complicated than most people realize. It is not unusual for IRA heirs to misunderstand some key rules. A wrong move or two triggers high taxes, often causing most of the IRA to end up with the IRS . Income taxes can take 35...
Posted to
Retirement Watch
by
Bob Carlson
on
09-19-2008
Filed under:
Filed under: Bob Carson, Estate Planning, IRA Benefits, Traditional IRA, Roth IRA, estates, Estate tax, Carlson, Bob Carlson, wills, iras, trusts, ira distributions, estate taxes, grandkids, grandchildren, retirement plan, retirement, retirement plans, stock
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Business owners have unique concerns in addition to the usual estate and retirement planning issues. Business owners fear their heirs might sell or dismantle the business or the wrong people might run it. Those results can be avoided, but the owner must plan carefully and implement the plan . Small business...
Posted to
Retirement Watch
by
Bob Carlson
on
08-28-2008
Filed under:
Filed under: Estate Planning, estates, Estate tax, Carlson, Bob Carlson, income taxes, estate taxes, real estate, retirement plan, retirement, retirement plans, business sales, selling a business, small business
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Few small firms survive past the first generation of owners. That is well-known. Most people assume the business failures are due to the inadequacies and mistakes of the owners and managers after the first generation. Yet, at least an equal share of blame goes to the founding owners who do not properly...
Posted to
Retirement Watch
by
Bob Carlson
on
08-21-2008
Filed under:
Filed under: Estate Planning, estates, Estate tax, tax-free gifts, gifts, Carlson, Bob Carlson, wills, income taxes, estate taxes, retirement plan, retirement, retirement plans, business sales, selling a business, small business
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Many people own shares of employer stock through 401(k) or other retirement plans. Few of these workers, or many of their financial advisers, know the tax break that is available slash the tax burden from selling those shares. With a little planning and by following a few steps, workers can substantially...
Posted to
Retirement Watch
by
Bob Carlson
on
08-14-2008
Filed under:
Filed under: Bob Carson, Estate Planning, IRA Benefits, estates, Carlson, Bob Carlson, iras, ira distributions, retirement plan, retirement, retirement plans, employer stock, nua, stock
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Most people are busy accumulating large balances in their IRAs and 401(k)s and managing the accounts. They forget that the IRS holds a mortgage on those accounts. You put mostly pre-tax dollars in the accounts and let income and gains compound tax deferred. But that balance in the IRA is not all yours...
Posted to
Retirement Watch
by
Bob Carlson
on
08-07-2008
Filed under:
Filed under: Bob Carson, Estate Planning, IRA Benefits, Traditional IRA, Roth IRA, estates, Estate tax, Carlson, Bob Carlson, income taxes, iras, ira distributions, estate taxes, retirement plan, retirement, retirement plans, annuities