THE NEW TAX LAW – What it means to You
By Douglas G. Goldberg, Esq., Colorado Springs LIVING WELL Magazine
On December 17, 2010, Congress passed, and President Obama signed, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Act”). This article provides a brief summary of the Act in the areas of income, estate, gift and generation skipping taxes.
The Importance of Saving for your Retirement
Courtesy Empire Bank, Springfield LIVING WELL Magazine
Throughout the years, Congress has made changes to the rules on individual retirement accounts (IRAs) in hopes of making it easier for individuals to save for their own retirement by offering expanded tax incentives. This series of changes, along with the introduction and increased popularity of Roth IRAs, has left many with questions about their eligibility to contribute to an IRA, the types of IRAs to which they can contribute, and how much they are able to contribute.
Estate and Gift Taxation in the 21st Century
By Jennifer K. Huckfeldt, Esq. Carnahan Evans Cantwell & Brown, PC. Springfield LIVING WELL Magazine
First, a bit of history in the event you have managed to escape the estate and gift tax debacle of the past decade!
Living With COPD
By Heather Branch, RN, Southeast Louisiana Home Health, Northshore & New Orleans LIVING WELL Magazines
As fall rolls around once again, so do all those pesky allergies causing inflammation and sometimes infection. The elderly, especially, need to be proactive in preventing flare-ups (exacerbations) of respiratory diseases such as asthma and bronchitis.
TAX EFFICIENCY IN RETIREMENT
How much attention do you pay to this factor?
By Herb White, CFP, MBA, Life Certain Wealth Strategies, East Denver LIVING WELL Magazine
Could you end up paying higher taxes in retirement? Do you have a lot of money saved in a 401(k) or a traditional IRA? If so, you may be poised to receive significant retirement income
Charitable Giving
By Douglas G. Goldberg, Esq., Colorado Springs LIVING WELL Magazine
“No person has ever been honored for what he received. Honor is our reward when we give.” – Calvin Coolidge, former President of the United States
Contrary to popular belief, you don’t have to be John D. Rockefeller or Bill Gates to be involved in philanthropy. Men and women of all ages, races, religions, and financial status give. Whether they give several hundred thousand dollars to a major building project or provide a meal for the elderly lady who lives down the street, doing well by doing good is running rampant in our country.
Do It Yourself?
By Miller Davidge, Davidge & Wright, Denton LIVING WELL Magazine
There are many reasons people don’t hire an attorney to prepare their wills and other estate papers. Some people want to keep everything private, and are afraid of disclosure to any third person, even a lawyer. Sometimes people don’t want to appear uneducated (people who have not seen me try and change the oil in my car or program my electric coffee maker).
Never Put All Your Eggs in One Basket? Maybe it’s time to reconsider…
Courtesy DATCU Credit Union, Denton LIVING WELL Magazine
Remember that old cliché, “never put all your eggs in one basket”? Well, in some circumstances, that might not be the best advice. Today, when shopping, most people enjoy the simple convenience of swiping a debit or credit card. Now that recent legislation is capping the fees that financial institutions can charge for debit card use, big banks are scrambling to find ways to re-coup that money.
“How do I know if I need to update my Estate Plan?”
By Frank J. Danzo, III, Esq. and Marco D. Chayet, Esq., Chayet & Danzo, LLC
1. You or a close family member are over age 45
If you or a close family member are older than age 45, you may not be able to make decisions on behalf of yourself or the family member unless you plan ahead.
Viewing Your Home as Part of Your Retirement Portfolio
Courtesy LPL Financial, Akron LIVING WELL Magazine
Reverse Mortgage: Do Your Homework before Committing
Tapping home equity doesn’t necessarily require relocating. A reverse mortgage may be a solution if you have significant home equity and a desire to stay in your existing home. With a reverse mortgage, you receive a source of income by borrowing against your home’s equity. Payouts are tax free and may be taken as a lump sum, a line of credit, or an annuity-like payment schedule.
