Effective this year, converting from one’s traditional IRA (and other qualified plans, such as 401k, 403b and 457 plans) is available to everyone. There are benefits and burdens of conversion, and the purpose of this article is to provide you with several things you should consider when converting to a Roth IRA. When you convert
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A properly funded trust will avoid probate upon your death and provide management of your assets without court involvement should you become disabled or incapacitated. Although your Last Will and Testament may provide that all assets pour over into your trust for further disposition, that is only after they pass through probate. Regarding the assets
Postpone making any changes in your life – i.e., selling your house for one year. Give yourself some time to regain emotional equilibrium; do not do anything “out of character”. Collect the documentation needed to settle your spouse’s estate. This includes bank statements, current tax information, insurance policies, investment records, property deeds, and the will.
There are three certainties in life: death, taxes and change. These certainties are important in designing and, more importantly, maintaining a sound estate plan. We are certain we will die, we are also certain that there will be some form of tax whether it is the “death tax”, or whether that death tax becomes an
On May 26, 2001 the United State Congress passed a ten year tax cut bill that repeals the Federal Estate Tax beginning in 2010. President Bush signed this bill into law on June 7, 2001. This law represents the largest tax cut in the past two decades; but please bear in mind that the transfer
If you have residences in more than one state, it is important to determine in which state you wish to establish your legal domicile. Your choice of domicile carries with it various important consequences. For example, domicile often determines jurisdiction to (i) assess state income and death taxes, (ii) probate wills and administer estates, and
A truly effective estate plan is one that is reviewed and updated regularly. Because of the tax law changes of the past years, now may be an especially good time to review your plan. The following questions can help you determine whether or not it is time to review your estate plan, and if so,