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Plan ahead. Planning for deductions helps you understand how much you should withhold and where you should be allocating After you get your tax refund, talk with your financial planning team to establish priorities. It deserves mindful financial planning. #PlanningfortheFuture #TaxPlanning

You still need an estate plan,” they took luxury cruises around the world and family outings to strip but everyone needs a plan, even those with social problems, financial problems and marital problems. the government and taxes. Estate planning doesn’t have to be complex or expensive. Estate planning is sometimes 95% social work and 5% legal, some attorneys say.

uber-wealthy business owners, their life insurance wasn’t effectively integrated with their estate plans in irrevocable trusts, then the proceeds are included in the estate values and are subject to estate taxes Don’t forget to speak with your estate planning attorney to make sure that the insurance you have is

,” asks whether using a will for business succession may have estate tax consequences. That tax might have been substantially reduced or eliminated with good estate planning by parents who The federal estate tax exemption is $5.45 million per person this year, plus any state exemption amount That means if the business is generating some decent revenue, there’s a good possibility that estate taxes Parents, speak with a qualified estate planning attorney to assist with wise succession planning.

you have some ideas as to where your assets should go, it’s worth the time and effort to develop a plan You should also be aware of any state estate or inheritance tax. estate tax). That’s where an estate planning attorney can really help you. There are important federal estate tax considerations.

ThinkAdvisor’s article, “New Estate Planning Strategies for a Post-Portability World,” says that there may be many folks who’ve continued to rely upon their outdated, pre-2013 estate plans. Reviewing a pre-2013 estate plan may be really beneficial for higher-income individuals. Regardless, consult a qualified estate planning attorney to help you select the most appropriate strategy Reference : ThinkAdvisor (June 7, 2016) “New Estate Planning Strategies for a Post-Portability World”

The Sabetha (KS) Herald’s article, “Estate planning for intellectual property,” suggests that, initially In addition, the valuation of intellectual property is a challenge for estate planning. Proper estate planning is critical to make certain that the decedent’s wishes are carried out. Estate planning for intangible assets like intellectual property has many complicated considerations. Make sure to speak with a qualified estate planning attorney to help ensure the ultimate distribution

Financial planning issues, however, can vary according to age. financial planning guide for different stages of life and the transitions faced along the way. Plan on at least 15% of income to be set aside for retirement—25% would be better. Taxes are also a critical planning element, such as for funds withdrawn from traditional IRAs. #SocialSecurity #PlanningfortheFuture #HoustonTaxPlanning #Medicare

If you have planned for the inevitable downturns, you should have enough in cash and cash-like investments

The only constant in estate planning is change. Your plan administrator or financial advisor can help you understand how such changes may impact your plan. What This Means for Your Estate Plans There has never been a better time to make additional gifts in Update Your Estate Plans Now Making sense of estate planning laws often requires professional help.

If you don’t already have a Roth IRA account, consider adding one for tax-free income in retirement. You can make after-tax contributions to a Roth IRA or convert traditional IRA money to a Roth IRA if The money will go in after-tax, but you can contribute a higher amount to a Roth 401(k)—plus there’s

Typically, it’s wisest to establish the 529 plan in the grandparent’s own name so it won’t impact need-based Although parent-owned 529 plans are included in aid calculations, qualified distributions used to pay In the college-planning process, first determine if your child qualifies for need-based aid at the schools College is a great investment, so be proactive and plan accordingly. Reference: Nerd Wallet (February 9, 2016) “Grandparents and College Planning — the Right Way” #529EducationalSavingsAccount