A Will Might Not Be Enough

When you start the estate planning process, it can be easy to get overwhelmed by all of the options available to you. Should you create a trust? Should you use a will? Who will your power of attorney be? Who should you leave different items to? Here are four things to consider when you are [...]

February 3rd, 2020|Newsletter|

Mastering the Art of Paperwork for Your Charitable Giving

Whenever you make the generous gift of property or money to organizations that are eligible to receive tax-deductible charitable contributions, you need to make sure that you get the paperwork correct. As you prepare for tax season, here’s what you need to know about your charitable contributions. What Do You Need? When you make your [...]

January 2nd, 2020|Newsletter|

Tax Deductions for Aging In Place

As the population ages and you start to face things like retirement, mobility issues or an older loved one moving in with you, the time comes to consider what modifications must be made to your home. Whether you are considering adding grab bars to your shower or installing a ramp leading to the front door, [...]

December 9th, 2019|Newsletter|

Can You Work While Receiving Social Security?

Can you work while you receive Social Security benefits? If you are under full retirement age and receiving more than the yearly earnings limit, the work that you are doing could reduce or eliminate your Social Security benefit amount. What Is Full Retirement Age? Full retirement age is currently 66 for those born between 1943-1954. [...]

October 31st, 2019|Newsletter|

Don’t Fall for Fake IRS Letters

While the majority of taxpayers settle their taxes with the IRS before the due date in April, that isn’t always the end of the IRS working through the returns to ensure accuracy. After tax season concludes, it is followed by matching season. This is when the IRS reconciles the information on each return with information [...]

October 2nd, 2019|Newsletter|

Don’t Fall Victim to the Kiddie Tax Due to Poor Planning

Numerous years ago, a “kiddie tax” was enacted to prevent parents from placing investments under a child’s name to benefit from lower tax rates. As a result, the child’s unearned income beyond a certain amount was taxed at the parent’s highest marginal tax rate instead of a lower rate. The latest round of tax reform [...]

September 4th, 2019|Newsletter|

The Benefits of Long-Term Care Insurance

An often overlooked aspect of estate planning is the potentiality of needing long-term care. The reality is that your private insurance will most likely not cover long-term care, so it is important to consider your options when you are estate planning. Medicare only covers long-term care in limited circumstances and with strict time restrictions. If [...]

July 29th, 2019|Newsletter|

Understanding Your Overwhelming Letter from the IRS

When you receive a letter from the IRS, it usually means that they have detected a potential issue on your tax return. These issues may seem overwhelming at first but can often be cleared up easily with some double-checking of numbers. These are often chalked up to a faulty online automated system. Even though there [...]

June 25th, 2019|Newsletter|

What to Know About Divorce After 50

One 2010 study found that 25% of divorces involve an older couple. That’s backed up by data, which showed that the divorce rate for couples over the age of 50 doubled from 1990 to 2010, while the overall divorce rate remained the same. Divorcing after many years of marriage is a big deal, as there [...]

April 25th, 2019|Newsletter|