Submitted by Ray Ferrara on Fri, 11/23/2012 - 12:00pm
The jockeying has begun in Washington among President Barack Obama, the Republican-controlled House and the Democratic-led Senate on taxes. How this plays out will affect us all. What should we look for?
Submitted by Larry Light on Fri, 09/07/2012 - 12:00pm
If you are thinking of making a substantial gift, you can save a lot of money in taxes if you act soon. The limits on what you can give tax-free may expire in January.
“It’s no secret the recipient isn’t the only one benefiting from a monetary gift,” notes Amy Jo Lauber, president of Lauber Financial Planning in Buffalo, N.Y. “True, you feel good doing something nice for someone else.” But, she adds, giving money may also reduce your gross taxable estate or transfer income-producing assets to a beneficiary in a lower tax bracket.
Submitted by Ron Howard on Tue, 07/31/2012 - 12:00pm
Maybe you can’t take it with you, but under the Tax Relief Act of 2010, you can give it to your spouse. In this case, “it” isn’t your assets but rather the portion of your federal estate tax exemption that’s not needed to shield your property from estate tax.
Under the old rules, any part of your exemption not used at your death was lost. Now, the exemption is “portable,” and that creates estate-planning opportunities – at least through 2012. Next year, this new tax break is scheduled to expire.
Submitted by Eric Brotman on Tue, 07/31/2012 - 9:00am
Despite record low mortgage rates, purchasers should be cautious about putting too much money into real estate. In my opinion, it’s not a great investment and seldom has been.
Owning your own home – or owning several homes – has long been the American dream. Your home may be your castle, and even your biggest asset, but is it a good investment? Although there are significant psychological benefits to home ownership, the hidden truth is that housing is rarely the best use of your money from a strict investment viewpoint.
Submitted by Adam D. Koos on Thu, 04/12/2012 - 12:00pm
Should you set up a trust? Maybe you've been to a seminar where they scare the life out of you, convincing you to start one. Let’s demystify this murky but very important area.
Trusts are legal arrangements that give control of assets to a person or an institution (the trustee) for the benefit of others, such as children. Trusts can save on taxes, ease inheritance squabbles and ensure that beneficiaries are treated fairly and according to your wishes.
Submitted by Larry Light on Tue, 04/03/2012 - 12:00pm
Putting off paying taxes until right before the deadline is human nature. But April 17 is looming -- the usual April 15 date falls on a Saturday this year, so they gave us a couple extra days. For those who haven’t filed yet, here are some tips from financial advisors.