How to Inflation-Proof a Retirement Portfolio

Statistics indicate that the average life expectancy is longer than it used to be, but empirically we see this every day among elderly people who have lived much longer than they probably expected. This phenomenon spotlights a particular component of retirement planning that was not as significant in the past as it is now: long-term…

How to Get the IRS to Pre-Approve Your Taxes

It might seem odd, but it is possible to get the IRS to give you a straight-forward and binding answer to ambiguous tax positions in advance. How does this happen, you ask? The answer is through an IRS private letter ruling. IRS private letter rulings provide many benefits, but they are not easy to obtain.…

Proposed Changes For Retirement Plans

Laws regarding retirement savings plans don’t change all that often or all that much. Occasionally, new regulations are issued mandating disclosures that no one ever reads – and inflation-adjusted contribution limits tend to inch up each year. However, there is one phenomenon that has been increasing over the past decade, and Congress is finally starting…

3 Big Tax Issues to Look Out for in Your Estate Plan

Three big tax issues that can derail an otherwise well-executed estate plan. These include Family Limited Partnerships, Revocable Trust Swap Powers and Trust Situs. Below we explore the pitfalls with each issue. Fixing FLPs Family Limited Partnerships (FLP) are often created to hold investments or business assets to leverage a valuation discount, exert control and…

Financial Tips for Recent College Graduates

Members of the college graduating class of 2017 owed an average of close to $30,000 each in student loan debt. Imagine starting out adult life with that kind of debt load? The prevalence of this type of mounting debt for a 21- or 22-year-old is unprecedented in U.S. history – and all the more reason…

How to Define and Calculate a Break-Even Analysis

According to data from a U.S. Small Business Administration Office of Advocacy report from August 2018, businesses have varied longevity. Nearly 80% of business startups in 2016 lasted until 2017. Between 2005 and 2017, the SBA mentions that 78.6 of new businesses lasted 12 months. Similarly, nearly 50% lasted at least five years. While there…

When Saving for Retirement in Taxable Account Is a Good Idea

Most people associate saving for retirement with tax deferred or non-taxable accounts: 401(k)s, 403(b)s, Traditional IRAs, Roth IRAs, etc. The tax benefits of these types of retirement accounts give individuals advantages over simply investing in a regular taxable brokerage account. Savings for retirement in a standard taxable account can also have its place – and…

Social Security: News, Tips and Trends

There are a number of threats that both retirees and pre-retirees are facing right now when it comes to drawing Social Security benefits. For example, there’s a new scam this year. Seniors are being solicited by callers who claim to be with the Social Security Administration (SSA). The caller says he regrets to inform that…