The Heirless Estate: What to Do and When to Do It
Estate planning is all about the disposition of your assets and, for many people, this involves determining how to divide assets among heirs. What happens, though, when you don’t have a spouse or children, or other obvious heirs to your estate? Unfortunately, many people in this situation don’t feel it’s necessary to plan where their assets will go, which makes it more likely that their money will end up somewhere they wouldn’t choose – namely, the state. For this reason, it’s always prudent to
Do You Know Your Financial Independence Day?
Independence Day is one of America’s favorite summer holidays. What is one of your favorite traditions on Independence Day: fireworks, hotdogs, parades? In this blog, I want to talk about another kind of Independence Day, your Financial Independence Day.
If money and time were not an issue, what kind of activities would you be doing over the next twelve months? The day when work becomes optional—when you can choose to stop working and start doing those activities that you enjoy while
Black Lives Matter: Why I Stand with BLM and the Demand for Justice and Equality
The rise of this deadly pandemic and the shutdowns it has necessitated have proved difficult, dangerous, and draining for us all, but for some, this time of hardship and uncertainty has been magnified and exacerbated by underlying inequalities that have existed in this country since its inception.
Long before the Coronavirus, and viral videos, and the Civil War, and Jim Crow laws, Black people have been suffering. This country was built at the expense of Black communities, Black families, and
CARES Act Signed into Law – The Highlights You Should Know
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to address the unprecedented public health and economic crisis related to COVID-19.
This $2 trillion bill is meant to impact both individuals and businesses and contains significant tax-savings measures. It could affect prior tax years while also creating immediate cash flow.
The following is the summary presented by Michael Kitces and Jeffery Levine (www.kitces.com) on March 27, 2020. I aim to provide you the highlights that may help you in your personal life, business and that may help someone you know. I am sure we will dive in deeper in the next a few weeks in
Tax News: IRS Announces Extended Deadline for 2019 Tax Returns
Americans Can Defer for 90 Days.
As we continue to face uncertain times, the IRS has made a welcome announcement.
Treasury Secretary Steven Mnuchin has announced that the IRS has decided to extend the filing and payment deadline for 2019 tax returns, allowing taxpayers to defer until July 15. Mnuchin indicated this move will put $300 billion into the economy during a time of great economic concern over the consequences of the COVID-19 pandemic.
The payment deferment is subject to certain caps, however. Individuals
The SECURE Act: How It Could Affect Your Retirement and Estate Plans
This legislative overhaul brought about numerous changes that are likely to impact your finances.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law on December 20, 2019, and it took effect on January 1, 2020. Overall, the legislation is intended to strengthen retirement security nationwide, but it also contains multiple changes that impact retirement and estate planning. Let’s dig into a few of the most significant provisions.
No Age Cut-Off for IRA Contributions
In the past, you were prohibited from contributing to a traditional IRA in the year