Russ was a self-made multi millionaire who had invested carefully and done well. He lived in a comfortable, large home and had anything he needed. His wife passed after a long marriage. Throughout her life he had been particularly generous with his daughter. He had spoiled and supported Kris, as she didn’t care to hold
Retirement
Why So Many Taxpayers have SLATs Lots of taxpayers have set up irrevocable trusts in recent years to use exemption (that is the amount you can give away without an estate or gift tax). In 2020 and 2021, the harsh Democratic estate tax proposals were the catalyst for a tidal wave of this type of
Share to Facebook Share to Twitter Share to Linkedin Despite a brutal year for the U.S. stock market so far, billionaire money manager Ron Baron and his many retiree investors were undeterred as they gathered for the Baron Investment Conference last Friday. With nearly 5,000 investors and members of the media crowding into the Metropolitan
A recent Senate committee report elevated concerns about deceptive marketing tactics in Medicare Advantage plans. While the number of beneficiaries more than doubled in the last 15 years, the amount of marketing complaints also doubled—in just one year. Medicare Advantage members don’t need Congress to tell them about these problems. They have their own experiences
Inflation is bringing some good news to retirement savers. At least for those looking to maximize their contributions to retirement accounts like a 401(k), traditional IRA, or 403(b). For those looking to pay fewer taxes in 2023, the increase in the maximum retirement contributions for 2023 will allow you to shelter more of your income
The richest Americans are accumulating more wealth than at any time in history and are expected to pass trillions of dollars onto younger heirs, says Vincent Lumia, head of field management at Morgan Stanley Wealth Management. MS . “The pie is going to get bigger and the amount of money that is changing hands is
It’s just sitting there, growing slowly over the years, beckoning you. Do you have the discipline to shun this siren? Or has life thrown you a curve ball and left you no choice? “Taking a loan out of your 401(k) plan usually shouldn’t be viewed as the first option for financing; however, for some people,
It’s remarkable that Social Security is not the front and center issue in the midterm elections. Key Republicans say they will cut Social Security and Medicare if their party gains power. Some Republicans are considering raising the full retirement age to age 70. These long-promised Republican policies threaten millions of older Americans, and all those
On August 16, 2022, the Inflation Reduction Act (IRA) was signed into law. One provision that raised revenue (taxes) is a 15% Corporate Alternative Minimum Tax (CAMT) on corporations with average book income of $1 billion or more over the last three years. As an Alternative Minimum Tax (AMT), corporations subject to the tax will
As a small business owner, you may find yourself in an extremely unique situation to maximize Roth savings. This is especially true if you are an owner only business. Retirement plans fully covered under the Employee Retirement Income Security Act have additional complexities that a third-party administrator (TPA) can help you manage. The table below