Monthly Archives: July 2012
Changing Tax Law and the Presidential Campaign
Curiosity and excitement are always to be expected in an election year—especially curiosity about taxes. We all know that each presidential candidate has very different philosophies about where the tax burden lies, how much should be paid, and by whom; but all most of us really want to know is how the implementation of… Read More »
Should Zombies Pay Estate Taxes?
How dead do you have to be before the government can tap your estate for estate taxes? Do you have to be only kind of dead, or do you have to be fully dead-dead? This is the subject of a new law review article by Adam Chodorow of the Arizona State University law school,… Read More »
Low Interest Rates Good for Borrowers, Bad for Retired Seniors
If you’re nearing retirement and looking forward to living off the interest of your retirement savings you may have to consider staying in the job market for another year or so. Interest rates have hit record lows recently; a turn of events which is good for homeowners and borrowers, but very bad for seniors… Read More »
Start Planning Now to Help Your Parents—And Yourself—In Retirement
This recent article in CBS MoneyWatch is calling attention to what they call “the national retirement nightmare.” The article points out that what used to be the simple plan of socking away a little bit of money from each paycheck has now turned into the huge nightmare of planning not only for your own… Read More »
Start Your Marriage Off On Strong and Secure Financial Footing
Every time a celebrity couple splits up news sources start asking questions about prenuptial agreements. It’s been no different during the past few weeks as news and speculation about Tom Cruise and Katie Holmes’ divorce leaks out. But prenuptial agreements aren’t only for celebrities, and they aren’t only for the rich and famous. In… Read More »
Has Home Foreclosure Become an Elder Law Issue?
The past decade has not been good for homeowners; especially young homeowners just starting out and struggling to get by, and older homeowners who may be struggling to make the mortgage on severely depleted retirement savings. Some news sources such as CBS News are now going so far as to report that this most… Read More »
Don’t Wait on Necessary Legal Documents for New 18 Year Olds
The year your child turns 18 is an important year: It’s the year they’re able to vote for the first time, it’s usually the year they graduate from high school, and it’s the year your child becomes an adult in the eyes of the law. Some parents find it difficult to think of their… Read More »
With $5 Million Gift Tax Exclusion Set to Expire, Is Now the Time for You to Give?
When legislation in 2010 raised the lifetime gift tax exclusion amount from $1 million to $5 million many wealthy families rejoiced, expecting that they would now be able to give large gifts to children or grandchildren and be able to save millions in taxes at the same time. But for all the rejoicing, the… Read More »
How the Supreme Court Ruling on Health Care Reform May Affect Seniors
The recent Supreme Court ruling of the constitutionality of the new health care reforms has many seniors breathing a sigh of relief. The ruling has ensured that, at least for the time being, senior citizens will continue to receive their currently existing benefits from programs such as Medicaid and Medicare; but the ruling also… Read More »
States are Looking at The Big Picture When It Comes to Taxes
In addition to a federal estate tax, most people can plan to pay an estate tax for their state of residence as well upon the distribution of a deceased loved one’s estate. These gift and estate taxes generate a significant amount of revenue for most states; but according to this recent article in Forbes,… Read More »