5 results for tag: retirement


Understanding Probate: And How to Avoid It

January 31, 2017 , , , , , ,

Here is some more information about probate: Understanding Probate What is Probate? Probate is the legal process of petitioning the court to declare that a will is valid and appointing an executor to oversee the estate. The executor is the person chosen to carry out the wishes of the decedent. And the will provides instructions for what’s to be done. Probate assets are typically assets titled in the decedent’s name alone. Common examples include: Personal property such as furnishings, jewelry and collections. Bank accounts or deeds to real estate, in the decedent’s name alone.  An interest in a business.  A life ...

2017 retirement plan contribution limits

December 21, 2016 , , , , ,

Elective Contributions to IRAs, 401(k)s and Other Qualified Plans On October 27, 2016, the IRS announced the new 2017 limits for IRA, pension and other contributions.  For the most part, the limits remain unchanged from 2016 because there was not a sufficient rise in the cost-of-living index, which is needed to trigger an increase. The maximum limit for contributions to IRA’s remains unchanged at $5,500 for 2017. If you are age 50 or older, you can contribute a maximum of $6,500 to an IRA for 2017, unchanged from 2016. You can make contributions to your IRA for tax year 2016 up until April 15, 2017. Elective deferral (contribution) ...

2015 Retirement Plan & Social Security News

December 14, 2014 , , ,

Elective Contributions to IRAs, 401(k)s and Other Qualified Plans The IRS announced new limits for IRA, pension and other contributions for 2015.  Here are the highlights: The maximum limit for contributions to IRA’s remains at $5,500 for 2015. If you are age 50 or older, you can contribute a maximum of $6,500 for 2015, which remains unchanged from 2014. You can make contributions to your IRA for 2014 up until April 15, 2015. Elective deferral contribution limits to 401(k), 403(b) and 457(b) plans are increased to $18,000 for 2015, up from $17,500 for 2014. Catch-up contributions for those aged 50 and over increase to $6,000, for 2015, ...

Digital Assets in Your Estate Plan

November 5, 2014 , , , ,

As more and more people migrate their banking, purchases and private activities online, we become ripe for the taking by the unscrupulous. How can this impact my mother? Well let’s just follow yesterday’s headlines. Over 6 million linked in passwords were posted online in China, for others to hack through. Why does it matter who can get to our linked in persona? Well it’s not to access our work history and resumes. It’s the value in a linked in password that is likely the same as the password we use for online banking and other valuable web venues. If you’re like most people, you use the same few passwords for all of your online ...

Changes to New York Estate & Gift Tax

April 30, 2014 , , , , ,

Some Good News (for a change!) Until a few weeks ago, New Yorkers with a taxable estate of about a million dollars, would owe New York estate tax at rates rising to 16%.  However, as of April 1, 2014, New York estates can avoid tax on the first  $2,062,500, up from a base exclusion amount of $1 million per person, prior to April 1, 2014. For many clients, with assets over $1 million, but below the federal exclusion (presently $5.34 million), the New York tax could add up. With the change, a tax break has been afforded which can save two hundred thousand dollars in New York estate taxes, for estates below the New York exclusion. However, once you ...