Saturday, February 22, 2025
To avoid outliving your retirement savings, you need to take a strategic approach that involves careful planning and disciplined spending. Below are specific tips with dollar amounts based on a person with an average lifetime salary of $75,000 a year. 1. Understand Your Living Expenses Rent/Mortgage: If you’re paying $1,500/month […]
Converting a Traditional IRA to a Roth IRA can be a strategic financial decision, but it involves several considerations including taxes, timing, and market conditions. Here’s an overview of why and how to convert a Traditional IRA to a Roth IRA, as well as strategies and implications: Why Convert a […]
Withdrawing from a 401(k) while delaying Social Security benefits can be a strategic approach depending on individual financial needs, tax implications, and long-term retirement planning. Let’s break down the rules, pros and cons, and provide an example for someone withdrawing $2,000 per month from their 401(k) at age 65 compared […]
Traditional IRA: Pros: Tax-Deferred Growth: Contributions are typically tax-deductible, and the investments grow tax-deferred until withdrawal. Immediate Tax Break: Contributions may reduce your taxable income in the year they are made. No Income Limits for Contributions: Anyone with earned income can contribute, regardless of income level. Cons: Taxable Withdrawals: Withdrawals […]
Number of Beneficiaries for IRA Accounts There is no limit to the number of beneficiaries an individual can designate for an IRA (Individual Retirement Account). You can name multiple beneficiaries, and you can also specify the percentage of the account each beneficiary should receive. Naming a Non-Profit Organization as a […]
In Arizona, there are no state-level estate or inheritance taxes. However, federal estate taxes still apply based on the overall value of the decedent’s estate. Here are the key details and examples to clarify the tax implications for estates and inheritances in Arizona. Federal Estate Taxes: Federal estate taxes apply […]
In Texas, the tax implications for estate and inheritance taxes can be broken down into federal and state-level considerations. Federal Estate Tax in Texas Texas does not impose its own estate or inheritance taxes, but federal estate tax laws still apply. The federal estate tax applies only if the deceased’s […]
Florida Estate Tax: Florida does not impose a state estate tax. This means estates left by Florida residents are not subject to any state-level estate taxes. Federal Estate Tax still applies to estates that exceed the federal exemption threshold. Federal Estate Tax (2024): For 2024, the federal estate tax exemption […]
A new house worth $1.5 million was built on a piece of land owned by Dr. Daniel Kenigsberg, without his knowledge. The land was sold using a forged power of attorney in Dr. Kenigsberg’s name, allowing the sale of the land to a construction company named 51 Sky Top Partners […]
In California, there are no state-level estate or inheritance taxes. However, Californians are subject to federal estate taxes if the value of the estate exceeds a certain threshold. Let’s break this down with details and examples: Federal Estate Tax The federal estate tax applies to the transfer of assets from […]