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Retirement Planning Archives

FDA Approves Testing of Anti-Aging Drug

We are already in the position of stressing some retirement and estate plans because people are living longer. A new anti-aging drug could increase life expectancy and put increased pressure on the very programs that ease retirement and handle estates plans smoothly.

How to Support Charitable Goals Through Bequests and Donations

There are tax breaks to be had while you are living and those that can benefit your heirs after you have passed. Knowing which ones work at what time is key to help mitigate tax liability. While you are living, giving appreciated assets held in a taxable account is a good way to go. When you are making bequests, consider designating your IRA or tax-deferred retirement plans for the most impact. For example, if a person wants to give $10,000 to her favorite charity this year, she can donate $10,000 worth of stock that she bought for $2,000. As long as her holding period is one year or more, she'll get a full $10,000 charitable deduction, even if those shares are worth less than $10,000 on the open market. These kinds of strategies are big for retirement planning and estate planning benefits. Here's another example: a prosperous business owner has $1 million of securities: $500,000 in a taxable account and $500,000 in a traditional IRA. He wants to leave half to charity and half to a daughter who is already in a high income tax bracket because of her own successful business. If his daughter inherits the IRA, she will have to take distributions, which will be taxed highly. An alternative: leave the entire IRA to charity, which is tax exempt. The daughter inherits the $500,000 taxable account and won't owe income tax on any money she withdraws. She also won't owe any capital gains if she sells the securities in the accounts right away, before they gain more value because she gets a cost basis step-up to market value on those assets.

When Your Legacy is Measured in Acres

For farmers, land is far more than an asset to be valued and sold. Land is a legacy to be protected, a resource that generates income and, if land has been passed down from generations, the cornerstone of their family's heritage. The goals of estate planning for farm owners involves planning for the needs of all family members, even those who may not be actively involved with its operations. It must also address the challenges of high inheritance taxes, prepare for settlement problems and foster a transition of ownership and management when the owner passes on.

Retirement Savings Options for Self-Employed

Unlike people who work for an employer and can set automatic deductions for their IRA accounts, self-employed people need to set up and contribute to retirement accounts. Two of the most frequently used accounts are the Simplified Employee Pension (SEP-IRA) and the Solo 401(k). Contributions to both are tax-deductible, allowing the entrepreneur to obtain tax-deferred growth and cut taxes.

Securing The Future For Aging Parents

"So don't give away your money. There are other things you can do ahead of time. Talk to an elder law attorney to make sure you are maximizing your dollars, that you can still give your kids some kind of inheritance and still go into a skilled nursing home on Medicaid."

Planning Your Business Exit Strategy

You already may have resolved to create and monitor your business plan and develop a succession plan for your business. The first part of the resolution is fairly easy to achieve. After all, everyone with a business needs a business plan. But few of us really consider what would happen to our business - and our families, our employees and their families - if something happens to us.

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Get the peace of mind that you deserve. First, attend a seminar. This will entitle you to a free initial consultation and a discounted estate planning fee. To learn more about our services or sign up for a seminar, contact us online or call us at 866-402-1805. We have offices in Torrance, Orange, Newport Beach, Pasadena and Woodland Hills.

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