Financial Planning

Lending Money to Family – Don’t Forget About “Imputed Income”

IRS Commissioner Douglas Shulman Addresses The AICPA Annual Conference

Let’s say you want to lend a significant amount of money to your child, another family member or even a friend.  To further help, you decide that you want to make the loan without interest (or at a below-market rate).  Bully for you – you should be commended for your support and assistance to your…

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13 Effective Ways to Transfer a Personal Residence to Your Heirs

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Whether or not you own your personal residence with a spouse, there always exists the potential that a non-spousal heir could end up with it.  Because we really don’t know what the future holds, it is important to decide what should happen if something happens.  Read more...

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5 Options for Individual Beneficiaries of an Inherited IRA

February 5, 2010 - Paperwork

In this post, we discuss what specifically happens when an IRA account holder dies.  What choices does the individual beneficiary have? Here, we’ll start with the individual (i.e. human being) beneficiary’s options for distributing Traditional or Roth IRAs (other types of IRAs, such as SEP IRAs, SIMPLE IRAs, and Self-directed IRAs, are beyond the scope…

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Last Week in Estate Planning (August 28 to September 3, 2011)

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Now that all the earthquakes, hurricanes, and back-to-school preparations appear to be out of the way, we can get back to some good ol’ estate planning reading! Much of last week’s best works seem to have come from traditional media resources.  Take a look: Top Posts and Articles of the Week Post of the Week…

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Interview: Middle-Aged Person Without an Estate Plan

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Let me open by quickly sharing a favorite joke:  “What’s the difference between ignorance and indifference? I don’t know and I don’t care.” If you have thus far avoided creating an estate plan, ignorance and indifference may be two big reasons why.  Read more...

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Last Week in Estate Planning (July 17 to July 23, 2011)

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One of my favorite passages in literature comes from Devotions Upon Emergent Occasions, Meditation XVII, by poet John Donne, written in 1624:  Read more...

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Last Week in Estate Planning (June 26 to July 2, 2011)

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A happy Independence Day to everyone!  I hope your extended weekend is enjoyable, satisfying, and cool.  Hopefully, the following list will help condense the amount of time you spend reading estate planning articles and posts during the holiday. Top Stories of the Week Individual State Developments In Florida:  “New Legislation, Part II”, Jeffrey A. Cramer, Esq.,…

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Don’t Have $5 Million? 50 Reasons to Get an Estate Plan Anyway

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“Estate Planning” is somewhat of a misnomer.  For example, let’s check out The Free Dictionary’s definition of “estate”. You’ll find that the majority of the 8 provided definitions associate the term either with land or with some kind wealth, social position, or political power.  Read more...

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MDP Ethics (or “I’m a CFP Again, But Keep it on the Down Low”)

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I would like to take this opportunity to announce that I am once again a Certified Financial Planner (CFP).  I took a brief hiatus from this designation but now have re-qualified.  I am now entering my 15th year of CFP-dom.  Read more...

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Confidence in our Retirement: Is “The New Normal” More of the Same?

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The 2011 Retirement Confidence Survey by the Employee Benefit Research Institute (EBRI) was recently released and is beginning to receive a good amount of press coverage.  This is mainly due to the fact that the report indicates that Americans’ confidence in their ability to afford a comfortable retirement has dropped to unprecedented levels in the…

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