For the Love of Your Family

Articles to LIFT Your Family

5 Ways to Ease the Pain of the Payroll Tax Hike

While the fiscal cliff tax deal cut by Congress last month targeted primarily higher wage earners, every American worker is feeling the effects of the payroll tax hike that went into effect on January 1, raising the Social Security payroll tax from 4.2% to 6.2%. According to the Tax Policy Center, the average employee will […]

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Tips to Help You Reboot Your Retirement Plan

Planning for a long and prosperous retirement is no longer just about the money; because of the recession, boomers are needing to reboot their retirement plans. Here are six tips to get you on the right track again: Get healthy. This should take priority even over saving more money, since significantly improving your physical health […]

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The Fiscal Cliff Tax Deal: For Most of Us, It’s a Wash

The American Taxpayer Relief Act of 2012 that Congress passed on New Year’s Day extended the Bush era tax cuts, but the benefits of those cuts for most American taxpayers will be offset by a 2% increase in payroll tax. According to the Tax Policy Center, a nonpartisan Washington research group, less than 1% of […]

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Savvy Year-End Tax Moves for Retirement Plan Owners

Even though the elections are over, no one knows what Congress will do by the end of the year when it comes to taxes so retirees are advised to look at strategies to cut their tax bills now rather than wait for Congress to act.  Some considerations from Kiplinger’s: Max out on tax-deferred retirement savings […]

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Retirement Planning Guidelines for Every Age

You’re never too young or too old to save for retirement; here are some guidelines by age group: Under 25:  If you graduated from college with debt, you are certainly not alone – the average debt burden is currently $26,500 for 65 percent of college graduates.  Once you are able to get a good job, […]

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Planning for Estate Taxes in 2013 and Beyond

What will happen to estate taxes in 2013?  Right now, you may as well try to predict what the weather will be on Jan. 1 than count on new laws from a contentious Congress still debating the scenarios. The estate and gift tax exemptions that were set by the 2010 Tax Act are the most […]

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What to Do When You Inherit a Retirement Account

As a Personal Family Lawyer®, I am often asked to help people who inherit a retirement account.  The action you need to take with an inherited IRA depends upon your unique situation; the IRS has rules for each and recently announced that they will be cracking down on taxpayers who make mistakes with inherited IRAs.  […]

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