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Sept 1, 2006:
The Pension Protection Act of 2006 allows people 70 1/2 and older to give up to $100,000 from their IRA to charity in 2006 and 2007 and not pay taxes on it.
January 1, 2007:
The annual gift tax exclusion to any person remains at $12,000 for 2007.
Preserve Assets
Articles
How to Create a Guaranteed Lifetime Income Without Losing Control of the Asset
Often there is a trade off between obtaining the maximum guaranteed income and giving up control of the asset. Here is a new approach that allows a lifetime income while retaining control of the underlying asset.
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How To Gift Your IRA Money to Charity and Not Pay Taxes On It
The Pension Protection Act of 2006 allows a limited window of time to move funds directly from your IRA to the charity of your choice with no tax consequences. Read the rules...
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A Better Alternative to Self-Funding Long Term Care Expenses
Depending on your asset structure, there may be a way to cover any long term care risk just by moving money around.
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How To Get All Your Long Term Care Premiums Back If You Never Need Long Term Care
50% of those who buy long term care never need it. Here's a way to cover the risk without rolling the dice.
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A Creative Way to Fund a Long Term Care Policy
Here's a way to leverage your IRA to do double duty.
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Five Excuses People Use For Not Buying Long Term Care and Why None of Them Hold Water
The purpose of long term care is to prevent dissipating your entire estate the last five years of your life. Still, at lot of folks go into denial while offering up a number of excuses.
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Long Term Care Glossary: Making Sure You Are On The Same Page As Your Insurance Agent
You can't you tell who the players are without a program. Knowing the lingo puts you on a level playing field when shopping for long term care.
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If You Are Shopping For Long Term Care, Take a Look At This Approach
When you are retired and living off the income from your assets, as opposed to income from the job you had while working, you need to learn about the concept of "opportunity cost".
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Rollovers to IRAs – Rules, Tips and Cautions
Are you ready to retire and roll your qualified plan over to an IRA? If so, here are the rules and some tips that could eliminate problems with your rollover.
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Roth IRA Distributions at Death: Pitfalls to Avoid
Your IRA may represent the bulk of your estate. Care must be taken to assure that your wishes for the distribution at your death follow the rules. Here are the rules and several common mistakes to avoid.
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IRA Distribution Rules at Death: Critical Knowledge for Good Decisions
Your IRA could be one of your biggest assets. Do you know the IRA distribution rules at death? Here’s a quick primer that could help you avert costly mistakes.
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When Not to Name Your Spouse the Beneficiary of Your IRA
Have you blindly named your spouse as the beneficiary of your IRA? Is this your best choice? Depending on your situation and objectives, other beneficiary elections may be better. Here are three options you may not have considered.
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ILIT – The Irrevocable Life Insurance Trust
If you are contemplating buying life insurance to pay estimated future estate taxes, you will probably want to use an Irrevocable Life Insurance Trust. Here’s why…
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The Buy-Sell Agreement: The Simple Solution
Studies have shown that 46% of business owners do not intend to ever retire from their businesses. Amidst the sophisticated estate planning techniques for business succession planning, the simple buy-sell agreement solves a myriad of post-death problems.
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