By David R. Foster, JD, AEP, CLU, ChFC, CAP, FLMI The 2017 Tax Act contained sweeping changes to the federal tax code for individuals, families, estates, and businesses. How long the Act will remain the law of the land is largely dependent on the outcome of the upcoming elections. The current administration has stated their
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CARES Act Provides Options To Retirees As you may know, Required Minimum Distributions (RMDs) are required by tax law to be taken out of your IRA balances each year when you reach the age 72 (70.5 if you were born before July 1, 1949); however, due to the Coronavirus pandemic, you may consider changing your
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By: David R. Foster, JD, AEP, CLU, ChFC, CAP FLMI “The only constant in life is change."Heraclitus Developing a strategy to accomplish your wealth transfer goals is a unique experience. Other forms of financial planning generally involve a known time frame to reach your goals. When you plan for your retirement, you probably have a
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Protect your Financial, Estate, and Business Goals from the Risk of Incapacity or DisabilityResearch by the U.S. Department of Health and Human Services estimates that about half (52%) of Americans turning 65 today will develop a disability serious enough to require long-term services and support. Long-term physical and mental incapacity can have far-reaching implications on
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By: David R. Foster, JD, AEP, CLU, ChFC, CAP FLMI During moments of crisis, be that a global pandemic, a natural disaster, or economic downturn, many individuals and families step up to provide support for those who are negatively impacted. They use their time, effort, talents and financial resources to help out those in their
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Today, about 50 Million Americans are retired – left the workforce to rely on their assets, social security, and pensions to maintain a comfortable lifestyle in retirement. 2020 is proving to be a year to test that word comfortable. For many, annuities are a great tool to plan for retirement. After a lifetime of work
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by David R. Foster, JD, AEP, CLU, ChFC, CAP, FLMI One of the few silver linings in the recent economic cloud is that interest rates are at historically low levels. In addition to mortgage refinancing opportunities and low payment obligations on variable loans, low interest rates present an opportunity to take advantage of certain wealth
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Financial Considerations for Individuals and Business Owners On March 27, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide nearly $2 trillion of support to families and businesses during the COVID-19 pandemic. This is the largest economic relief package in US history, with provisions that will affect nearly every
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Nine Tips for Maximizing the Impact of your Trust Trusts are commonly used as an effective means of managing, protecting and transferring a family’s financial wealth. But like so many things in life, you only get out of it what you put into it. Trusts should not be parked in your estate planning garage and
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Common financial issues and strategies to address the need for supports, resources, and annual planning All children have their own unique personalities, character traits, gifts, and limitations. As parents we find joy in their unique personalities, embrace certain character traits and refine others. We help to cultivate their gifts and help them overcome their limitations.
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The U.S. Congress often uses the tax code to influence the behavior of American citizens. For example, it is in our nation’s best economic interest to have a robust real estate market. Therefore, our tax code provides many favorable tax provisions related to home ownership. It is also in our best interest to have people support charitable causes. Therefore, the tax code offers numerous tax deductions for gifts to charitable organizations. In a similar fashion, it is in our nation’s best interest for individuals to save sufficiently so they are capable of financially supporting themselves during retirement. Therefore, our tax code contains numerous tax advantages for employer sponsored qualified retirement plans and individual retirement accounts (IRAs).
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