October 2008 Posts

  • Something Smells Phishy – Fake IRS Refund Emails

    I just received an email with the following text (albiet in my spam filter). After the last annual calculations of your fiscal activity we have determined that you are eligible to receive a tax refund under section 501(c) (3) of the Internal Revenue Code....
  • Update Your Beneficiary Designations

    Failure to update one’s beneficiary designations for life insurance, annuities and retirement accounts is all too common. ...
  • FDIC Releases New Simplified Rules for Coverage for Living Trusts

    This is the Press Release issued by the FDIC (emphasis added): The FDIC’s Board of Directors today adopted changes to simplify the rules for determining the coverage available on revocable trust accounts – commonly called payable-on-death accounts or living trust accounts....
  • ILIT Trustees – Examine Your Policies

    Life insurance trusts (ILITs) are a popular estate planning technique used to shelter life insurance proceeds from estate taxes, creditors and mismanagement by beneficiaries. ...
  • Warren Buffet – Now’s the Time to Buy American Stocks

    Words of wisdom from a sage investor on the NY Times Website. It is also important not to use the poor economy as an excuse to neglect protecting what you have by doing sound estate planning. ...
  • Free Webcast on Aging October 30, 2008

    The National Academy of Elder Law Attorneys (NAELA) will be offering its first ever public Webcast on October 30, 2008. ...
  • IRS Announces Pension Plan Limits for 2009

    IR-2008-118, Oct. 16, 2008 WASHINGTON — The Internal Revenue Service today announced cost‑of‑living adjustments applicable to dollar limitations for pension plans and other items for tax year 2009....
  • Gift Tax Annual Exclusion to Increase in 2009

    The IRS has announced many annual inflation adjustments for 2009, including an increase in the annual gift exclusion. The annual gift tax exclusion for present interest gifts will be $13,000....
  • Using a Professional Care Manager

    Services from care managers should be something that every family takes advantage of, but in reality very few families use them....
  • Should You Roll Your 401(k) Over into an IRA?

    Once you cease working for an employer, you have the option of rolling over to an Individual Retirement Account (IRA) any retirement plan (such as a 401(k)) established for you while employed....
  • FDIC Bank Account Insurance Coverage Calculator

    The recent Bailout law increased the FDIC insurance coverage for bank accounts to $250,000 per person, per bank. ...
  • More on Special Needs Trusts

    ​I recently posted a link to an article on Special Needs Trusts – here’s another one from the Wall Street Journal, which quotes several well known lawyers, including Barry Nelson in Miami, who has a special needs child himself. ...
  • What Property is Exempt from Creditors’ Claims in NC?

    If you were ever to be sued, what property would be protected in the event of a judgment against you? ...
  • Estate and Income Tax Reduction Strategies in a Bear Market

    1) If you are not selling options or using margin trading, you should revoke your margin agreements. This reduces your risk by ensuring that your securities are not lent. 2) Roth IRA conversions should be aggressively reviewed....
  • Bailout Includes IRA Charitable Rollover

    ​The Emergency Economic Stabilization Act of 2008 (H.R. 1424) passed the House yesterday, and was quickly signed by President Bush. ...
  • Top 10 Excuses for Failure to Plan One’s Estate

    Most folks never get around to doing any estate planning, even so much as a simple will. Why?...