Wealth Planning Update - January 2013Learn more January 25, 2013 Wrede H. Smith If you are charitably inclined, older than age 70 ½, and want to reduce your 2012 taxable income, it is not too late. But, you must act quickly. Under the new tax law, taxpayers age 70 ½ or older have a limited time left to make tax-free, cash distributions from IRAs to qualified charities for the 2012 tax year. Continue reading
Wealth Planning Update - June 2012Learn more June 28, 2012 Wrede H. Smith When did you last update your estate plan? Has it been more than five years, or perhaps even ten years? Since then, has your financial situation changed? Have you retired? Have any of your beneficiaries gotten married or divorced or experienced financial problems? Are you concerned about estate taxes or probate? If you answered “Yes” to any of these questions, now would be an excellent time to meet with your estate planning advisor. Under current law, exclusions are high, tax rates are historically low, and the opportunities for transferring wealth to your children and grandchildren are unprecedented. However, current estate tax rules are scheduled to expire at the end of 2012, so the time to act is now. Continue reading
Wealth Planning UpdateLearn more March 24, 2011 Wrede H. Smith On December 17, 2010, President Obama signed “The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (the “Tax Relief Act of 2010”). Among the many changes in this new law are the following provisions which will impact estate planning through 2012. Continue reading