Note: An updated version of this article was posted in May 2018 to reflect the new tax law under the Tax Cuts and Jobs Act. It can be found here: https://rpgplanner.com/college-tax-planning-strategies/ Most questions in life that begin “Can I…” ideally ought to be prefaced with the question of “Should I…” The distinction is important. “Can [...]
One of the most common questions facing families and individuals is whether to accelerate mortgage payments and forego the potential mortgage interest deduction or borrow as much as possible, make minimum debt payments, and save for retirement. Simply, is it better to save or pay off debt? The question comes in a variety of flavors: [...]
January 2010: A period that financial journalists dream about. We were ushering in the new year of 2010 and significant impending tax law changes provided a bevy of important topics that consumers needed help navigating. There was the elimination of federal estate and gift tax, the return of IRA required minimum distributions after a one-year [...]
In financial planning, the right answer to most seemingly simple questions is nearly always “it depends”. How much life insurance do I need? Should I contribute to a traditional 401k or a Roth 401k? Should I use a will or revocable trust for my estate? How much can I plan to safely distribute from my [...]
My mother owns an iPhone but constantly gets frustrated at her perceived difficulty of answering a call. I am confident that she has never downloaded an app, sent a text message, or used the phone to open an email. She can solve the Sunday New York Times crossword puzzle but if you asked her to [...]
At this time of year, there is no shortage of holiday music on the radio, consumer electronic advertisements on television, and year-end tax planning suggestions in print media. Rather than add one more article about the ten tax steps you should consider at year-end, we thought it would instead be beneficial to review the framework [...]
In 1987, the IRS created rules to require the distribution of retirement plan assets and set 70½ as the age at which these distributions would be required to begin. Although not mentioned in the legislation or tax code, this age was chosen based on a Biblical reference to old age: “The days of our years [...]
It is estimated that nearly 26 million Americans will be eligible for some form of health insurance subsidy starting in 2014 under the Affordable Care Act. For individuals and families with incomes well in excess of 4x the federal poverty line, these subsidies will be a non-event. However, there are several situations where the subsidies [...]
