How To Change Your Residency To Another State For Tax Purposes
If you live in an unfriendly tax state such as New York or California, it’s not uncommon for your retirement plans to include a move to a more tax friendly state once your working years are over. Many southern states offer nicer weather, no income taxes, and lower property taxes. According to data from the US Census Bureau, more residents
Should You Put Your House In A Trust?
When you say the word “trust” many people think that trusts are only used by the uber rich to protect their millions of dollars but that is very far from the truth. Yes, extremely wealthy families do use trusts to reduce the size of their estate but there are also a lot of very good reasons why it makes sense for an average individual or family to establish
Advanced Tax Strategies For Inherited IRA's
Inherited IRA’s can be tricky. There are a lot of rules surrounding;
Establishment and required minimum distribution (“RMD”) deadlines
Options available to spouse and non-spouse beneficiaries
Strategies for deferring required minimum distributions
Special 60 day rollover rules for inherited IRA’s
The Accountant Put The Owner’s Kids On Payroll And Bomb Shelled The 401(k) Plan
The higher $12,000 standard deduction for single filers has produced an incentive in some cases for business owners to put their kids on the payroll in an effort to shift income out of the owner’s high tax bracket into the children’s lower tax bracket. However, there was a non-Wojeski accountant that advised his clients not only to put his kids on the
Percentage of Pay vs Flat Dollar Amount
Enrolling in a company retirement plan is usually the first step employees take to join the plan and it is important that the enrollment process be straight forward. There should also be a contact, i.e. an advisor (wink wink), who can guide the employees through the process if needed. Even with the most efficient enrollment process, there is a lot of
Will There Be A Santa Claus Rally This Year?
Going back 120 years, December has traditionally been a very good month for the stock market. Within the last 120 years the S&P 500 has been positive in December 73% of the time. The Russell 2000, which is the index for small cap stocks, has been up 87% of the time in December. This boost in the final month of the year is known to traders as the
Navigating Student Loan Repayment Programs
I had the fortunate / unfortunate experience of attending a seminar on the various repayment programs available to young professionals and the parents of these young professionals with student loan debt. I can summarize it in three words: “What a mess!!” As a financial planner, we are seeing firsthand the impact of the mounting student loan debt
What Happens To My Pension If The Company Goes Bankrupt?
Given the downward spiral that GE has been in over the past year, we have received the same question over and over again from a number of GE employees and retirees: “If GE goes bankrupt, what happens to my pension?” While it's anyone’s guess what the future holds for GE, this is an important question that any employee with a pension should
