Part of estate planning is protecting your assets to ensure your heirs get as much of your wealth as possible. You’ve worked hard to get to your position, and your kids and grandchildren should be able to capitalize on everything you’ve accumulated over the years. Asset protection involves putting your money and other assets in
Is an Irrevocable Trust Right for You? Read More »
Key Takeaways Many of us dream of early retirement, but it seems impossible for most people. It’s challenging to grasp the concept of leaving work in your 40s or 50s and having enough money to continue living your life, but those who create a plan and follow it are doing just that. Early retirement planning
Want to Retire Before 60? Read This Read More »
Family loans allow you to help relatives with better terms than commercial lenders while creating estate planning opportunities. However, the IRS requires specific documentation—including a written agreement, repayment schedule, and interest charged at the Applicable Federal Rate (AFR). Without proper structure, the IRS may reclassify your loan as a taxable gift, triggering gift tax filing
Family Loans: IRS Rules, Tax Implications & Estate Planning Strategies Read More »
When you gift stocks to family members, neither you nor the recipient immediately pays capital gains tax. The key is understanding how cost basis transfers and when taxes become due. This comprehensive guide explores strategies to transfer stock ownership while minimizing tax impact for both parties. Can You Gift Stocks Without Paying Capital Gains Tax?
How to Gift Stocks to Family Without Paying Capital Gains Read More »
The IRS this week announced higher federal income tax brackets, standard deductions, and retirement plan contribution limits for 2023. 2023 Marginal Tax Brackets (Married Filing Jointly) Taxable income Taxes owed $22,000 or less 10% of the taxable income $22,001 to $89,450 $2,200 plus 12% of amount over $22,000 $89,451 to $190,750 $10,294 plus 22% of amount over
New Tax Brackets And Rules for 2023 Read More »
Key Takeaways: The IRS Code Section 6621 allows quarterly review of IRS interest rates. Interest is only calculated on refunds for overpayments more than 45 days late. QPRTs and CRTs are effective strategies for wealth management in periods of high interest. The IRS announced on February 23, 2022, that interest rates would increase by 1%
What Is the IRS Interest Rate and Why Does It Matter? Read More »
You have life insurance to protect your family when you’re gone, but unfortunately, situations arise in which life insurance won’t pay out. Understanding these reasons is crucial to avoid making a mistake that could rob your family of financial security. Insurance companies run under government regulation and monitoring. They hold large capital reserves to cover
8 Reasons Life Insurance Won’t Pay Out Read More »
Key Takeaways There are five main types of power of attorney: durable, nondurable, springing, general, financial, and medical POA. A power of attorney expires immediately upon death and agents must stop acting on the principal’s behalf. Probate is required to transfer assets whether or not a will exists, with executors or administrators taking over. Continuing
Your Guide to Powers of Attorney Read More »
22% of Americans say they have less than $5,000 put away towards retirement. Yet, when asked, 40% of workers believe they will need $1 million in savings to afford retirement. It’s the American dream to spend your younger life working so that you can walk away from your job and enjoy a leisurely retirement as
How Much To Save for Retirement (Elevate Your Strategy in 2022) Read More »
67% of Americans have done nothing to prepare for their end of life, including creating an estate plan. Most people would agree with the importance of creating a care plan for their loved ones once they’re gone. Yet, for many, the idea of considering their mortality keeps them from planning for the future. If you’re
Bogart Wealth’s End of Life and Estate Planning Checklist Read More »
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