It’s trickier than many realize Although Social Security benefits aren’t likely to make up a sizable part of your retirement income, your planning wouldn’t be complete without getting a good grasp on how much you’ll be receiving and, if you plan to work part-time after retirement, the impact of your earnings on your benefits. What […]
Read MoreAuthor: Nicole Easton
Spotlight on Trust Taxes
Nearly 30 years ago, Joseph Rice created a trust in New York for his three children. A New York trustee was appointed, and the trust was to be governed by New York law. The trustee was given complete discretion over distributions to the trust beneficiaries. At the time that the trust was created, no beneficiary […]
Read MoreShort-Term Anxiety
Stocks dropped, taking the S&P 500 down over three percent for the week, as doubts about a near term continuation of what had already been a 20% rally this calendar year mounted. Continued weakness in stock prices is likely to be with us through the remainder of the summer with the correction totaling 5% to […]
Read MoreAsk a Trust Officer: Elderly Parents
Dear Trust Officer: My parents are retired, living in another state. They have a sizable investment portfolio and are financially comfortable. However, as they are getting older, they are having trouble keeping up with their paperwork. Last year they were late in making tax payments, very unlike them. I would help them, but I just […]
Read MoreWorker Earnings Are Up – Corporate Earnings May Not Be
The S&P 500 was up 1.65% last week, leaving the index up 19.29% year-to-date. Due to the sharp runup, we began reducing equity allocations several weeks ago and have trimmed our overweight position in equities by two percentage points. We are planning another round of reductions in the coming weeks which will amount to as […]
Read MoreAsk a Trust Officer: Saving for Retirement
Dear Trust Officer: How much of my salary do I need to save for retirement? — RESPONSIBLY PLANNING DEAR RESPONSIBILY PLANNING: The irreverent answer would be “all of it.” All kidding aside, there is no simple answer for everyone. The answer depends upon how many years until retirement, how much income will be required then, […]
Read MoreGenerosity and Taxes
Commencement speaker Robert Smith surprised the graduating seniors at Morehouse College in May when he announced that he would pay off all of their student loans. What are the tax implications of this magnanimous gesture? Potential gift taxes The value of Smith’s gift has been estimated at $40 million, for some 400 graduating seniors, about […]
Read MoreOpportunity Zones
According to the IRS: “An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury via his […]
Read MoreMinors and Estate Planning
Reportedly, only one-third of parents with a minor child have a will in place. One obstacle seems to be the naming of a guardian for the child if a parent dies while the child is a minor. Considerations One should start with the largest possible list of potential guardians. Relatives, friends, business partners, parents of […]
Read MoreMoney and the Single Senior
Facts of life: Most retirees will be single for some period of time, and most of those singles will be women. Throughout the life cycle, financial planning for singles differs from planning for couples. Obviously, there is only a single set of assets to work with, and no surviving spouse to plan for. Less obviously, […]
Read More