Are you concerned about the inheritance taxes your heirs may have to pay? Then you may want to consider creating a charitable lead trust.
Are you taking full advantage of your company’s 401(k)? The 401(k) plan is one of the most widely-utilized wealth creation tools offered Americans.
Each October, the Internal Revenue Service announces changes to annual contribution limits for IRAs and workplace retirement plans. Are any of these limits rising for 2017? Will IRA contribution limits go up?
Will you pay higher taxes in retirement? Do you have a lot of money in a 401(k) or a traditional IRA? If so, you may receive significant retirement income. Those income distributions, however, will be taxed at the usual rate. If you have saved and invested well, you may end up retiring at your current marginal tax rate or even a higher one. The jump in income alone resulting from a Required Minimum Distribution could push you into a higher tax bracket.