Congress has passed, and the President has signed, a spending bill that includes the SECURE Act, which makes a number of changes in retirement planning rules....more
Ages 25, 30, 35, 40 – save more spend less - Save as much as possible on a pre-tax or tax-advantaged basis - (Why think about retirement at these young ages? Because, with a little luck, you’ll be old someday)....more
I have had a few clients caught up in scams of the Madoff variety, but fortunately not for large sums. The most common reaction when this happens is embarrassment, that someone who is intelligent could be caught by something...more
In most households, there is one spouse who handles financial matters- paying bills, filing tax returns, planning retirement income. While division of labor might be great, there could be problems if the "non-financial"...more
A client visited today and asked what advice we give to husbands and wives about financial responsibilities when one spouse has died. It's still often one spouse's task to pay bills and make household arrangements, and if...more
An article in the September 4, 2018 Wall Street Journal discusses the question of what people will spend in retirement. Its author is connected with something called the Center for Advanced Hindsight, which I suppose is...more
1. Why is it important to have a discussion about buy-sell agreements in the context of estate planning?
The ownership interest in a closely held business represents a substantial portion of an individual’s wealth. ...more
A recent program presented by the Probate and Trust Law Section of the Philadelphia Bar Association offered suggestions on a safe withdrawal rate from accumulated assets during retirement. After much analysis, the author...more
Many publications report on the prevalence of elder financial abuse in our society. It can arise from misuse of powers of attorney, guardianships, and estate and trust administrations, as well as out and out scams. Many...more
A number of years ago, I spoke at a seminar organized by some clients, called "Sign here, my dear". The point of the seminar was that spouses, in most case wives, know very little about family finances and are often just...more
The more articles and blogs I write about planning for retirement, the more advice I get from people who have retired or are in the planning stages. Since the concept of retirement is still a mystery for many, I thought I...more
The Financial Industry Regulatory Authority, universally known as FINRA, is a not for profit organization (not a government agency) that regulates member brokerage firms and the brokers that deal with the public. All...more
The 2017 tax reform legislation colloquially referred to as the Tax Cuts and Jobs Act (the Act) made some significant changes in the taxation of individuals, and these changes have already begun to generate new planning...more
2/7/2018
/ 529 Plans ,
Alternative Minimum Tax ,
Child Tax Credit ,
Estate Tax ,
Gift Tax ,
Income Taxes ,
Itemized Deductions ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Planning ,
Tax Rates ,
Tax Reform
Members of Saul Ewing Arnstein & Lehr’s Tax and Employee Benefits and Executive Compensation Practices have outlined the recently announced 2018 dollar limits on the Social Security Wage Base, compensation and deferrals for...more
Many years ago, Duke Ellington wrote the music to "Do Nothing 'Til You Hear From Me", and this remains good advice when deciding what to do about the new tax law. There are many changes in tax provisions that will take effect...more
The baby boom generation (born from 1946 to 1964) is now entering retirement years, and the earliest members of this group are well into retirement, continuation of their careers in different ways, or encore careers. When...more
After much wrangling and dealmaking, both houses of Congress have passed bills making substantial changes to federal tax law. Although it's not entirely certain, it seems likely that there will shortly be agreement on a tax...more
It now seems more likely that a tax bill of some kind will be passed by Congress this year. One prominent DC tax lobbyist told me: "This is happening." Whether or not you agree with all of the provisions now being offered...more
The Internal Revenue Service has just announced the limits on retirement plan contributions and benefits for 2018.
The limit on 401(k) contributions will be $18,500, an increase from $18,000 per year. The catch-up...more
A recent article in the New York Times describes some choices made by professionals of unique forms of retirement. Each of the individuals profiled in the article stopped what they had been doing for many years, but continued...more
Many people hope to make up for not saving enough for retirement by just saying: "I'll work past retirement age" or "I'll never retire". A recent report from the Employee Benefit Research Institute on its 2017 Retirement...more
St. Joseph's University's Initiative for Family Business and Entrepreneurship hosted business consultant Jeff Grimshaw at its Dine With The Dean breakfast meeting on Thursday, April 20. After remarks by the Dean, Joseph...more
No; of course not. Some people choose to continue to work full-time after reaching what many would consider retirement age, such as 65. And more than a few people have to work. But others look forward to the absence of daily...more
There is so much being written about retirement these days, in large part because of the bulge of baby boomers now reaching and past retirement. My experience has been that many people fear retirement, because they think it's...more
Members of Saul Ewing’s Tax and Employee Benefits and Executive Compensation Practices have outlined the recently announced 2017 dollar limits on the Social Security Wage Base, compensation and deferrals for retirement plans,...more