Voluntary Alimony Held Deductible: Most tax folks thought you had to have a legally enforceable obligation to pay alimony to claim a tax deduction. The court ordered payments be made and that they be included in the ex-wife’s income. But, the order specified that the payments were not a legally actionable duty of the…
Trust in Follow Through: It’s not only for your golf swing. If you set up a trust you must review it annually with your advisers. Are you adhering to the terms of the trust? Are there trustee, investment adviser or other actions to memorialize? Have you documented compliance with the prudent investor act? Have…
Yeah, everyone knows all about modern portfolio theory and all that stuff. Yawn. But an amazing number of people still think they can live on CDs for 25+ years of retirement – where’s your inflation hedge? Individual trustees rarely seem to use investment policy statements (IPS) – try to catch an institutional trustee without…
Seniors divorcing face different issues and considerations then younger couples divorcing. This article concludes a checklist begun in last month’s issue. Beneficiary Designations: Divorcing seniors are likely to have substantial retirement accounts and other assets governed by beneficiary designations. These must be formally changed for every account (IRAs, pensions, insurance, brokerage accounts set up…