Summary: This one sounds tedious, but it’s pretty significant for many wealthy taxpayers and those who advise them. If you as an individual claim certain miscellaneous itemized deductions you have to first reduce them by 2% of your adjusted gross income (“AGI”). IRC Sec. 67(a). Uncertainty has plagued the application of this limitation to expenses…
Summary: So you eat your Wheaties and take your multi-vite and plan to live to 100+. Just like you re-tooled your vitamin arsenal, you need to evaluate your financial and estate planning to be consistent with your aspirations for being a supercentenarian. 100 is the new 80! Change Your Investment Plan. You have…
Don’t die in New Jersey. New Jersey, as many states, has decoupled from the federal estate tax system. While the Federal exclusion is $2M in 2008 and is to increase to $3.5M in 2009, it remains a paltry $675,000 for the NJ estate tax. Now NJ is seeking to backstop the revenue from this lower…
How Much of an Emergency Fund do You Need? You can have the best power of attorney and living trust deal with emergencies, but if there is no cash available, your planning will be for naught. How much ready green do you need? ■ Emergency funds are not just cash in bank but can…