Every year, the Internal Revenue Service releases a list of the top 12 tax scams, appropriately dubbed the "Dirty Dozen." Many of these scams may be targeted at elderly Massachusetts residents. Some of these scams are basically the same every year - it's only the methods or rhetoric used that changes.
Families will often make financial gifts for specific purposes, such as to help a child with debt, pay for a grandchild's tuition, help a family member place a down payment to purchase a home, utilize the annual gift tax exclusion, or celebrate major family milestones. So, when would these gifts not be considered gifts?
Planning for retirement comes with uncertainties. This includes trying to account for inflation, taxes and just how long one might live. There are other things that must be considered, though, that may be even more important. There are four factors that must be taken care of in order to ensure that the best planning really is done.
This is Estate Planning Week across Massachusetts and the rest of the country. The importance of estate planning should not be underestimated. While most people think about estate planning when it comes to their home, beneficiaries, guardians and asset distribution, there is another area that shouldn't be overlooked. Tax planning for the elderly is very important, and the American Taxpayer Relief Act of 2012 has changed the way that assets can be left for spouses, partners, family and other heirs.
Unfortunately, there is no perfect plan that works for everyone when it comes to estate planning in Massachusetts or around the country. It seems there are bound to be a few people that will be unhappy with one decision or another, whether it is over something as simple as who will get that beautiful antique broach or who has to pay out taxes because there was something overlooked in the tax planning. There are steps that you can take for tax minimization for the elderly and still ensure their wishes are carried out.
Few people enjoy thinking about their own deaths. Despite this, many people in Boston are getting older and should begin considering plans for their estates, especially if they haven't done so yet. One of the major parts of protecting an estate involves tax planning. But even with good tax planning in place, other factors may cause the whole estate to become compromised.
With tax laws finally set in stone, many people in Boston are now able to get a clear picture of their estate and what to expect when they pass away. This is providing relief to many senior citizens as the future of estate planning was questionable in years past. The tax agreement that came with the end of last year has allowed this state of stability to become a reality, giving many the ability to create plans providing for tax minimization.
The end of the year brought with it a new law that may change the tax field for years to come: the American Taxpayer Relief Act. Many financial experts have weighed in on the potential effects of this act and agreed that tax planning may never be the same again. Many elderly individuals in Massachusetts are wondering what they should do to protect their assets, especially those that own businesses and want to pass them on to their loved ones without the government getting too large of a bite.
Now that the new year is here, many estate planners are feeling relieved. Citizens are no longer living in a confusing time for planning, as the exemption amounts and rates for estate taxes have been solidified. This stability is giving many in Massachusetts the ability to make solid plans for tax minimization on their estates.
As the holidays approach, many people in Boston are concerned about money. This includes those elderly individuals that believe they have made solid estate plans, but that may no longer be the case considering the federal tax changes that are expected to happen at the end of the year. Tax planning is a major part of any estate plan, as long as the person that wants to keep as much money as he or she can for the beneficiaries of the estate.