Month: January 2009

The Estate Tax Meets the Super Bowl

Must Read:  Steelers and Estate Tax  at Neil Hendershot’s PA Elder, Estate & Fiduciary Law Blog. Both the Arizona Cardinals and the Pittsburgh Steelers are family-controlled.  To give you an idea of the estate tax problem, a 2007 Forbes article estimated the fair market value of the Steelers at $900,000,000. Is there a lobby for… Read More

Use Reverse Mortgages for More Lifetime Income

You’re retired, you own your own home, but the funds don’t stretch the way they used to and suddenly you need more income. Maybe you need to fix the roof. Or your medical bills have increased. Or, simply, inflation has eroded your retirement fund. Where’s the money going to come from? You can sell your… Read More

BAD IDEA No. 1 – Access your IRA with a Debit Card

Entrust Group launched a new service for IRA owners. Now you can access your IRA with the swipe of a debit card.  Want that new pair of shoes –  go ahead –  use your IRA money.  Want to go on vacation – use your IRA. This is the worst idea I have heard in a… Read More

Obama Plans to Keep Estate Tax

Looks like we won’t be throwing Momma from the train in 2010 when there is no estate tax.  According to this WSJ article Obama plans to sponsor legislation that will keep the estate tax in effect and keep the exemption at $3.5 million -  which is where it is now since January 1, 2009.  The… Read More

RMD Requirement Suspended for 2009

You don’t have to take a required minimum distribution (RMD) from your IRA in 2009. Under the Worker, Retiree, and Employer Recovery Act of 2008 (WRERA) signed by President Bush on December 23, 2008, RMDs for IRAs and other qualified defined contribution plans are suspended. It is a one year waiver for 2009 only. This… Read More