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Tax Hikes and Permanent Insurance

4/30/2021

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During his campaign, Biden talked about eliminating a tax loophole, step up in basis, in which the investment profits in a deceased person’s portfolio avoid capital gains tax when inherited.  He also spoke of rolling back the amount of money that people can leave to heirs without paying gift and estate taxes to levels last seen in 2009.

The insurance industry expects the potential tax-law shift to mean more business for this type of policy.

If these tax changes become law, we will see lot more permanent life insurance, because it won’t be taxed when benefits are paid to a beneficiary.  A lot of people are going to need cash on hand to pay taxes due if they owe capital gains upon an inherited brokerage account or estate taxes.  If those are due, permanent life insurance is the best way to do that.

Permanent comes in two flavors. With the whole life variety, the invested portion grows at a guaranteed rate, and the premiums don’t change. With the universal life option, both the premiums and investment returns are variable. Whole accounts for a little over one-third of all life insurance policies sold, while universal comprises another third, according to LIMRA, a non-profit trade group.

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Will I Be Automatically Enrolled in Medicare at Age 65?

4/29/2021

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If you are already collecting Social Security benefits, you will automatically be enrolled in Medicare Part A (hospital coverage) and Part B (doctor visits and other outpatients services), and your Part B monthly premium will be deducted automatically from your social security benefit.

But if you are not yet collecting Social Security benefits, you will have to sign up yourself by visiting: ssa.gov/benefits/medicare to enroll.

Whether you need to do that right away depends on what kind of health coverage you have when you turn 65.  If you have a retiree insurance plan or COBRA or enrolled in an Affordable Care Act plan, you need to get on Medicare Part B, if you don't enroll in Part B by the end of the third month following your 65th birthday, you will be subject to a late-enrollment penalty that will increase your premium for as long as you are on Medicare.
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Are Cash Value Buildup and Policy Loans From Life Insurance Taxable?

4/28/2021

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How is the internal cash value buildup taxed?
Generally, any increase in the cash value of a life insurance policy is not subject to current income taxation as long as the policy meets the statutory definition of life insurance. However, if a policy does not meet the definition, any increase in the cash value will be taxed as ordinary income annually as received or accrued by the policyholder.

How are policy loans taxed?

Policy loans taken from a life insurance policy are not taxable unless the policy is a modified endowment contract. If the insured dies while the loan is outstanding, the loan will be repaid out of the death benefit and no taxation should occur.

However, there may be tax ramifications if the policy is surrendered, lapses or is exchanged while a loan is outstanding.

What are the tax ramifications if the policy is surrendered?
If the policy is surrendered, then the cash value will be taxable as ordinary income to the extent it exceeds the owner’s contributions to the contract. Any loss incurred is non-deductible and a personal expense. In addition, loan balances in excess of the owner’s contribution to the policy may also be taxed upon a full surrender.


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Working in China and Receiving Social Security Payments?

4/27/2021

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Q. I am a U.S. citizen currently working in China. I am currently eligible for Social Security benefits, but I am not full retirement age. Can I receive Social Security payments in China? Will my wages earned in China cause my Social Security benefits to be reduced because of earned income?

A.
Generally, if the worker is a U.S. citizen, the person can receive Social Security payments outside the United States as long as the recipient is eligible for payments and is in a country where the Social Security Administration can send payments. Some countries prohibit the Social Security Administration from sending benefits.

Specifically, the Social Security Administration cannot send benefit payments to eligible individuals in North Korea or Cuba. If the U.S. citizen is living and working in one of these restricted countries, the Social Security Administration will withhold payments while the person is in the restricted country. Once she moves to a country that is not restricted, the Social Security Administration will make up the withheld payments.

If she is not a U.S. citizen but is otherwise eligible for benefits, she will lose the payments that were withheld while living in the restricted country.

When U.S. citizens are living in certain other countries, the Social Security Administration will only send payments if they meet certain exceptions. Those countries include Azerbaijan, Belarus, Kazakhstan, Turkmenistan, Ukraine, and Uzbekistan.

The Social Security Administration considers individuals out of the country if they are working outside the fifty states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, the Northern Mariana Islands, or American Samoa for at least 30 days in a row. They will be considered outside of the United States until they return and stay in the United States for at least 30 days in a row.

If the individual is eligible for Social Security benefits and works or owns a business outside the United States, and is younger than full retirement age, the entrepreneur is required to notify the Social Security Administration of the work. If a worker fails to do so, the Social Security Administration can charge a penalty. Workers are required to report even if they only work part-time or are self-employed part-time.

Workers may lose benefits altogether because of work tests. There are two tests the Social Security Administration considers when a worker is working outside the United States. The first test is the foreign work test. It applies when the worker is younger than full retirement age and her work outside the U.S. is not covered by Social Security. With this test the Social Security Administration will withhold benefits for each month the worker works more than 45 hours outside the United States in employment or self-employment not subject to U.S. Social Security taxes. With this test it does not matter how much a person earns or how many hours are worked each day.

Under the foreign work test the Social Security Administration considers a person to be working any day he or she:
  • works as an employee or self-employed person;
  • has an agreement to work even if the person does not actually work because of sickness or vacation, or
  • is the owner or part owner of a trade or business, even if the person does not actually work in the trade or business, or the person does not make any income from it.

If the worker is a U.S. citizen or resident receiving U.S. Social Security benefits and the worker is working in a country that has an international social security agreement with the United States that exempts earnings from U.S. Social Security taxes, that worker’s earnings are subject to the foreign work test. The second test is the annual retirement test.

The second test applies if the earnings are covered by Social Security and the worker is under full retirement age. If the work is covered by Social Security, the same test that applies to workers inside the United States applies to those working outside the United States. Under the annual retirement test a worker can earn up to $17,640 without a reduction in benefit. For every $2 above the limit, the Social Security Administration will reduce the worker’s benefit by $1. In the year the worker reaches full retirement age, the SSA will reduce the worker’s benefit $1 for every $3 the worker earns over the annual limit. When the worker reaches full retirement age, the reduction no longer applies.

For more information about this topic, see the Social Security Administrations brochure.

https://www.ssa.gov/pubs/EN-05-10137.pdf
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​4 Exceptions When Withdrawals From Life Insurance Are Taxed

4/26/2021

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In general, withdrawals from a policy’s cash value are not taxed until the owner’s entire investment in the contract has been withdrawn. 

​There are four exceptions to this rule:
  1. The policy doesn’t fit within the definition of life insurance.
  2. The policy is a modified endowment contract.
  3. A withdrawal occurs in the first 15 years with a reduction in benefits.
  4. If all contributions to the contract have been withdrawn, any future withdrawals will be subject to income tax.
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Backdoor Roth Strategy - Part B

4/25/2021

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In last blogpost, we discussed backdoor Roth strategy, now we will discuss 2 case studies.

Example 1:
Lloyd is a high wage earner. He is a single filer, and his MAGI for 2021 will exceed $139,000. He would like to contribute to a Roth IRA. He has no other IRA accounts. He makes a $6,000 contribution to a nondeductible IRA. After several months the value of the account is $6,250. He then converts the whole $6,250. When he files his taxes for 202, he will report the nondeductible traditional IRA on Form 8606 as well as the conversion. Because he has properly reported his after-tax contribution, he will only be liable for tax on the $250 gain.

Example 2:
Same facts as above, but Lloyd does have two other pre-tax IRA accounts. IRA A contains $63,000. IRA B contains $30,750. Lloyd makes his contribution to a new IRA, IRA C, hoping he can isolate the nondeductible contribution and only convert it. He now has IRA C with a balance of $6,000. Lloyd converts IRA C. At the time of the conversion, IRA C has a value of $6,250. He correctly reports the after-tax contribution on Form 8606. He tries to claim that he only owes tax on the $250 worth of growth in IRA C.

The IRS does not agree. They apply the aggregation and pro-rata rules and find that of the amount Lloyd converted only $375 is after-tax making the remaining $5,860 of the conversion taxable. At the time of Lloyd’s conversion, his IRA accounts totaled $100,000. He had an after-tax contribution of $6,000. The pro-rata rule calculation is as follows: $6,000/$100,000 = .06, or 6 percent. To determine the basis included in the conversion, we take that percentage and multiply it by the converted amount .06 x 6,250 = 375. Of the $6,250 Lloyd converted, only $375 is considered to have come from his after-tax contribution. The remaining $5,875 is taxable.

Is there anything Lloyd could have done to avoid the result in Example 2?

​Possibly, if Lloyd had an employer plan that accepted rollovers. By rule, a taxpayer may only roll pre-tax IRA money into an employer plan. Any rollover from an IRA to an employer plan drains the pre-tax money first. Rolling all the pre-tax IRA money into a plan, such as a 401k or 403b, would work to isolate the remaining after-tax funds in the IRA. If only the after-tax money is left in the IRA, a Roth conversion of those funds would not generate a taxable result.

When is the pro-rata determination made about IRA accounts? IRC Section 408(d)(2)(C) says that the pro-rata and aggregation rules are applied based on the account values at the end of the taxable year in which a distribution or conversion is made.

Conclusion
The backdoor Roth strategy can be a powerful tool for high-income wage earners, but the strategy can lead to unexpected results if the taxpayer is not aware of all the rules. 
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Backdoor Roth Strategy - Part A

4/24/2021

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The backdoor Roth strategy, if implemented correctly, allows a high wage earner not otherwise eligible to contribute to a Roth IRA to effectively do just that, by converting a nondeductible IRA contribution to a Roth IRA.

For example, in 2020, if a married filing joint couple has a MAGI that exceeds $206,000 or an individual filer’s MAGI exceeds $139,000, they are ineligible to contribute to a Roth IRA. However, anyone with earned income can contribute to a nondeductible traditional IRA regardless of her MAGI or whether she is an active participant in a retirement plan.

How does a taxpayer use a nondeductible IRA to make a backdoor Roth IRA contribution?

High wage earners first make the nondeductible contribution to their traditional IRA. After a reasonable amount of time, taxpayers convert the nondeductible IRA to a Roth IRA. When taxpayers perform a Roth conversion, the pre-tax amount that is being converted is included in their taxable income. When appropriately implemented, taxpayers will only pay taxes on any growth associated with the initial nondeductible IRA contribution. Taxpayers could potentially take advantage of this strategy year after year under current tax rules.

​The strategy seems easy enough, but there are pro-rata and aggregation rules to follow? Those rules have to be considered when implementing this strategy.

See two examples in next blogpost.
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Is HSA Better Than IRA?

4/23/2021

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2 Advantages of HSA Over IRA

1. Withdrawals from an HSA to pay for qualified medical expenses are always income-tax free, but withdrawals from traditional IRAs are generally subject to ordinary income tax—no matter the reason for the withdrawal.

2. There is no required minimum distribution (RMD) requirement from an HSA.

Major Differences Between HSA and IRA


On the other hand, most withdrawals from an HSA taken for purposes other than qualified medical expenses before age 65 will result in a 20 percent penalty tax. This compares to a 10 percent penalty tax for most withdrawals before age 59 ½ for IRAs and other qualified plans.

Another difference between HSAs and IRAs is how these accounts are treated after the death of the owner.

Surviving spouse:
  • After the death of an IRA owner, if the surviving spouse is the beneficiary, then the surviving spouse has the option to retitle the IRA in his or her name.
  • For an HSA, if the surviving spouse is the beneficiary, then the survivor is automatically treated as the new owner of the HSA, and it continues to operate.

Non-spouse Beneficiaries:
  • Non-spouse beneficiaries of IRAs generally have to liquidate the inherited account—and pay income tax—by the end of the tenth year after the account owner’s death.  
  • If a non-spouse inherits an HSA account, then the HSA will no longer be considered an has, and the fair market value of the HSA will be included in the beneficiary’s income for the year of the HSA owner’s death. However, any medical expenses of the decedent paid by the account beneficiary will reduce the amount of the HSA value included in income. 
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Are Spousal Benefits Reduced If I Collect Early Retirement Benefits?

4/22/2021

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Q: I am collecting early retirement benefits from Social Security based on my own work record. Are the family benefits payable to others reduced because my collecting early?

A:
No, not in any direct way.

A spousal benefit can be collected as early as age 62. The spousal benefit default calculation is 50 percent of the other spouse’s primary insurance amount (PIA).

A person’s primary insurance amount is the amount of their monthly retirement benefit, if they file for that benefit exactly at their full retirement age. Note that the age at which the other spouse files for Social Security benefits doesn’t affect this calculation.

https://articles.opensocialsecurity.com/spousal-benefit-calculation

If a spousal benefit is collected prior to the recipient’s full retirement age, the benefit is reduced. A dependent’s Social Security benefit is also based on the PIA—rather than the claiming age—of the qualifying parent:

https://fas.org/sgp/crs/misc/R43542.pdf
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Can I 1035 Exchange a Joint Owned Annuity to an Annuity Under My Name Alone?

4/21/2021

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Q: I own an annuity with my husband as joint owner and joint annuitant. Is a Section 1035 exchange to an annuity in my name alone possible?

A:
Probably yes, although since some uncertainty exists, the annuity companies involved in the transaction will likely not cooperate in the exchange.

Code Section 1035 allows for a tax-free exchange of a life policy for a nonqualified deferred annuity (NQDA) or for an exchange of one NQDA for another. Section 1035 itself does not provide much detail regarding valid exchanges. The lack of detail has caused taxpayers and carriers to rely on various regulations, rulings, and company practices to fill in the blanks regarding what is a valid exchange.

One thing we know for sure is that an exchange must be done directly between the surrendering and issuing companies—and the client must not personally take control of the money during the process. As a practical matter, that means both carriers must agree that the proposed transaction is a Section 1035 exchange. If one of the carriers does not believe the transaction qualifies, it will stop cooperating in the Section 1035 process, and the exchange will fail.

The other things we believe we know about Section 1035 exchanges are: • The policyowner must be the same both before and after the exchange.
• The insured must be the same both before and after an exchange of life policies.
• The insured must be the same as the annuitant on a life for annuity exchange.
• The annuitant must be the same both before and after an exchange of an annuity.

Based on what we think we know, an exchange described in the question does not appear to be a valid exchange—and thus it would be rejected. Why did we say such an exchange might be possible?

The answer is that another section of the Tax Code—Section 1041—says that transfers of assets between spouses are tax-free. If you mash together Code Sections 1035 and 1041, they make a pretty good case that the transaction described would be income tax-free.

However, since the IRS has never explicitly said such a transaction is tax-free, most carriers will reject combining the logic of both Code sections to achieve the desired tax result. 

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Are Acceleration of Death Benefit Payments Taxable?  Part C - Policies Owned by Irrevocable Trusts

4/20/2021

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Q: My irrevocable trust owns a life policy that has an acceleration of death benefit feature for chronic and terminal illness. Will the acceleration benefit be income tax-free?

A:
Probably, although the IRS has not said for sure.

Most of the actual language inCodeSection101(g) appears to assume that the insured is the owner of the policy on her or his life.  As we discussed in the earlier answer, the qualifying benefit under those circumstances is clearly treated as a tax-free death benefit.

It is less clear what Congress and the president intended with regard to the income tax treatment of accelerations where the benefit is payable to another family member who is the owner of the policy—or if the contract is ILIT-owned.

One interpretation is that since the wording of Section 101(g) implies that the insured is the contract owner, any other policyowner would not receive favorable tax treatment.

Another argument—the more compelling one, in our opinion—is that if the government intended for an ILIT to pay income tax on a terminal illness or chronic illness acceleration, it would have said so. The law’s silence on third-party personal ownership means that an ILIT gets the same favorable tax treatment that the insured would.

The fact that business-owned coverage was explicitly singled out for different tax treatment—and ILIT owned coverage was not—lends extra weight to the second position.
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Are Acceleration of Death Benefit Payments Taxable? Part B - Policies Owned by Businesses

4/19/2021

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Q: My business owns a life policy that has an acceleration of death benefit feature for chronic and terminal illness. Will the acceleration benefit be income tax-free?

A:
No.

​The last portion of Code Section 101(g) specifically says that a chronic illness or terminal illness benefit paid under a business-related life policy does not qualify for special tax-free treatment.
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Are Acceleration of Death Benefit Payments Taxable? Part A - Policies Owned by Individuals

4/18/2021

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Q: I have a life policy that has an acceleration of death benefit feature for chronic and terminal illness. Will the acceleration benefit be income tax-free?

​A:
Yes, if the acceleration triggers in the contract match the language in Revenue Code Section 101(g).

CodeSection101says that the death benefit paid under a life insurance policy is generally income tax free. Section 101(g) specifically discussed how certain accelerations of the death benefit are treated for income tax purposes.

The following amounts shall be treated as an amount paid by reason of the death of an insured:
• Any amount received under a life insurance contract on the life of an insured who is a terminally ill individual.
• Any amount received under a life insurance contract on the life of an insured who is a chronically ill individual.

Section 101(g) defines terminal illness as follows:

The term “terminally ill individual” means an individual who has been certified by a physician as having an illness or physical condition which can reasonably be expected to result in death in 24 months or less after the date of the certification.

Chronic illness has a longer definition: The term “chronically ill individual” has the meaning given such term by section 7702B(c)(2).

Code Section 7702B(c)(2) says the term “chronically ill individual” means any individual who has been certified by a licensed health care practitioner as:
• Being unable to perform (without substantial assistance from another individual) at least 2 activities of daily living for a period of at least 90 days due to a loss of functional capacity, or
• Requiring substantial supervision to protect such individual from threats to health and safety due to severe cognitive impairment.

Any amounts paid to a terminally ill individual who owns a life policy would be tax-free.  Benefits paid to a chronically ill policyowner would be tax-free up to $400 per day in 2021 or actual long-term care expenses, if greater.



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Post COVID-19 vs Post WWII

4/17/2021

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Fidelity has an interesting article that links the potential stock market performance in post COVID-19 to the post WWII stock market performance.
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What happened to post WWII's stock market?  This chart below shows the details.  This should give you a club about how to allocate your assets in the near term.
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Roth IRA Contribution Rules: A Comprehensive Guide

4/16/2021

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A Roth IRA can be an excellent way to stash away money for your retirement years. Like its cousin, the traditional IRA, this type of retirement account allows your investments to grow tax-free. However, it also lets you take tax-free withdrawals of your contributions (but not earnings) at any time.

​
KEY TAKEAWAYS
  • Only earned income can be contributed to a Roth IRA.
  • You can contribute to a Roth IRA only if your income is less than a certain amount.
  • The maximum contribution for 2021 is $6,000; if you’re age 50 or over, it is $7,000.
  • You can withdraw contributions tax-free at any time, for any reason, from a Roth IRA.
  • You can withdraw earnings from a Roth IRA, but it may trigger taxes and penalties depending on your age and that of the account.
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How Change of 7702 Rules Will Impact Cash Value Life Insurance

4/15/2021

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What Are Changed?
Changes to the 7702 Definition of Life insurance were enacted with the passage of the Hero’s Act on 12/27/2020. This change lowered the interest rates and increased the premium limits defined by the regulation. This includes the Guideline Level, Guideline Single and 7Pay TAMRA premium limits. 


This was effective for policies issued on or after 1/1/2021.

What Will be the Impact on Life Insurance?

Generally, increases in premium limits mean that more premium can be paid into a cash value life insurance policy for a given death benefit.  Or in other words, a lower death benefit can be selected for a given amount of premium leading to higher accumulation and income values. 

Increases in GSP, GLP and TAMRA premiums will be greater where mortality is lower. 


Which means:
  • Increases will be greater at younger issue ages than old issue ages
  • Increases will be greater for non-nicotine users than nicotine users
  • Increases will be greater for females than males
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Asset Repositioning: an Alternative to the New Stretch IRA Rules

4/14/2021

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If you meet the following 2 conditions: 
  1. You have assets in an IRA that don’t intend to use or need during your lifetimes,
  2. You want to leave a meaningful legacy to the people you love. 

Then you will be impacted by the new Secure Act rules.


The Solution
Consider the income tax free alternative to the new stretch IRA rules.  For details, please see a case study below.

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Survivorship Standby Trust as an Estate Planning Solution

4/13/2021

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CHALLENGE:
Find an estate planning protection solution for you and your spouse that also meets your needs during your lifetime. You’re also concerned about using an irrevocable solution that can’t be changed.

SOLUTION:
A Survivorship Standby Trust (SST) funded with survivorship life insurance

​For details, please see the case study from Prudential below.
​

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Which 7 Taxes Affect Your Assets At Death?

4/12/2021

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There are 7 taxes affect your assets when you die.  See detailed descriptions at the Prudential flyer below.

STRATEGIES TO HELP LESSEN THE IMPACT OF TAXES
To reduce or mitigate almost all these taxes, you can use certain strategies, such as:
  • Evaluating the types of assets you have and how they will be taxed; exploring ways to diversify the taxation of your assets.
  • Strategic gifting of highly appreciating assets to exclude future appreciation from estate tax.
  • Creating trusts for a surviving spouse to avoid wasting state estate tax exemption amounts, lowering the size of the survivor’s taxable estate.
  • Allocating generation-skipping tax exemption to transfers to skip persons, such as grandchildren.
  • Ensuring the estate has access to cash to avoid sale of appreciating, illiquid, or cherished assets.

LIFE INSURANCE CAN HELP ENSURE SUCCESS
Life insurance can be a very effective tool in the estate planning process and can help you:
  • Provide your heirs with a death benefit that is generally income and estate tax-free (if structured properly).
  • Provide liquidity to help pay any estate taxes that may be due.
  • Ensure any outstanding debts are paid.
  • Manage probate costs.
  • Protect against potential creditor issues.
​
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Retirement Income Planning - 3 Tips

4/11/2021

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1. Zero Percent Capital Gains Tax Brackets
The 0% capital gains bracket can create unique planning opportunities. The standard deduction for those who are married and filing jointly is $25,100. Those who are married and over age 65 or blind receive an additional $1,350. A married couple filing jointly, both over 65, could have $108,600 of capital gains and pay no federal income tax at all, as long as the gain is the only thing on the return. Understanding the interaction between different types of income like capital gains, ordinary income and Social Security is essential to maximizing this opportunity. 

2. Social Security Taxation
As your taxable income increases, the potential tax you have to pay on Social Security benefits can also increase quickly. The combination of Social Security income with other taxable income could result in being subject to an effective marginal tax rate as high as 49.95% on a portion of your income. Delaying Social Security benefits increases the monthly benefit you are entitled to receive and gives you more time to withdraw from pretax retirement accounts without creating an overlap between the two income sources.

3. Medicare Premiums
Medicare Part B and Part D premiums are based on modified adjusted gross income. For people who are older than 65 or within two years of enrolling in Medicare, beware that Roth conversions can trigger premium surcharges. Understanding these thresholds will help you identify how much you should convert to the Roth. 


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Life Insurance Gap: Do You Have the Right Amount?

4/10/2021

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This financial planning article reveals that families with income greater than $100,000 tend to be underinsured.

It went on discussing some strategies to close the life insurance gaps and the true consequences if the gap remains.
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A Checklist from Financial Planners to Financially Plan Post-retirement

4/9/2021

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How financial planners help their clients financially plan for post-retirement?  Below is a checklist used by financial planners.
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Can I ​Withdraw Roth Contributions Without a Penalty?

4/8/2021

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Yes, you can!

Savers fund Roth IRAs with after-tax contributions, and the earnings on those contributions grow tax-free. To withdraw those earnings without paying taxes and a 10% penalty, the account must be open for at least five years, and the holder must be at least 59½. But there's a workaround.

The key word is earnings. The timeframe, taxes, and penalties apply only to earnings.

You can withdraw your contributions at any time, without penalty, regardless of your age or when you established the account, because taxes were already paid on that money.

For example, if someone owns a $100,000 Roth that consists of $75,000 in contributions and $25,000 in earnings, the investor can pull out that $75,000 with no penalties.

Because withdrawn Roth contributions can be used for anything, it is one of the most flexible retirement accounts

There are also three qualified reasons why someone who has owned their Roth IRA for five years, but is under the age of 59½, can take distributions on both contributions and earnings without triggering penalties or paying taxes:
  • Buying, building, or rebuilding a first home, with a $10,000 lifetime maximum withdrawal.
  • The account owner becomes permanently disabled.
  • A beneficiary or the person's estate makes a withdrawal after the account owner's death.
0 Comments

The ABCD of Medicare Costs - Summary of Total Costs

4/7/2021

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See Medigap description here.

Here is an average cost example using the unbundled approach. This example shows Medicare coverage for a married couple with Modified Adjusted Gross Income (MAGI) of less than $174,000 per year.
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The ABCD of Medicare Costs - Medigap

4/6/2021

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See Medicare Part C here.
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See summary of all the Medicare costs here.
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To the extent that any material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
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