Personal Financial Planning

Topics

November 1, 2007

Gifting of a Remainder Interest in a Home

Editor: Kevin F. Reilly, J.D., CPA One of the first decisions taxpayers must make when planning their estates is what to do with the principal home. With the changing and sometimes downtrodden real estate market, this can be a difficult and time-consuming task for heirs, particularly if they do not

November 1, 2007

Tax Planning for the Use of TIPS at Retirement

For some retirees, Treasury inflation-protected securities may be a valuable source of retirement income.

October 1, 2007

The Growing Epidemic of Financial Elder Abuse (and What CPAs Can Do About It)

The incidence of financial abuse perpetrated against the elderly in the United States is growing to epidemic proportions. Because the elderly are the fastest-growing segment of our population, more and more victims and their families are beginning to report its occurrence. Most alarming, according to the National Center on Elder

August 1, 2007

Divorce and Gain Exclusion

For most couples contemplating divorce, the largest single asset at issue is their personal residence. In most situations, one spouse moves out of the residence during the separation and divorce proceedings. Tax consequences are often ignored, as the primary concern is the division of marital assets. However, focus normally returns

July 1, 2007

The Power of Gifting

Editor: John L. Miller, CPA Prospects for repeal of the estate tax became less likely after the November 2006 elections; as a result, gifting continues to be a powerful estate planning tool. Maximizing use of the annual gift tax exclusion, using the $1 million lifetime gift tax exemption and gift-splitting

July 1, 2007

When to Begin Receiving Social Security Benefits

Editor: Michael David Schulman, CPA/PFS Social Security Administration (SSA) statistics indicate that a majority of U.S. citizens elect to begin receiving Social Security benefits at age 62; see Song and Manchester, “New Evidence on Earnings and Benefit Claims Following Changes in the Retirement Earnings Test in 2000” (July 2006), available