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To get a clearer picture of your money, consolidating old workplace accounts to an IRA or your next employer plan makes a lot of sense.
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When a Client Struggles With Memory Loss
WSJ.comThe 74-year-old man struggled with degenerative memory loss and was forgetting to complete financial tasks.He needed help, and turned to financial planner Audrey Wehr Jones, of Casselberry Fla.-based Financial Life Designs. Ms. Jones ...
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Tar Heel Tax Reform
WSJ.comNorth Carolinians may get their long-awaited tax cut after all. Last week the state Senate passed an ambitious plan that chops the personal income tax rate to 5.25% from 7.75%.
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By Jason Zweig; Why the Markets' Latest Stumbles Are Good News for You
WSJ.comIf you are an investor and aren't on the verge of retirement, your fondest wish should be for another whiff of fear that will tip even more assets into the bargain bin.
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Right to Work and a Test for Republicans; Ohio's economy is improving, but the GOP-controlled legislature could do even more to spur growth.
WSJ.comColumbus, OhioHere in the Buckeye State, we've made major economic strides over the past two and a half years. Facing an $8 billion budget deficit in 2011 and unemployment over 9%, Gov. John Kasich and the state legislature have since ...
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More Estate Plans Account for 'Digital Assets'
WSJ.comPeople draft estate plans so they can pass their money and property on to their heirs after they become incapacitated or die.But what happens to their other assets--so called "digital assets" such as an iTunes account containing thousands ...
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Advisers Bolster Same-Sex Estate, Tax Planning
WSJ.comIt's becoming a busy time for financial advisers with same-sex clients.As more states recognize gay marriage and the U.S. Supreme Court gets ready to weigh in next month in a case that involves the federal tax rules for gay spouses, many ...
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A Death Tax Justified
WSJ.comThe story of J. Paul Getty III, as told by Charles Fox in "Uncommon Youth" (Bookshelf, May 22), is a great argument for confiscatory estate taxes.Donna Handy
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Legalities; A Global Love Affair; Marriages among different nationalities are up, but so are the tax and estate issues.
WSJ.comLOVE HAS NO BORDERS, of course, which may help explain why it's not just the economy that's gone global. To hear estate and tax planners talk, cross-border marriages are skyrocketing—along with a host of international estate and ...
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Being Too Fair Invites Trouble in Estate Planning
WSJ.comHow can wealth managers help keep an estate from winding up tangled in legal battles between the heirs? For one thing, encourage clients not to be too "fair" in the division of assets, say estate lawyers E. Patricia Chantler and Wonsun ...
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When It's Time to Huddle
WSJ.comPeople are calling "family meetings" nowadays not only to deal with their parents' health issues but increasingly to sort out their finances as well.
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When ‘loser’ ETFs close, investors can lose too; Tax bills and ‘survivorship bias’ can trip up the unwary
MarketWatchNext month, iShares, the largest exchange-traded fund provider by assets, will do something it hasn’t done in more than a decade: close one of its 290 ETFs.
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The Great Internship Swap
WSJ.comTrying to find a meaningful way to help your college-age kids get some real-world experience?Some business owners and managers are "swapping" internships, which allows young people to gain valuable experience while bypassing human-resources ...
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Focus Shifts to State Estate-Tax Planning
WSJ.comThe federal government won't tax an individual's estate if it's worth less than $5.25 million.But many states will tax estates worth far less. For example, New Jersey's estate tax kicks in at $675,000--the lowest threshold in the nation.
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Make your heirs happy: Update your will; Outdated estate-plan paperwork can be a wealth-killer
MarketWatchWhen was the last time you looked at your will? If you can’t remember, it is time for a review. Having outdated legal documents, such as a will or power of attorney, can wreak havoc on your health and your family’s wealth.
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Financial Advice, Served Rare
WSJ.comYou don't have to be a Rockefeller to join a family office.Family offices are private firms that manage just about everything for the wealthiest families: tax planning, investment management, estate planning, philanthropy, art and wine ...
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An Estate Plan to Prevent Sibling Disputes
WSJ.comThe 60-something client came into adviser Ross Gerber's office to help address a rift that was opening in his family.He had remarried and had young children, but both he and his new wife had adult children from their previous marriages. And ...
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Estate planning for the rest of us; Why everyone needs a will and a living trust
MarketWatchMost folks are no longer exposed to the federal estate tax, thanks to today’s relatively generous $5.25 million exemption. Great. But being exempt from the federal estate tax is not the end of the story. If you have assets (maybe just a car ...
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Minimizing a Wealthy Client's Tax Liability
WSJ.comThe 66-year-old widow had been a client of adviser Jay Wertz since her husband died in 2007, leaving her with had an estate worth $30 million.
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Gift Taxes: What Your CPA Doesn't Know
WSJ.comTaxpayers who gave substantial assets to family members last year could be in for a nasty surprise this tax season: potential errors on federal gift-tax returns that could result in donors owing taxes on gifts they thought were tax-free.
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Advisers Find New Estate-Tax Strategy
WSJ.comWealthy taxpayers now can protect more of their estates from federal tax each year with a new strategy some advisers are starting to employ.
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Will the Government Shrink Your IRA?
WSJ.comAs the April 15 filing deadline looms, it looks like some tax-protected retirement-savings vehicles might not be so protected after all.President Barack Obama's budget for fiscal year 2014, released Wednesday, is loaded with an unusually ...
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Snapping Up Real Estate
WSJ.comInvesting directly in property can be an attractive alternative to low-yielding bonds but isn't for everyone. Investors should know the real-estate market, be wary of what can go wrong and, because properties can be illiquid, have plenty of ...
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The Experts: How to Keep Heirs From Losing Their Work Ethic
WSJ.comHow do you keep heirs from losing their work ethic if they know they stand to inherit a lot of money? The Wall Street Journal put this question to The Experts, an exclusive group of industry and thought leaders who engage in in-depth online ...
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IRS Rules Can Snag Parents of Foreign Students
WSJ.comForeign parents who send their kids to U.S. colleges and careers are turning to financial advisers to help them stay on the Internal Revenue Service's good side during their children's college years and beyond.
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Shoring Up Your Prenup
WSJ.comAs prenuptial agreements become more common, spouses are finding the documents easier to challenge in court.In a surprise move, a New York appellate court threw out a prenup last month, even though such agreements are considered one of the ...
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Advisers See Tax Trap in Gift-Tax Returns
WSJ.comTaxpayers who gifted their assets to family members last year could be in for a nasty surprise this tax season.Financial advisers are concerned about potential errors on federal gift-tax returns--which could result in donors being forced to ...
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Is Estate-Tax Portability Permanent?
WSJ.comQ:I read your article on the new federal estate-tax laws. Even though the exemptions are to be "permanent," we all know Congress could change those in the future. Do you think the new "portability" rules really will be permanent?
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Confessions of a Saint
WSJ.comEach week in Curtain Raisers, we invite a local theater artist to attend a show of his or her choosing and discuss the work. On Thursday, playwright Lucas Hnath went to the Walter Kerr Theatre to see a preview of Colm Tóibín's "The ...
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Estate Planning: New Hazards
WSJ.comYou thought your estate plans were finally set? Not so fast.It turns out the "permanent" $5 million estate-tax exemption enacted earlier this year could change after all, sending families back to the drawing board to sort out their ...
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Death Tax Made More Deadly; Obama proposes another big increase in the estate levy.
WSJ.comAn abiding lesson of the Obama Presidency is that no tax increase is ever enough. So it's not surprising that the President's new budget includes an increase in the death tax only three months after the last increase.
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Bolstering Your Benefits
WSJ.comAs retirees look to squeeze the most from their Social Security benefits, financial firms and advocacy groups are offering more advice on maximizing payouts.
Inheriting Your Spouse's IRA; Rules if you choose to disclaim your inherited IRA.
SmartMoney.comYou Want to Disclaim an Account Left to You by Your SpouseThe minimum withdrawal rules state that the final beneficiary for an IRA (or SEP) account can be decided as late as Sept. 30 of the year after the year of the original account ...
Estate Planning With a Roth IRA; Congress probably didn't plan it this way, but it's one of the best estate-planning tools around.
SmartMoney.comWhen it comes to saving for retirement, many investors already know how well the Roth IRA fends off Uncle Sam. But what they may not realize is that it's equally effective as an estate-planning tool. Seniors who convert a regular IRA into a ...
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Congress Struggles to Reach Cliff Deal
WSJ.comWASHINGTON--Talks are faltering between Republican and Democrats on Sunday over how to avoid the fiscal cliff, with negotiators missing a self-imposed afternoon deadline to present a potential deal to Senate lawmakers.
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Financing Your Future
WSJ.comEstate PlanningHere's a new book that, in theory, could help the denizens of "Downton Abbey," the PBS series in which the aristocratic Crawley family seems incapable of getting its estate-planning act together. The American Bar Association ...
Passing Your Home to Heirs; There are nearly half a dozen ways to give a home to your child. And a couple are tax-free. Here's a rundown of your options.
SmartMoney.comBefore the days of estate taxes, children simply moved into the family home and took over the master bedroom after their parents died. Unfortunately, it's not that easy anymore.
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Your 2012 Taxes—Fewer Surprises, Plenty of Pitfalls
WSJ.comNothing is inevitable but death, taxes—and tax-return complexity.This year, though, some taxpayers may find the task somewhat easier. Most of the Internal Revenue Service's forms for 2012 generally look about the same as a year ago, ...
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Wealthy Look to Defer Pay Amid Higher Taxes
WSJ.comNew, higher tax rates already have the wealthy looking to shelter money from the Internal Revenue Service by delaying when they take bonuses and other employer pay.
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A false start to tax season; Tax season started Wednesday — but not for everyone
MarketWatchThe fiscal cliff is still causing headaches for taxpayers. Technically, the IRS kicked off tax season Wednesday — a week later than expected, as a result of Congress’s 12th-hour deal — but tax pros say it could be weeks before many ...
Start Giving It Away Early; Should you start giving it away early? It can be a wise estate-planning move to bequeath your IRA to charity and other assets to loved ones.
SmartMoney.comThere are three basic things to remember when getting started with estate planning:The Estate-Tax ExemptionFor 2013 you can leave bequests (gifts to other individuals upon your death) worth up to $5.5 million free of any federal estate tax. ...
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What a Tangled Web We Leave
WSJ.comWhen Alexandra Kaye's husband died last year of a heart attack at age 57, she thought she was well prepared financially—until she started wading through the day-to-day details.
When to File Gift Tax Forms; Steps to take if you think gifts, payments or transfers to family members may run afoul of federal gift tax rules.
SmartMoney.comGenerally speaking you only need to file a gift tax form when you exceed the annual $14,000 tax-free gift limit. But it's also prudent to send in that Form 709 every time you make a transaction with a family member over $14,000 - even if it ...
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Estate planning to care for your pets
MarketWatchWhen Worcester, Mass. resident Tracy Craig got divorced about 10 years ago, she realized that if something happened to her, she wasn’t sure what would become of her beloved golden retrievers Kali and Chelsea.
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Legacy; You're Dead, But Still in Control; Perpetual trusts have become popular among the wealthy. But just how long does forever really last?
WSJ.comETERNITY IS A BIG NUT TO CRACK. I'd suggest asking the Duke of Norfolk about this, but he died in the 17th century. Attempting to achieve a form of immortality, the duke devised a then-innovative estate plan that passed his titles to his ...
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Can Dad Still Live Alone?
WSJ.comWhen you have an elderly parent, going home for the holidays can be traumatic.Geriatric social workers, financial planners and staff at long-term-care facilities have seen the same scenario play out many times: Adult children are struck by ...
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The Arnault Legacy; With the house of Dior in the hands of a designer she championed and a newborn baby at home, the daughter of LVMH's founder has many reasons to smile. Will the rebirth of the legendary fashion house mark a new chapter for Delphine Arnault?
WSJ.comTHE BEATING HEART of the house of Dior is tucked away in what feels like the attic of the hotel particulier at 30 Avenue Montaigne in Paris. Up the grand marble stairway lined with photos of Grace Kelly and Marilyn Monroe, through a warren ...
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Beyond Long-Term Care
WSJ.comAs long-term-care-insurance costs climb, families are turning to continuing-care retirement communities as an alternative.Long-term-care insurance generally pays for home care, assisted living or skilled nursing when a policyholder suffers ...
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Estate-Tax Exemption for 2013
WSJ.comQ:I have a question on the recently passed changes to the federal estate-tax laws for 2013. What are the exemptions for estates?P.O., Reed City, Mich.
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How to Bust a Trust
Barrons.comSetting up an irrevocable trust is meant to guarantee that your wishes are carried out, even if your beneficiaries bristle at how the money is dribbled out after you've skipped into the beyond. But sometimes your wishes can't be carried out ...
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Money Lessons From 'Downton Abbey'
WSJ.comSpoiler alert: This article contains references to Season 3 of "Downton Abbey."If you need your wife's dowry to prop up your sprawling manse and a small army of domestic staff, don't bet it all on a railroad thousands of miles away.
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Can You Trust Your Kid With $5.25 Million?
WSJ.comWealthy families got a holiday gift on Jan. 1, when Congress agreed on permanent estate-tax rules that are much more generous than many financial planners had expected.
Check Your Life Insurance; We reveal some secrets of the American Dream.
SmartMoney.comMost people don't realize it, but unless you plan carefully, there's a chance the federal government will end up as a major beneficiary of your life insurance policy. While it is true that life insurance death benefits are paid ...
The Grandparent Tax; Here's how to avoid the bite of the rapacious generation-skipping transfer tax before it takes a bite out of your grandchild's gift.
SmartMoney.comLeaving lots of money to grandchildren, and skipping the generation in between, used to be a nifty way to beat estate taxes. That way, the money was subject to estate tax just once, when the grandparent left it to the grandchild. Otherwise, ...
Closing Down the Estate; Being named the executor of someone's will is tricky tax business.
SmartMoney.comWhen a loved one dies, somebody must step up to the plate to handle all the resulting tax issues. This person may be identified in the decedent's will as executor of the estate. If there isn't a will, however, the probate court will appoint ...
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Time to Convert to a Roth 401(k)?
WSJ.comA little-noticed provision in the new tax law gives many more workers a chance to stockpile tax-free retirement savings.Some financial planners are calling the move a bonanza for investors, especially younger workers, while others have ...
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Saving a Few Million in Estate Taxes
WSJ.comWhen Congress let the estate tax expire in 2010 and then passed new legislation later that year to reinstate the tax for 2011 and beyond, heirs who had inherited estates faced a choice.
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