A Roth Conversion strategy may be a very helpful way to generate a tax-efficient legacy for your heirs, while reducing the overall cost.
estate tax
Do You Have The Will?
Statistics show us that approximately 70% of all Americans don’t have a valid will. Are you one of them? With that statistic, chances are that you don’t. This means that in a circle of four people, three probably don’t have a will. This situation begs an obvious question: Do I need a will? One simple way to determine if you need a will is if you can’t truthfully answer “No” to both of the following questions: Do you care who gets your money and property when you die? Do you care who is appointed guardian of your minor children if you die? If you answered “Yes” to either or both of those questions, you need a will! Otherwise, state laws will determine the outcome of those situations – and it’s not likely that you would have made the same decisions that the state would. Why should you have a will? A will […]
Annual Gift Tax Exclusion Amount Remains the Same for 2014
All individuals have the opportunity to give gifts annually to any person, and as many persons as they wish, without having to file a gift tax return. For 2013, the amount of the annual exclusion is $14,000; it remains the same for 2014. This means that anyone can give a gift of up to $14,000 to any person for any reason without worrying about possible gift tax implications. A married couple can double this amount to $28,000. In 2014, this annual exclusion amount will remain the same at $14,000 ($28,000 for couples). For amounts given in excess of the annual exclusion amount, every individual has a lifetime exclusion amount, against which the excess gifts are credited. For 2013, the lifetime exclusion amount is $5,250,000. For 2014, the lifetime exclusion amount for giving is increased to $5,340,000. These are the same exclusion amounts as for estates in 2014.
Sterling Raskie, MSFS, CFP®, ChFC®
The latest in our Owner’s Manual series, A 401(k) Owner’s Manual, was published in January 2020 and is available on 
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Sterling’s first book, Lose Weight Save Money, can be 
An IRA Owner’s Manual, 2nd Edition is available for purchase on Amazon. Click the link to choose the 
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And if you’ve come here to learn about queuing waterfowl, I apologize for the confusion. You may want to discuss your question with Lester, my loyal watchduck and self-proclaimed “advisor’s advisor”.