A number of figures used in tax and retirement planning have been updated for 2010.  Most limits for pension and IRA contributions have been unchanged.  For example:

1. The maximum contribution that can be made to a defined contribution plan in 2010 under Section 415 is the lesser of $49,000 or 100 percent of compensation—the same limit as in 2009. Read More

Most closely-held business owners are on a constant search for tax leverage with regard to fringe benefits for the owners and their employees.

Pension plans create income tax deductions for the business, and allow employees to exclude contributions from their taxable income.  However, the employer must include all eligible employees in the plan, and retirement benefits are generally taxable to the participants. Read More

Individuals changing jobs may have substantial pension balances that need to be dealt with.  Often they want to defer taxes on the pension plan balances and transfer the money to another plan over which they have more control.

Others with IRA balances may be interested in making a tax-free transfer to a new IRA custodian, or in splitting the current IRA account for various reasons. Read More

Things to Consider

Those considering starting the estate planning process-perhaps by visiting an attorney about a will or trust-usually have one or more questions:

1. Why do I need to prepare a will or trust at all?
2. Do I need a living trust?
3. How can I protect my young children?
4. How can I protect my special needs relative?
5. How do we arrange our affairs to adequately protect all sides of our blended family?
6. How can I keep peace in the family after I’m gone? Read More

Afraid to open your monthly IRA statements? Has stock market volatility of the last six months altered your retirement plans? We are all familiar with the typical IRA investing in stocks, bonds, and mutual funds, but with recent stock market lows, some investors may be thinking about putting their IRA funds in less conventional investments. Potential alternative investments may include commercial or residential real estate, interests in closely held businesses, Read More