At 1097 pages, the new tax act is the most far-reaching and complex tax code passed by Congress since 1986. This article looks at ramifications in the areas of deductions, divorce, and estate plans. The Tax Cuts and Jobs Act (TCJA) is old enough now that you’ve probably had an opportunity to review many of …
The New Tax Law: 3 Areas That Could Impact Families Read More »
When a parent is considering giving or lending a child money, the key question is whether it’s empowering or enabling. You need to structure a transfer that is best for both generations. When my older daughter Meredith bought a house in Portland, Oregon, in 2015, she needed help with the down payment. Housing prices were …
Intergenerational Transfers: Helping Adult Children Read More »
Due to legislative changes, fewer people can take advantage of spousal Social Security strategies. But if you qualify, they can be a major benefit. You may have heard from friends or the media about the “restricted application” for Social Security benefits. This is still available for some people, but you must meet certain criteria. Ordinarily, …
If you have ever worked for the federal government, you know there can be confusion about CSRS, FERS, and something called “CSRS offset.” Let’s see how these federal retirement plans interact with Social Security. CSRS or FERS? The Civil Service Retirement System (CSRS) was enacted in 1920 to give federal employees pension benefits at retirement. …
You might assume it’s safer to keep your personal details—especially your Social Security number—off the internet. Actually, setting up a my Social Security account is an important step toward protecting your benefits. We’ve all heard warnings not to give out our Social Security numbers anywhere—not on the phone, not online. So it might seem counterintuitive …
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