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Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) Contributions to defined contribution plans: $56,000 (up from $55,000) Contributions to SIMPLEs: $13,000 (up from $12,500) Contributions to IRAs: $6,000 (up from $5,500) One exception is catch-up contributions for taxpayers age 50 or older,...

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January 10, 2019

Estate planning aims to help individuals achieve several important goals — primary among them, transferring wealth to loved ones at the lowest possible tax cost. However, if you have creditors, you need to be aware of how fraudulent transfer laws can affect your estate plan. Creditors could potentially challenge your gifts, trusts or other estate planning strategies as fraudulent transfers. Creditor challenges Most states have adopted the Uniform Fraudulent Transfer...

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January 10, 2019

Business owners engaged in fraudulent activities often try to manipulate their companies’ financial statements. Fortunately for fraud experts, business owners’ tax returns aren’t as easy to misrepresent. Here’s how experts use them to locate hidden assets and income. Seeking buried treasure Certain items are more likely to provide information about hidden assets and income sources. These include: Form 1040, Line 1 — Income from wages, etc. If the individual receives...

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January 10, 2019

A revocable trust isn’t effective unless you fund it by transferring ownership of assets to the trust. Transferring a vehicle to it, however, brings a unique set of issues. If you still owe money on an auto loan, the lender may not allow you to transfer the title to the trust. But even if you own the vehicle outright, there are risks to consider. For example, as owner of the...

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January 10, 2019

If your son or daughter currently is home from college on winter break, now is a good time to sit down and discuss a few estate planning documents he or she should have at this stage of life. Let’s take a closer look at four such documents: 1. Health care power of attorney. With a health care power of attorney (sometimes referred to as a “health care proxy” or “durable...

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January 10, 2019

Portability allows a surviving spouse to apply a deceased spouse’s unused estate tax exemption amount toward his or her own transfers during life or at death. To secure these benefits, however, the deceased spouse’s executor must have made a portability election on a timely filed estate tax return. The return is due nine months after death, with a six-month extension option. Unfortunately, estates that aren’t otherwise required to file a...

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January 10, 2019