Blog Tag: Private Wealth Management
With all the noise in Washington, many people ignore the chatter and only pay attention once something becomes law. When it comes to estate taxes, however, it’s time to listen up. Today’s higher estate and gift tax exemption ($11.58 million per individual for 2020) will become a thing of the past. Under current law, the exemption will automatically sunset on January 1, 2026, shrinking the amount to $5 million (adjusted for inflation). Worse yet, depending on the 2020 election, Congress may even vote to reduce the exemption further and sooner.
There has been a lot written about when to collect Social Security benefits. Despite this, most retirees remain confused – and rightly so! This area of financial planning is very complicated with general rules and a host of exceptions to those rules. Moreover, searching for advice at your local Social Security office may result in conflicting recommendations on the best strategy.
Are you considering surrendering an annuity contract or purchasing a new one? Annuities have been the brunt of considerable criticism lately and consumers are getting mixed signals. There are TV commercials that joke that death is a better option than purchasing an annuity, but the fact is over $200 billion was deposited into annuity contracts in 2017. So who’s right? Is there a middle ground where sometimes annuities make sense while other times they don’t?