When you pay self-employment or payroll taxes, you are earning retirement credits that lead to eligibility for Social Security and Medicare. In 2020, you get one credit for every $1410 that you earn, and the maximum accrual is four credits per year. In past years, this amount was lower because there are annual adjustments to account for inflation. However, the amounts have been relative to the modest figure that we see this year. Once you have at least 40 credits in the bank as it were, you … [Read more...] about When Will I Get Social Security Payments?
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Puerto Ricans are Unique, as Is Estate Planning for Them
Puerto Ricans hold a unique position under U.S. law. U.S. estate taxation treats those from Puerto Rico different from other U.S. citizens or citizens from other countries. Read on to learn more. … [Read more...] about Puerto Ricans are Unique, as Is Estate Planning for Them
Important Facts About the New York Estate Tax
New York is a great place to live for a multitude of different reasons, but there is a significant tax burden. From an inheritance planning perspective, there is a state level estate tax in our state. In this post, we will share some important details about the New York estate tax, and we will also give you a brief overview of the federal transfer taxes that can impact high net worth individuals. New York Estate Tax Parameters The exclusion is the amount that can be transferred before the … [Read more...] about Important Facts About the New York Estate Tax
Inheritance Planning for a Spendthrift Heir
There are ideal approaches to every estate planning situation, and they can often be quite elegant in their simple efficiency. This would definitely apply to inheritance planning for someone that has a tendency to spend money too freely. With this in mind, let's look at the ways a revocable living trust can be used to protect a spendthrift heir. You Maintain Control A lot of people assume that you can no longer access assets that you convey into a trust, and for this reason, they never … [Read more...] about Inheritance Planning for a Spendthrift Heir
Chadwick Boseman Demonstrates the Importance of Planning
Chadwick Boseman played many heroic American roles and the superhero role of the Black Panther. His death at age 43 demonstrated how it’s important to have at least a basic estate plan in place even if you’re young. Read on to learn more. … [Read more...] about Chadwick Boseman Demonstrates the Importance of Planning
