The fiscal cliff is coming. What is it and how does it impact your estate planning decisions? The current estate tax table starts at 30% and quickly graduates to 45% of your total taxable estate. Again, this is what the law is today, and with all the talk lately of the need for money by the federal government, and thus far the lack of any legislative attention to the expiring tax law and the impending fiscal cliff, coupled with the uncertainty of the upcoming election, it appears that little action will be taken prior to January 2013. ...
RSSBarry Armstrong has more than 25 years of experience in the financial services industry and hosts WRKO's Financial Exchange program every weekday from 9 a.m. to 11 a.m. Barry also works with the independent financial professionals at Armstrong Advisory Group, which he founded himself, to serve individual investors and small businesses in New England. For the most up to date information on The Financial Exchange, as well as industry news and info, follow Barry on Twitter @BarryGArmstrong.
10/18/2012 - 2:59pm
By: Armstrong Advisory Group
How does the fiscal cliff impact your estate planning decisions?
10/12/2012 - 3:04pm
By: Armstrong Advisory Group
Which specific taxes would be affected by impending "fiscal cliff"
With 2013 rapidly approaching, there has been growing talk of the impending “fiscal cliff.” This refers to the combination of the tax increases and spending cuts that are currently written into law for the start of 2013. According to the Urban Institute and the Urban-Brookings Tax Policy Center, the fiscal tax increase would amount to approximately $536 billion, or about $3,500 per household. The Congressional Budget Office forecasts that real GDP would contract by 0.9 percent in the first half of 2013 as a result of the fiscal cliff. Which specific taxes would be...
10/03/2012 - 7:42pm
By: Armstrong Advisory Group
Converting or Rolling Over Traditional IRAs to Roth IRAs
In general, you can transfer all or a portion of your traditional IRA funds to a Roth IRA. This can be accomplished in one of two ways: you can convert your traditional IRA to a Roth IRA, or you can roll over funds from your traditional IRA to a Roth IRA.
- Roth IRAs are not subject to the lifetime Required Minimum Distribution (RMD) rules. Federal law required you to take annual minimum withdrawals (RMDs) from your traditional IRAs beginning no later than April 1 of the year following the year in which you reach age 70 ½. These withdrawals are...
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