Flexible ILIT • An Irrevocable Life Insurance Trust (ILIT) is used to remove the death benefit from the insured’s estate for estate tax purposes. If the insured has an “incident of ownership” in the life insurance policy at death (or…Continue Reading
*FREE MP3 & PDF Report* A recently released study by Public Agenda illustrates what can go wrong when there are not enough school counselors to support students …. The result, as this study confirms, is a significantly decreased ability of school counselors to work individually with students in navigating the complex financial aid and college admission process.Continue Reading
Education Bond Program
The Education Bond Program makes the interest on certain savings bonds tax free when the bonds are redeemed to pay qualified higher education expenses or to roll over into a section 529 plan.
Eligible bonds include Series EE Bonds issued after December 31, 1989 and all Series I Bonds. Series HH bonds are not eligible. Bonds purchased before 1990 may not be exchanged for bonds issued later to make them eligible.
The bond owner must be at least 24 years old on the bond issue date (the first day of the month in which the bonds were purchased). Parents can purchase bonds for their children, but the bonds must be registered in the parent’s name. The child cannot be listed as a co-owner, but may be listed as a beneficiary. You can also purchase bonds for your own education, in which case the bonds must be registered in your name.Continue Reading
From the Congressional Budget Office (CBO) Over the past few years, U.S. government debt held by the public has grown rapidly—to the point that, com- pared with the total output of the economy, it is now higher than it has…Continue Reading
Summary of the American Recovery and Reinvestment Act of 2009
Robert M. Ingram
The American Recovery and Reinvestment Act of 2009 was signed into law by President Obama on February 17, 2009.
Also known as the economic stimulus package, the American Recovery and Reinvestment Act of 2009 has four broad categories: tax breaks, investments in health care and alternative energy, funding for “ready-to-go” infrastructure projects and funds to aid state and local governments, including expanded benefits for the unemployed. The legislation comes with a $787 billion price tag, of which approximately $300 billion, or over 35%, is directed to tax relief.
This paper reviews the tax relief and tax incentives made available by the legislation to both individuals and businesses, as well as summarize the new assistance available to the unemployed.Continue Reading
You MayHave an important decision to make… What to do with your money in an employer-sponsored retirement plan, such as a 401(k) plan. Since these funds were originally intended to help provide financial security during retirement, you need to carefully…Continue Reading