Category: Finance / Taxes

Consumer debt (especially credit card debt) is a growing concern for many individuals during this period of economic expansion. Consumer debt can quietly grow, resulting in �maxed- out� credit cards and an inability to pay more than the minimum monthly balance. How can excessive credit… Continue reading →

Long term care (e.g., nursing home care) is an increasingly utilized provision of Medicaid. It is estimated that almost 55% of nursing home costs are paid for by the Medicaid program. However, in order to qualify for Medicaid certain hurdles must be overcome: Assets must… Continue reading →

Within the last year a concept has developed whereby families whose net worth exceeds $1,400,000 in this calendar year (the approximate amount of assets that can be transferred free of federal estate tax by using two exemption equivalent credits of $675,000 each, plus adjustment for… Continue reading →

In December 25, 1999, Pennsylvania’s “Prudent Investor Rule” became effective. It makes several important changes from the prior investment standard commonly referred to as the “prudent man” standard. Under the rule fiduciaries must invest and manage a trust as a prudent investor would considering the… Continue reading →

Qualified retirement plans must be amended and restated since the IRS approval letters on which they rely have expired and the law has changed. The deadline for restating qualified retirement plans under Revenue Procedures 2000-20 and 2000-27 (the so-called “GUST” amendments) is the last day… Continue reading →

The Internal Revenue Code requires employers to withhold from wages and pay over to the government employment taxes at specified intervals. Because funds withheld from employee wages are not property of the employer but instead are earmarked for the government, they are commonly known as… Continue reading →

Now that you’ve gotten your tax returns filed and are looking at your bulging folder of receipts, notes and records, it is logical to wonder, “How long should I keep all this paper and all the paper from previous years?” Tax Returns. With regard to… Continue reading →

If you or your business is contacted by a representative of the Internal Revenue Service concerning a tax problem, you are best advised not to engage in any direct conversation or correspondence. Instead, politely avoid any substantive discussion and call your accountant or tax attorney;… Continue reading →

How would you like to have Uncle Sam help pay for your lawyer or accountant at your next real estate settlement? If your tax advisor is on the ball, he or she will identify several deductible charges many people miss when they prepare their tax… Continue reading →

This past summer, President Clinton signed the Taxpayer Relief Act of 1997, which contains substantial changes in income, excise, estate and gift taxation. The name of the Act is more than appropriate, and a few of my partners are lobbying for an annual tax relief… Continue reading →