Recent Articles

Forbes.com: The Roth IRA "Back Door" Stategy

TJ Wall
February 12, 2012 15:10

If your income is too high, you can’t contribute directly to a Roth individual retirement account, but you can get one in a "backdoor" way. Step 1: Open a traditional IRA (in your case, it’s nondeductible). Step 2: Convert it to a Roth IRA. Is it worth it? “It’s a...

Social Security Super Secrets For Married Couples

TJ Wall
January 25, 2012 21:17

Social Security may be broke and busted but it’s still writing checks; get all to which you are entitled before it changes.  Here are three "super secrets" for married folks: 1.     Pick which retirement you want; yours or your spouse’s.  Obviously select...

Year-End Tax Planning Tips for Seniors

TJ Wall
December 07, 2011 17:18

With the holidays in full gear, it’s time to do some planning that can help reduce your tax bill this year.  Recently, U.S. News & World Report published an article geared specifically to seniors.  Click on the link to view this article.  Always be mindful of both federal...

Inside Joe Paterno's Estate Planning Ploy

TJ Wall
November 30, 2011 14:09

Joe Paterno's transfer of homeownership to his wife in July most likely was not an attempt to shield assets before a sexual-abuse scandal hit Pennsylvania State University's football program.  Instead, the move by the legendary coach more likely was made to take advantage of expiring estate...

What Documents Are Needed After Someone Dies?

TJ Wall
November 22, 2011 18:33

After someone dies, the surviving family members will need to gather up all of the decedent's important papers. This will give the family members and/or probate attorney who will be assisting with settling the decedent's final affairs all of the pertinent information needed to complete the...

Don't Ignore Required Minimum IRA Withdrawals

TJ Wall
August 23, 2011 18:02

IRA owners turning 70-1/2 this year must comply with required minimum withdrawal rules -- or pay a costly penalty. If you own one or more traditional individual retirement accounts and will turn 70-1/2 this year, get ready to start taking mandatory annual payouts and paying extra income taxes. In...

Bank of America Says Power of Attorney Does Not Grant Access to Online Banking

TJ Wall
July 26, 2011 00:01

When one spouse suffers from dementia, the other spouse often must take over managing the couple's finances, usually with the help of a power of attorney. But things don't always go smoothly with financial institutions. Just ask Chicago resident Eva Kripke, who has been handling money matters since...

Who Gets Copies of the Will After a Person Dies?

TJ Wall
July 04, 2011 13:00

Wishing you an Independence Day filled with pride in our country, and the companionship of family and friends! Many movies and television shows have a scene where a family gathers around a big table after a relative has died to listen to the reading of the will. While this is a great dramatic...

Can a Tax-Deferred Annuity be Converted into a Medicaid-Compliant Annuity?

TJ Wall
June 10, 2011 17:07

Yes, a tax-deferred annuity can easily be converted into a Medicaid Compliant Annuity. If the current carrier does not provide a Medicaid Compliant Annuity, the tax-deferred annuity can be "transferred" to the desired carrier by way of a 1035 exchange. A 1035 exchange refers to the...

President Obama Signs Tax-Cut Bill Setting Estate Tax Exemption at $5 Million for Two Years

TJ Wall
January 18, 2011 14:00

Congress has passed and President Obama has signed into law the deal extending the Bush tax cuts that he struck with Congressional Republicans. The legislation restores the estate tax for two years at a 35 percent tax rate, with estates up to $5 million exempt from paying any tax ($10 million for...