Married Couples and Their Estate Plans
Between the unlimited marital deduction
(which allows married couples to leave any amount to their spouse
without paying estate taxes) and rising estate exemption amounts,
many married couples may not feel much need to plan their estates.
Before reaching that conclusion, consider these items
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Organizing Your Estate for Heirs
Don't think you're finished with the estate
planning process once a will, trusts, and other estate planning
documents are in place. From your heirs' point of view, it's just
as important for you to organize paperwork and inform them of
basic decisions. One way to approach this task in a systematic
manner is to prepare a notebook including the following items.
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How Much Can You Withdraw?
In a recent survey, respondents were asked
what percentage of their retirement savings could be safely withdrawn
every year without running out of money in their lifetime. Approximately
42% of the respondents didn't know, 6% said 25% or more, 6% said
15% to 24%, 17% said 10% to 14%, 19% said 5% to 9%, and 10% said
less than 5% (Source: National Underwriter, May 8, 2006).
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Using an IRA Distribution for Charitable Contributions
As part of the Pension Protection Act of
2006, taxpayers age 70 1/2 and older can take tax-free distributions, up to
$100,000 in 2006 and 2007, from traditional and Roth individual
retirement accounts (IRAs) for charitable purposes. This provision
is expected to increase charitable contributions from IRAs. Without
this provision, donors typically find that the income tax deduction
for the charitable contribution is not enough to offset the tax
bill generated by the IRA distribution. With this provision, the
income from the IRA is not included in gross income, and the charitable
contribution cannot be deducted on the donor's tax return.
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Before Purchasing That Investment
Before purchasing an investment for your
portfolio, answer these questions about that investment.
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David K. Sebastian, CFP®, and his team of experts at The Physicians Wealth Management Group specialize in working with individual physicians and group medical practices. David is considered to be one of the top financial advisors in the country with more than twenty five years of Wall Street experience as a chief investment officer, portfolio manager, institutional bond trader, and estate planning, benefits planning and retirement consultant.
Commitment to his clients’ financial needs and well being is a primary motivation for David.
The Physicians Wealth Management Group was specifically created to address and manage all of the unique financial challenges that doctors are facing both individually and through their group medical practices.
Feel free to contact me at
www.physicianswealth.com or
dsebastian@sfr1.com
or call me at (973) 285-3600
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