Legislation that would significantly change the Estate, Gift, and Generation-Skipping Tax landscape has recently been proposed. While it is hard to predict whether any of the proposals will be enacted, we feel it is wise to plan for the worst and hope for the best.
When to claim social security is a very personal choice, so it’s important to consider not only your monthly retirement benefit, but also your overall financial picture. There is no “one size fits all” solution to claiming Social Security benefits. As with other matters surrounding your retirement, it’s critical to know your options and test various scenarios before making any major decisions.
Domicile is a lesser-known concept that goes beyond where you own property or where you spend most of your time and it is essentially intent-based. Domicile is a person’s fixed, principle, and permanent home or the place they intend to remain or return to, after being absent. While you can have multiple residences across many states, you can only have one domicile for state income tax purposes.
If you have not given serious thought to refinancing or analyzing how borrowing at low rates may benefit your broader financial situation, now is the time. Many financial rates are at historic lows due to current conditions, market instability and high demand for safety in the form of lower volatility.
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