Paul L. Caron

Tuesday, March 6, 2007

Lindsey on Tax Planning for Retirement

LindseyVada Waters Lindsey (Marquette) has published Tax Planning for Retirement, 8 Marq. Elder's Advisor 31 (2006).  Here is the Conclusion:

Retirees must not overlook the importance of planning for the distribution of retirement benefits and IRAs. Retirees should be aware of the federal tax laws. There are important decisions that an individual should make while employed and as a retired individual. Prior to receiving a distribution, retirees also need to be aware of the state tax implications. A retiree is bound by the residency state at the time of the distribution. Finally, the estate tax implications should not be overlooked. Proper planning will lessen the likelihood that a retiree's life savings will end up in the coffers of the federal or state government. With the gradual increase exemption until the one-year repeal in 2011, the federal estate tax will affect fewer individuals. Without Congressional action, the exemption for estate and gift taxation will return to $1,000,000 in 2011. Moreover, even during the years in which the federal estate tax only affects wealthy individuals, the retiree's estate may still be subject to state transfer taxation, and there is little uniformity at the state level.

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Was that really a typo in the article - the repeal occurs in 2010, not 2011, which the author clearly seems to know based upon the remainder of the paragraph. But with the typo, it makes it confusing.

Posted by: J | Mar 7, 2007 8:29:36 AM