During times like this, when a pandemic is still running wild, it’s a good question. The old rules and odds don’t apply.
Suppose your charming but kind of flaky son or granddaughter inherited a large sum of money, maybe as much as six figures, as soon as this month?
Over the past five months, there have been some major changes to the tax code that could impact the amount you pay and how effectively you use the money in your Thrift Savings Plan, if at all.
In addition to upending virtually all aspects of our personal lives — health, safety, socialization — the coronavirus and reaction to it have forced millions of people to rethink plans for the future.
Along with the coronavirus, a sense of mortality is in the air these days. That means tax attorney and estate planner Tom O’Rourke’s voicemail is full, as clients, sometimes in a panic, check in with him, in case they check out.
Nobody likes to think about dying. But it happens and if you don’t do some advance planning it can cause even more longer lasting pain and grief.
Tom O’Rourke, an estate/tax attorney in the Washington D.C. area, says many people have estates but don’t realize it.
Washington, D.C. area tax and estate attorney Tom O’Rourke has tips for finding out the state of your estate, and planning for the future.
Because of the 2017 tax law, many were surprised to learn that it no longer paid to itemize deductions that had been important in the past.
No matter how humble your salary, job, habits and possessions you have an estate.
Have you had your professional mid-life crisis yet? If not, this might be a good time to get it over with.
If you own a home, have a spouse, carry life insurance and invest in the Thrift Savings Plan, you probably need an estate plan.
Many long-time government workers and retirees are worth more dead than alive due to the variety of wealth they accumulate over a lifetime.
Most federal and postal TSP millionaires got that way by ignoring the ups and downs of the market despite the pre-Christmas plunge in 2018.