Life Insurance Trusts and Charitable Planning Techniquesscoop85
Learn techniques to provide protection for life insurance proceeds against estate tax exposure and creditors, and how to integrate charitable planning techniques that benefit the client and their family as well as selected charities.
The Tax Diversify Your Retirement Income with Life Insurance sales presentation will help you understand the importance of tax diversification and the benefits that a Custom Whole Life (CWL) policy can provide. In addition to the traditional benefit of death benefit protection, the cash value of the CWL policy accumulates tax-deferred and can generally be accessed on a tax-free basis*.
Use the concept presentation and other materials to discuss how life insurance not only provides death benefit protection, but can also be a tax diversification tool.
Contact me if you would like to discuss
*The cash value is accessed through policy loans, which accrue interest at the current rate, and cash withdrawals. Loans and withdrawals will decrease the total death benefit and total cash value. The supplemental retirement income is not guaranteed.
Life Insurance Trusts and Charitable Planning Techniquesscoop85
Learn techniques to provide protection for life insurance proceeds against estate tax exposure and creditors, and how to integrate charitable planning techniques that benefit the client and their family as well as selected charities.
The Tax Diversify Your Retirement Income with Life Insurance sales presentation will help you understand the importance of tax diversification and the benefits that a Custom Whole Life (CWL) policy can provide. In addition to the traditional benefit of death benefit protection, the cash value of the CWL policy accumulates tax-deferred and can generally be accessed on a tax-free basis*.
Use the concept presentation and other materials to discuss how life insurance not only provides death benefit protection, but can also be a tax diversification tool.
Contact me if you would like to discuss
*The cash value is accessed through policy loans, which accrue interest at the current rate, and cash withdrawals. Loans and withdrawals will decrease the total death benefit and total cash value. The supplemental retirement income is not guaranteed.
Planned Giving Opportunities with the Upcoming Transfer of Wealth (Pt. 1/2)West Muse
Studies show that $9 trillion in assets will be passed in the U.S. from Baby Boomers to Gen X and millennials by 2027. It is imperative that fundraisers plan thoughtfully for this transfer of wealth because great opportunity exists to secure planned gifts. While many nonprofits focus on immediate funding needs, museums are in a unique position, responsible for long-term institutional preservation and collections care. It is not only prudent but necessary to develop sustainable revenue.
The CARES Act: A Simple Summary for InvestorsSusan Langdon
Sweeping legislation to respond to COVID-19 pandemic was cleared by Congress and signed into law on March 27, 2020. The Coronavirus Aid, Relief, and Economic Security Act (“the CARES Act”) authorizes more than $2 trillion to battle COVID-19 and its economic effects. The law is wide-ranging from support to the health care system’s fight against the coronavirus, as well as direct payments to individuals, expanded unemployment insurance, loans to small and large businesses, and support for state and local governments.
This document provides an overview on retirement investor’s relief in the government’s stimulus bill to help alleviate the financial strains from the coronavirus.
Planning for a Financiall Successful RetirementSkoda Minotti
Regardless of where you are in the savings cycle, this informative session will help you plan to save wisely for retirement by teaching you how to assess your current financial situation, set goals and expectations, and test the likelihood that you will achieve realistic retirement savings goals.
While most people think of permanent life insurance as a way to protect the financial security of their families, it can also serve as a powerful retirement tool.
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
The Best Way to Buy Sell or Replace Life Insurancefreddysaamy
http://ekinsurance.com/pennsylvania-life-insurance/
Traditionally, life insurance is purchased during your working years to replace your income for your family in case you died. But if you are retired, do you still need life insurance?
Planned Giving Opportunities with the Upcoming Transfer of Wealth (Pt. 1/2)West Muse
Studies show that $9 trillion in assets will be passed in the U.S. from Baby Boomers to Gen X and millennials by 2027. It is imperative that fundraisers plan thoughtfully for this transfer of wealth because great opportunity exists to secure planned gifts. While many nonprofits focus on immediate funding needs, museums are in a unique position, responsible for long-term institutional preservation and collections care. It is not only prudent but necessary to develop sustainable revenue.
The CARES Act: A Simple Summary for InvestorsSusan Langdon
Sweeping legislation to respond to COVID-19 pandemic was cleared by Congress and signed into law on March 27, 2020. The Coronavirus Aid, Relief, and Economic Security Act (“the CARES Act”) authorizes more than $2 trillion to battle COVID-19 and its economic effects. The law is wide-ranging from support to the health care system’s fight against the coronavirus, as well as direct payments to individuals, expanded unemployment insurance, loans to small and large businesses, and support for state and local governments.
This document provides an overview on retirement investor’s relief in the government’s stimulus bill to help alleviate the financial strains from the coronavirus.
Planning for a Financiall Successful RetirementSkoda Minotti
Regardless of where you are in the savings cycle, this informative session will help you plan to save wisely for retirement by teaching you how to assess your current financial situation, set goals and expectations, and test the likelihood that you will achieve realistic retirement savings goals.
While most people think of permanent life insurance as a way to protect the financial security of their families, it can also serve as a powerful retirement tool.
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
The Best Way to Buy Sell or Replace Life Insurancefreddysaamy
http://ekinsurance.com/pennsylvania-life-insurance/
Traditionally, life insurance is purchased during your working years to replace your income for your family in case you died. But if you are retired, do you still need life insurance?
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Each factsheet used as part of a direct mail campaign provides an unrivalled way of maintaining client contact and providing information that your clients know to be impartial, relevant and timely.
Did you know the Tax Benefits to Private Health Insurance?Diversifi
Diversifi Pty Ltd share with you the tax benefits of private health insurance and how you could be saving money. Learn about why you should have private health and if you're eligible.
Find out how you can turn your pension into money you can use. Since 2015 there has been greater flexibility and freedom for people to access their pension savings. Find out more at https://www.tudorfranklin.co.uk
I recently returned from the MDRT meeting in Vancouver BC, many of the "big hitters" are using the "Living Benefit" policies because of the "added value" they bring to the client along with "something new and different" to the insurance discussion ( i.e. do you have the "old" insurance or the "new" insurance? etc.) They also mentioned the statistic that 80% of the people will have a Heart, Stroke, or Cancer concerns ( Critical Illness) in their lifetime.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
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how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
1. Cedar Point Financial
Services LLC®
Todd N. Robison, CLU
President
10 Wright Street
2nd Floor
Westport, CT 06880
203-222-4951
todd.robison@cedarpointfinancial.com
www.cedarpointfinancial.com
May 2018 Newsletter
The Standard Deduction and Itemized Deductions
After Tax Reform
Quiz: Can You Answer These Social Security
Benefit Questions?
What are the gift and estate tax rules after tax
reform?
How has tax reform affected the generation-skipping
transfer tax?
Cedar Point Monthly Newsletter
Elegant solutions to complex financial issues
What Is Critical Illness Insurance?
See disclaimer on final page
Have questions? I can help.
Email Me:
todd.robison@cedarpointfinancial.com
Visit My Website:
www.cedarpointfinancial.com
linkedin.com/in/toddrobison
Services:
Estate Planning
Retirement Strategies
Executive Benefits
Group Benefits
CA License #0B77420
Critical illness insurance will
pay you a lump sum if you
are diagnosed with certain
illnesses or injuries.
Examples of illnesses
typically covered by critical
illness insurance include
heart attack, life-threatening
cancer, loss of a limb, and Alzheimer's disease.
Often, loss of sight, a major organ transplant,
and paralysis are also covered. You can then
use the cash benefit to offset the decreased
income or increased expenses associated with
your illness. The lump sum is tax-free.
Ironically, the need for critical illness insurance
came about because people are living longer,
even with serious diseases. But living a longer
life also means people have more medical
expenses that can deplete their health
insurance and personal savings. Critical illness
insurance helps pay for uncovered medical bills
and household bills.
Why consider critical illness insurance?
Medical advances increase the chances that
you will survive a serious illness that in the past
may have killed you. But what are your chances
of surviving financially, as well? Unfortunately,
not good. Your illness or condition may last for
years, but your savings account may not. It's
likely that you will be unable to work while
you're ill, so your income may decrease. In
addition, your expenses may increase. You
may have to pay medical deductibles and
certain medical expenses out of pocket, pay for
home health care and/or housekeeping, and
buy equipment designed to make your life
easier. The cash benefit you receive from a
critical illness policy may help ensure that you
have funds when you need them most.
How can you get critical illness
insurance?
Critical illness insurance can be purchased as a
stand-alone health policy, as part of a health
insurance policy, or as a rider to a life insurance
policy for an additional cost. Critical illness
insurance associated with life insurance may be
called critical illness life insurance (CILI). If it is
purchased as part of a life insurance policy,
benefits payable for a critical illness may
reduce or eliminate the death benefit your
survivors can receive and may terminate the
policy.
Policy provisions may vary
The critical illness policy will specify the benefit
face amount — the full cash benefit payable. The
full benefit is payable upon diagnosis of certain
conditions or illnesses. For instance, many
policies pay 100% of the benefit face amount
when a covered individual has a stroke, a heart
attack, or kidney failure or is diagnosed with
cancer after the policy has been in effect for a
certain amount of time. The policy may also
specify that only partial benefits are payable
under other circumstances. For instance, some
policies may pay 25% of the benefit face
amount (e.g., $100,000) when you need to
undergo a coronary artery bypass or when you
are diagnosed with cancer before the policy has
been in effect for a certain amount of time. You
may also be able to buy a critical illness policy
that will pay you full benefits up until age 65
and partial benefits thereafter.
Things to consider
If you are considering this type of insurance, it's
vital that you understand exactly what is
covered and what is not. The insurance will pay
only if you contract the illnesses listed in the
policy. Even then, further limitations will be
defined in the policy. For example, what does
the insurance company consider to be a
life-threatening cancer? If you have a family
history of a certain illness, will the policy
exclude that illness? Are there pre-existing
condition limitations? What are the age
limitations? How much does it cost? Does the
premium increase as you get older? When do
you receive the lump sum? Is it really offering
you more than your existing health plan?
Finally, be aware that if you own one of these
policies and never get sick, you won't get any
money back.
The cost and availability of life and health
insurance depend on factors such as age,
health, and the type and amount of insurance
purchased. Also, a physical examination may
be required at the time of application.
Page 1 of 4
2. The Standard Deduction and Itemized Deductions After Tax Reform
The Tax Cut and Jobs Act substantially
increased the standard deduction amounts for
2018 to 2025. It also eliminated or restricted
many itemized deductions for those years. You
can generally choose to take the standard
deduction or to itemize deductions. As a result
of the changes, far fewer taxpayers will be able
to reduce their taxes by itemizing deductions.
Standard deduction
The standard deduction amounts are
substantially increased in 2018 (and adjusted
for inflation in future years).
2017 2018
Single $6,350 $12,000
Head of
household
$9,350 $18,000
Married filing
jointly
$12,700 $24,000
Married filing
separately
$6,350 $12,000
Note: The additional standard deduction
amount for the blind or aged (age 65 or older)
in 2018 is $1,600 (up from $1,550 in 2017) for
single/head of household or $1,300 (up from
$1,250 in 2017) for all other filing statuses.
Special rules apply if you can be claimed as a
dependent by another taxpayer.
Itemized deductions
Many itemized deductions have been
eliminated or restricted. The overall limitation
on itemized deductions based on the amount of
adjusted gross income (AGI) was eliminated.
Here are some specific changes.
Medical expenses: The AGI threshold for
deducting unreimbursed medical expenses was
reduced from 10% to 7.5% for 2017 and 2018,
after which it returns to 10%. This same
threshold applies for alternative minimum tax
purposes.
State and local taxes: Individuals are able to
claim an itemized deduction of up to only
$10,000 ($5,000 for married filing separately)
for state and local property taxes and state and
local income taxes (or sales taxes in lieu of
income taxes). Previously, there were no dollar
limits.
Home mortgage interest: Individuals can
deduct mortgage interest on no more than
$750,000 ($375,000 for married filing
separately) of qualifying mortgage debt. For
mortgage debt incurred before December 16,
2017, the prior $1,000,000 ($500,000 for
married filing separately) limit will continue to
apply. A deduction is no longer allowed for
interest on home equity indebtedness. Home
equity used to substantially improve your home
is not treated as home equity indebtedness and
can still qualify for the interest deduction.
Charitable gifts: The top percentage limit for
deducting charitable contributions is increased
from 50% of AGI to 60% of AGI for certain cash
gifts.
Casualty and theft losses: The deduction for
personal casualty and theft losses is eliminated,
except for casualty losses attributable to a
federally declared disaster.
Miscellaneous itemized deductions:
Previously deductible miscellaneous expenses
subject to the 2% floor, including tax
preparation expenses and unreimbursed
employee business expenses, are no longer
deductible.
Alternative minimum tax (AMT)
The standard deduction is not available for
AMT purposes. Nor is the itemized deduction
for state and local taxes available for AMT
purposes. If you are subject to the alternative
minimum tax, it may be useful to itemize
deductions even if itemized deductions are less
than the standard deduction amount.
Year-end tax planning
Typically, you have a certain amount of control
over the timing of income and expenses. You
generally want to time your recognition of
income so that it will be taxed at the lowest rate
possible, and time your deductible expenses so
they can be claimed in years when you are in a
higher tax bracket.
With the substantially higher standard
deduction amounts and the changes to
itemized deductions, it may be especially useful
to bunch itemized deductions in certain years;
for example, when they would exceed the
standard deduction. Thus, while this might
seem counterintuitive from a nontax
perspective, it may be useful to make charitable
gifts in years in which you have high medical
expenses or casualty losses.
In this environment, qualified charitable
distributions (QCDs) may be even more useful
as a way to make charitable gifts without
itemizing deductions. QCDs are distributions
made directly from an IRA to a qualified charity.
Such distributions may be excluded from
income and count toward satisfying any
required minimum distributions (RMDs) you
would otherwise have to receive from your IRA.
Individuals age 70½ and older can make up to
$100,000 in QCDs per year.
The Tax Cuts and Jobs Act,
signed into law in December
2017, substantially
increased the standard
deduction amounts and
made significant changes to
itemized deductions,
generally starting in 2018.
After 2025, these provisions
revert to pre-2018 law.
Page 2 of 4, see disclaimer on final page
3. Quiz: Can You Answer These Social Security Benefit Questions?
Most people will receive Social Security
benefits at some point in their lifetimes, but how
much do you know about this important source
of income? Take this quiz to learn more.
Questions
1. Can you receive retirement and disability
benefits from Social Security at the same
time?
a. Yes
b. No
2. If your ex-spouse receives benefits based
on your earnings record, your benefit will be
reduced by how much?
a. Reduced by 30%
b. Reduced by 40%
c. Reduced by 50%
d. Your benefit will not be reduced
3. For each year you wait past your full
retirement age to collect Social Security,
how much will your retirement benefit
increase?
a. 6%
b. 7%
c. 8%
4. Monthly Social Security benefits are
required to be paid by which of the
following methods?
a. Paper check only
b. Paper check, direct deposit, or debit card
c. Direct deposit or debit card
5. Are Social Security benefits subject to
income tax withholding?
a. Yes
b. No
6. Once you've begun receiving Social
Security retirement benefits, you can
withdraw your claim if how much time has
elapsed?
a. Less than 12 months since you've been
receiving benefits
b. Less than 18 months since you've been
receiving benefits
c. Less than 24 months since you've been
receiving benefits
Answers
1. b. No. If you receive a disability benefit, it will
automatically convert to a retirement benefit
once you reach full retirement age.
2. d. Your benefit will not be reduced if your
ex-spouse receives Social Security benefits
based on your earnings record.
3. c. Starting at full retirement age, you will earn
delayed retirement credits that will increase
your benefit by 8% per year up to age 70. For
example, if your full retirement age is 66, you
can earn credits for a maximum of four years.
At age 70, your benefit will then be 32% higher
than it would have been at full retirement age.
4. c. Since 2013, the Treasury Department has
required electronic payment of federal benefits,
including Social Security. You can sign up for
direct deposit of your benefits into your current
bank account or open a low-cost Electronic
Transfer Account (ETA) at a participating
financial institution. Another option is to sign up
for a Direct Express® prepaid debit card. Under
this option, your Social Security benefits are
deposited directly into your card account, and
you can use the card to make purchases, pay
expenses, or get cash.
5. b. No. Withholding isn't mandatory, but you
may voluntarily ask the Social Security
Administration to withhold federal income tax
from your benefits when you apply, or later, if
you determine you will owe taxes on your
Social Security benefits (not everyone does).
You may choose to have 7%, 10%, 15%, or
25% of your benefit payment withheld. Ask a
tax professional for help with your situation.
6. a. If something unexpected happens and
you've been receiving Social Security benefits
for less than 12 months after signing up, you
can change your mind and withdraw your claim
(and reapply at a later date). You're limited to
one withdrawal per lifetime, and there are also
financial consequences. You must repay all
benefits already paid to you or your family
members based on your application (anyone
affected must consent in writing to the
withdrawal), and repay any money previously
withheld, including Medicare premiums or
income taxes.
Did you know that 94% of
all workers are covered
under Social Security?
Source: Social Security Fact
Sheet on the Old-Age,
Survivors and Disability
Insurance Program, July
2017
Page 3 of 4, see disclaimer on final page
4. Cedar Point Financial
Services LLC®
Todd N. Robison, CLU
President
10 Wright Street
2nd Floor
Westport, CT 06880
203-222-4951
todd.robison@cedarpointfinancial.com
www.cedarpointfinancial.com
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2018
Securities offered through Kestra
Investment Services, LLC (Kestra
IS), member FINRA/SIPC. Cedar
Point Financial Services LLC is a
member firm of PartnersFinancial.
Kestra IS is not affiliated with
Cedar Point Financial Services or
PartnersFinancial.
How has tax reform affected the generation-skipping
transfer tax?
The Tax Cuts and Jobs Act,
signed into law in December
2017, doubled the federal
generation-skipping transfer
(GST) tax exemption to $11.18 million in 2018
(adjusted for inflation in later years). After 2025,
the exemption is scheduled to revert to its
pre-2018 level and be cut approximately in half.
Otherwise, the federal GST tax remains the
same.
The federal GST tax generally applies if you
transfer property to a skip person. A skip
person is someone who is two or more
generations younger than you (for example, a
grandchild). The GST tax may apply in addition
to any gift or estate tax. Similar to the gift tax
provisions, annual exclusions (up to $15,000
per recipient in 2018) and exclusions for
qualifying educational and medical expenses
are available for GST tax. You can protect up to
$11.18 million (in 2018) with the GST tax
exemption. Transfers in excess of the GST tax
exemption are generally taxed at 40%.
A GST generally occurs on a transfer that is
subject to federal gift or estate tax and made to
a skip person, or a transfer to a trust if all the
beneficiaries with an interest in the trust are
skip persons. A GST may also occur on certain
distributions from trusts to skip persons.
Additionally, a GST may occur when an interest
in a trust terminates, and skip persons then
hold all interests in the trust.
Unlike with the gift and estate tax applicable
exclusion amount, the GST tax exemption is
not portable between spouses. The estate of a
deceased spouse cannot transfer any unused
GST tax exemption to the surviving spouse.
Note: An early version of the legislation
proposed approximately doubling the gift and
estate tax basic exclusion amount and the GST
tax exemption for 2018 to 2024. After 2024, the
estate tax and the GST tax would have been
repealed. The gift tax would not have been
repealed, although the top gift tax rate would
have been reduced from 40% to 35% after
2024. However, the only provision that made it
into the final legislation was the doubling of the
gift and estate tax basic exclusion amount and
the GST tax exemption for 2018 to 2025.
What are the gift and estate tax rules after tax reform?
The Tax Cuts and Jobs Act,
signed into law in December
2017, approximately doubled
the federal gift and estate tax
basic exclusion amount to
$11.18 million in 2018 (adjusted for inflation in
later years). After 2025, the exclusion is
scheduled to revert to its pre-2018 level and be
cut approximately in half. Otherwise, federal gift
and estate taxes remain the same.
Gift tax. Gifts you make during your lifetime
may be subject to federal gift tax. Not all gifts
are subject to the tax, however. You can make
annual tax-free gifts of up to $15,000 per
recipient. Married couples can effectively make
annual tax-free gifts of up to $30,000 per
recipient. You can also make unlimited tax-free
gifts for qualifying expenses paid directly to
educational or medical service providers. And
you can make deductible transfers to your
spouse and to charity. There is a basic
exclusion amount that protects a total of up to
$11.18 million (in 2018) from gift tax and estate
tax. Transfers in excess of the basic exclusion
amount are generally taxed at 40%.
Estate tax. Property you own at death is
subject to federal estate tax. As with the gift tax,
you can make deductible transfers to your
spouse and to charity; there is a basic
exclusion amount that protects up to $11.18
million (in 2018) from tax, and a tax rate of 40%
generally applies to transfers in excess of the
basic exclusion amount.
Portability. The estate of a deceased spouse
can elect to transfer any unused applicable
exclusion amount to his or her surviving spouse
(a concept referred to as portability). The
surviving spouse can use the unused exclusion
of the deceased spouse, along with the
surviving spouse's own basic exclusion amount,
for federal gift and estate tax purposes. For
example, if a spouse died in 2011 and the
estate elected to transfer $5 million of the
unused exclusion to the surviving spouse, the
surviving spouse effectively has an applicable
exclusion amount of $16.18 million ($5 million
plus $11.18 million) to shelter transfers from
federal gift or estate tax in 2018.
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