Our Commentary

  The good news is that, because of limited resources, the Internal Revenue Service audits only about 1% of the tax returns filed each year. The bad news is that they use a very sophisticated computer system to ‘red flag’ returns that have the best odds of containing errors. Here is a list of the top targets […]

Research that was spearheaded by the Federal Reserve suggests that those pre-retirees, ages 60-62 are significantly unprepared for retirement. Here are some of the basic facts: The median income for couples in this group is $87,700 with a median 401-k account of $149,400. If we assume a retirement income need of 85% of pre-retirement income, […]

Last week I began a discussion of the new estate tax law and how some of the provisions my affect you. • Make Gifts During Your Lifetime. Last week I discussed that at death, you can leave up to $5 million in trust or outright to heirs free of estate taxes. You don’t have to […]

It’s hard to imagine that Abraham Lincoln, Michael Jackson and Pablo Picasso have anything in common but it turns out that they do…each of them died without having a properly executed last will and testament. One was an attorney and president of the United States, one was a musician whose estate has produced over $200 […]

Years ago a group of tobacco executives appeared before a congressional hearing, placed their left hand on the Bible, raised their right hand and swore that tobacco products were neither addictive nor harmful to your health. Of course everyone including smokers knew this was a big lie. Unfortunately, many young people still believe that smoking cigarettes is […]

Last week I discussed how to find free money for students through scholarships and grants. The next best thing to free money is low interest student loans. The federal government provides loan programs for students and parents to finance college costs at low interest rates. Student loans remain the most often sought solution for paying […]

It’s been just over a year since the new rules under the Credit Card Act of 2009 became effective. What has changed and what does it mean to you? The new law creates more clarity for consumers and ends many of the deceptive practices of the past. Here is a summary of the most important […]

The economic recession that occurred in the wake of the 2008 financial crisis has hit retirees hard.  To prevent a global financial collapse our government slashed interest rates.  As a result, interest rates being paid on typical retiree investments such as CDs, bonds and money market accounts are at an all-time low.  Retirees who depend […]

I am often asked the question, “What’s the best way to save for my child’s college education?” My answer is invariably the same, “Your best strategy is a 529 College Savings Plan.” Here’s why:   College funding costs a lot of money. If you plan to pay for college for your child, the costs can be staggering so […]