Tax Planning
A good tax plan will help you achieve your financial goals and retirement objectives in the most tax efficient manner. Listed below are some of the more common options for saving taxes. There are numerous rules, exceptions and consequences that may effect your situation.
Individual Retirement Accounts (IRAs) Traditional IRA - save taxes now and pay taxes later. Roth IRA - pay taxes now and save taxes later. More information
Home Ownership allows taxpayers to deduct interest and property taxes on their residence. Gain from the sale of a home may be excludible from income. More information
Living Trust will not save any taxes but it can avoid probate. It is a good tool to have your estate distributed the way you want and protect a surviving spouse from poor financial management. Like a will, a trust can designate who will receive your assets. A trust can allow the surviving spouse to use all or part of the the assets and income. At the surviving spouses death, specific assets can be distributed according to the first to dies wishes. You and your spouse should discuss your objectives and consult an attorney.