Wednesday August 13, 2008 - Same Sex Marriages: Estate Planning

[1:04]..." is 35% and so many people think that I don't want to pay taxes I'm going to be in a 35% tax bracket while they're not. The 35% tax bracket starts at 357000. Dollars when you're Cingular filing jointly you you know and the lowest tax rate is 10%. And almost everyone who pays taxes is going to pay some of the 10%. You don't pay. Point 5% simply because you're in the 25% to expect somebody hearing -- taxed at 10% sure some official for sure. It's a graduated tax system. Now good tax planning my PD gift appreciated stock you're holding on teach your children -- your grandchildren if there -- a lower tax bracket they can take and you. Cost bases and no taxes on the profit they make but they'll only be taxed that you "...

[0:02]..." are looking at year end tax planning and today were opening your tax return. "...

[0:14]..." of that. Review your tax situation knows he has some idea which tax bracket you're gonna fall into and decide what you under the long 1040 or that short 1040 EZ. Doing your taxes. Both ways "...

[0:00]..." As rethink about -- all we're making new year's resolutions were certified financial planner -- and today. We are trying to clean up our retirement plans I don't hear from listeners -- about to retire that they realize they have a bookkeeping problem. It's their retirement plans they fall into the category of having too many. Not too much just too many to many so they don't have enough money they tell me but they have too many plans what they do take inventory. What if you've got what's invested in list everything let's deal with the I Aires first how many parents CDs. And each of the mature at a different time you're asked the bank for some help here try to consolidate the diaries even if it means the money me sit in -- savings account for a few months until it catches up the next hiring. -- mutual fund diaries. Every time someone heard about hot new mutual fund you know. They've invested in it now they have seven IRA accounts. Consolidate them. Find an all weather mutual funds such an "...

[1:24]..." Looking to a company like Fidelity your Schwab. That have arrangements -- mutual fund companies that will allow you to transfer the fund to a new liar a set up with them. There may be fee for that transfer fee but instead of getting seven statements you're gonna get one statement you can easily keep track of that yet so much he talks -- she's here in. Now look at your retirement plans for a one K for a three B. I recommend moving those into -- rain when you read leave your company. Why "...

[0:24]..." that -- proficient -- an extra thousand. But you must have earned income to contribute to -- race let's say your net income for this year is 30000. You can shelter to 5000 of -- by contributing to entire day. If you net income is only 3000 your limit then is 3000 that you can contribute and -- they're easy to set up. Mutual funds brokerage houses banks easy did you. Set by -- which are simplified employee pension plans -- diary format. Here you can contribute up to 25% compensation 46000 dollars -- year. He chooses sept though and you have employees you're gonna have to contribute to their account. And you must contribute the same percentage as you do for yourself these contribute the full 25 for yourself than you would -- the fourth when he 5% for the employees well. If you have an income of 30000 and uses -- you'll be able to contribute 7500 for the year. Again easy is set up in mutual fund company brokerage cut house simple higher rates these are. Designed for small businesses with a hundred employees or less pretty useful for the "...