With the Federal Estate Tax Exclusion of $5 million, many commentators have suggested estate planning is dead.  I think this deserves a closer look.

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When was the last time you checked your beneficiary designations for your retirement accounts that were established years ago?  Beneficiaries are the individuals or entities (such as a charity) that you name to receive these assets upon your death.  You may find that your designated beneficiary is not who or what you think it should be, especially if you have divorced, remarried or had children since your retirement plan account was established. more…

Most married couples file their income tax returns jointly.  However, married couples have an option—they can file married filing jointly or married filing separately.  Married couples can change their filing status from year to year.  The only requirement is that they be married, which is determined on the last day of the year. more…

The RMD is back and is required for 2010 and all future years.  Taxpayers over age 70½ must take a required minimum distribution from their IRA's and other qualified retirement plans. For 2009, the government removed the requirement for one year.  more…

Many have asked for guidance on how long you should retain your personal income tax records. These records may have to be produced if IRS (or a state or local taxing authority) was to audit your return or seek to assess or collect a tax. In addition, lenders, co-op boards, or other private parties may require that you produce copies of your tax returns as a condition to lending money, approving a purchase, or otherwise doing business with you.

We hope that the following will serve as a guide in helping you determine the length of time you should hold your records. more…