After fighting the rat race for years, many Americans dream of an early retirement. For instance, you might be contemplating such a move on your own, or perhaps your company is preparing to make you an early retirement offer. Whether or not you can afford to retire early, or really want to, may depend on the answers to the following questions.
Despite its off-putting name, a “Crummey trust” can provide favorable results for individuals who have a significant amount of assets. This device might be incorporated into a comprehensive estate plan.
ABLE Act authorizes state programs
When the Tax Increase Prevention Act of 2014 (TIPA) was passed late last year, most of the attention was directed at the long list of extenders that were included in the new law, many of them retroactive to the beginning of 2014. But another piece of legislation attached to TIPA has “flown under the radar” thus far. Significantly, the Achieving a Better Life Experience (ABLE) Act authorizes the individual states to establish tax-free savings accounts for disabled individuals.