Elder Taxation

Elder taxation for those over 55-years-of-age involves more issues than simple minimization, avoidance, or delay. Tax strategies must consider eventual payout of certain asset instruments and the tax impact, opportunities of off-set tax liabilities through gifts to nonprofits or younger generation family members, and other heirs. What are the long-term and short-term tax strategies for income tax, trust tax and estate tax? I have made elder taxation my specialty and I would like to speak to you about organizing your tax obligations in a way that serves your needs best.

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PENSION or LUMP SUM?

‘If you or your spouse is in good health and has a family history of longevity, lean toward taking the monthly pension.” – Money Magazine

The advantages…

The money lasts for life.  If you make it to age 90–and 28% of 65-year-olds do–you’ll still be getting that check.  AND, in exchange for small benefits, your spouse can continue to receive half or often all of those monthly payments after your death.  So if you’re a man and your wife survives you–on average she will–she’ll get cash for life too.

 

 

 

 

 

The downside…

Unlike Social Security, most private pensions don’t adjust for inflation, so your purchasing power will diminish over time.

More Reasons to Think Twice About Your Pension

A Professional at Adeptus who Specializes
in the Elder Taxation industry

Cheryl A. Bessin-Beckwith

Accountant & Advisor

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Adeptus Partners LLC