Don’t overlook this important element of divorce planning. While not typically top of mind during divorce, taxes are an important consideration, especially completing your tax return.Consult with an attorney or advisor who understands the tax laws so that planning can be done before you agree to a settlement.Being equipped with information regarding divorce,taxes, and your tax return early on can help you work towards a reasonable divorce settlement agreement.
Seize the opportunity to make the most of your estate plan. As with any change in tax legislation, the Tax Cuts and Jobs Act of 2017 gives rise to valuable estate planning opportunities.The new tax law serves as a good reminder to review your estate plan to be sure that it is consistent with your current goals and is flexible to promote tax efficiency under today’s tax laws.
Explore how a ‘backdoor’ Roth IRA or Health Savings Account may help you save more for retirement. If your income is too high to make direct Roth IRA contributions, converting a traditional IRA to a Roth may be a viable option.Health Savings Accounts may offer a tax saving opportunity, as contributions are tax deductible and withdrawals are tax free if used for qualified medical expenses.