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Steve Kane
Orlando, Florida
Interests: History, Safari's, Cycling, Swimming, Ballroom Dancing
Recent Activity
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“Were Americans as generous with their charitable giving in 2018? A record $410 billion dollars was given by individuals in 2017, according to Giving USA. Two factors may reduce giving: the recent income tax cuts and a rough-and-tumble December for investors.” Research shows that about a third of the year’s... Continue reading
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“Whether you are young or old, rich or poor, everyone can benefit from having a last will and testament. With a will in place, you’ll reduce the risk of family disputes later, as well as potentially high legal fees and tax consequences.” More than 50% of Americans don’t have a... Continue reading
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“According to a recent study commissioned by Bankers Life Center for a Secure Retirement, middle-income boomers have lowered their overall expectation for financial independence in retirement, since the onset of the financial crisis in 2007. Ten years later, fewer boomers expect they will retire debt free (34 percent today, down... Continue reading
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“If you were one of the masses whose divorce was finalized in 2018, now is the time to revise your estate plan.” The recent changes in the tax laws created increased year-end activity for those trying to finalize their divorces by December 31—prior to the effective date of the new... Continue reading
“Splitting the family business down the middle would make it easy for the index funds to strip the CEO of his executive power. However, the settlement has to come from somewhere.” Amazon founder Jeff Bezos’ surprising divorce raises the question of how his 16% stake in the $800 billion company... Continue reading
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“I'm the executor of my mother's estate. She has an IRA where the beneficiary is her estate. When I withdraw this IRA into her estate account, how will this money be taxed?” The executor of a person’s estate must take on the important responsibility of ensuring that the deceased person's... Continue reading
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“You've just purchased or opened a small business and you know your trade. However, when it comes to bookkeeping – and more specifically, budgeting – your skill set is lacking. The good news is that it is possible to come up with a budget, or at least a good estimation... Continue reading
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“After taking inventory of your possessions, including your home, vehicle, stocks, life insurance policies, etc., there are many steps you will need to take to protect these assets -- and yourself. There are many steps and documents that advisors will suggest you put into place immediately for your protection.” Many... Continue reading
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“A blind trust is a type of living trust in which neither the grantor nor the beneficiary has control over or knowledge of the assets in the trust or how they’re being managed. A third-party trustee, who can be an individual or an institution, has full control of the trust... Continue reading
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“A new state law is aimed at reducing how often older Ohioans are defrauded and increasing financial penalties for those who exploit the elderly.” A new state law was recently signed into law by Ohio Governor John Kasich that ups the financial penalties for theft from an elderly person. The... Continue reading
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“You've kept your will updated regularly to make sure your assets are distributed according to your wishes upon death. Have you done the same thing with your beneficiary designations? If not, your wishes may not be carried out as you expect.” A will covers the distribution of most assets upon... Continue reading
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“The beneficiaries of an inherited IRA are bound to IRS rules.” With an inherited IRA, in many cases the parent is the original beneficiary and the children are the successor beneficiaries. Both the original owner and beneficiaries need to follow some strict rules. nj.com’s recent article, “Inheriting an inherited IRA?... Continue reading
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“Bush famously wasn’t a self-made millionaire before the 1960s, when he was already in his early 40s.The presumption there is that he didn’t personally inherit a huge amount of wealth early on. Tax returns back it up.” For a guy who was often derided as living in a bubble of... Continue reading
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“An inheritance or estate waiver releases an heir from the right to claim assets, in the event of another person's death. A legal document is drawn and signed by the heir that forgoes the legal rights of the items.” There are several primary legal reasons why a person will use... Continue reading
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“We all know our days are numbered and there is nothing that we can do to prevent it.” Many of us recently watched the funeral of former President George H. W. Bush. There must have been considerable planning done ahead of time to make sure everything ran as smoothly as... Continue reading
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“Instead of focusing on risks that we are aware of, we should be turning our focus to risks that we are oblivious to, Walter Updegrave writes in TIME.” How can you navigate towards a successful retirement? It’s simple, says Wealth Advisor in the recent article, “The Three Risks To Prepare... Continue reading
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“Young adults can often feel like they’re immortal, but nobody really knows how long they’ve got left, and that’s why estate planning is key at any age.” Those in their 20s and 30s are strongly encouraged to create an estate plan. A lot can be accomplished in a few simple... Continue reading
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“Once you're gone from this earth, the task of sorting out your estate plan can be a maddening puzzle that might even spawn a family feud and end up in court.” The Street lists the “3 Worst Estate Planning Mistakes and How to Avoid Them.” These are issues that frequently... Continue reading
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“Ethical wills are written by men and women alike, with the goal of communicating personal wisdom and values to the next generation.” Ethical wills aren’t new. They’ve been around for centuries and were once communicated verbally to pass on values to future generations. Ethical wills are now written with the... Continue reading
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“Many people investing in retirement plans, such as 401(k), 403(b) and IRAs, don’t fully understand tax-deferred investing.” A recent Forbes article asks the question, “Want To Cut The Taxes In Your Retirement Money?” Who doesn’t? What are some of the major tax issues related to retirement planning and investing? We... Continue reading
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“The holidays can be a wonderful time spent with family you don’t get to see often. However, it can be difficult, when you notice that mom or dad is starting to seem less like themselves.” Discussing the next steps isn’t an easy conversation, but if you plan ahead it can... Continue reading
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“Estate planning isn't only for the rich. Without a plan in place, there could be a long-lasting impact on your loved ones, even if you don’t have a pricey home, large IRA or valuable art to pass on. Are you still not convinced that estate planning is necessary?” Investopedia’s recent... Continue reading
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“While the vast majority of Americans won't have a taxable estate ($22.4 million per couple under the 2018 Tax Cuts and Jobs Act) when they pass away, a little bit of estate planning with an attorney can go a long way toward avoiding potential issues for you and your family.”... Continue reading
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“Thanks to a late-year IRS decision, planners can now reassure clients that they won’t have to worry about making large gifts.” There were many questions after the new tax law increased the basic estate and gift tax exemption levels, but didn’t make those changes permanent. The changes increased the exemption... Continue reading
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“House lawmakers have taken a step toward extending crucial—but expiring—financial protections to seniors receiving long-term care in home or community settings. They did so with backing from more than a dozen health care and provider organizations.” Typically, to financially qualify for Medicaid long-term services and supports (LTSS), a person must... Continue reading