Estate planning attorney in South Florida. Helping you protect your assets and preserve your wealth.
Post-Turkey Read: Big inflation adjustments to tax rates, exemption levels, and retirement benefits
Inflation Drives Big Adjustments to Tax Rates, Exemptions, and Retirement Benefits for 2023
Every year the IRS and similar agencies make adjustments to important figures based on inflation. Given the high level of inflation right now, these updates are slated to be larger than normal in 2023.
These inflation-driven adjustments will impact your financial legacy planning on multiple fronts:
- Estate and Gift Tax Exemptions
- Retirement Benefits
- Income Tax Brackets
| READ MORE |
Time’s Almost Up to Finish Your 2022 Estate Planning Goals
Before the ball drops on 2022, make sure you have done your basic estate plan maintenance for the year. This yearly check up is fundamental to maintaining a robust estate plan that protects you, your family, and your wealth.
How many of the following items do you still need to complete?
- Review and Revise Your Will
- Update Your Power of Attorney
- Fund All Your Trusts
- Review How Your Assets Are Titled
- Organize Your Digital Assets
- Review Your Fiduciary Designations
- Review Your Beneficiary Designations
| SCHEDULE CONSULT NOW |
Crypto Implosion
As you may have seen, the cryptocurrency market has been struggling lately just like other sectors of the economy. Since spring more than $1 trillion has drained out of the crypto market.
More troubling, perhaps, on Friday, November 11, FTX, the (formerly) multi-billion dollar cryptocurrency exchange and eponymous benefactor of Miami’s FTX Arena, filed for bankruptcy. This came just 5 days after the former CEO Sam Bankman-Fried wrote on Twitter that “FTX is fine.”
The peripeteia of FTX will have massive fallout including further destabilization of the crypto market, the loss of billions of dollars in customer funds, and (very likely) numerous criminal investigations by the SEC and other agencies.
All of this underlines a key point that anyone with cryptocurrency assets must bear in mind: Where are you storing your crypto assets?
You can store crypto assets on the exchange where you purchased them. Storing crypto assets on an exchange is easier, but it is much riskier! FTX is a funds exchange, like a “bank.” But, unlike a bank, it is not insured by the FDIC, so as goes the exchange so goes your money.
The safer and more secure route is to use an online (“hot”) or physical (“cold”) wallet.
| READ MORE: Crypto Best Practices |
I'd like to wish you both a happy (late) Veteran's Day and (early) Thanksgiving! I know that this year I am thankful to have you as a reader.
Sincerely,
Law Office of Paul S. Labiner
Estate planning attorney in South Florida. Helping you protect your assets and preserve your wealth.
Reader, Rather than put together a recap of 2022 highlights, I thought it might be better to look forward to 2023. Afterall, preparation is one of the most critical tools in your estate planning toolbox. I realize we are now neck-deep in the holiday season, and most people are busy preparing for festivities and family gatherings. But the sooner you start planning for your financial legacy, the better. I’d love to speak to you about your 2023 estate planning goals, or help you come up with...
Reader, Rather than put together a recap of 2022 highlights, I thought it might be better to look forward to 2023. Afterall, preparation is one of the most critical tools in your estate planning toolbox. I realize we are now neck-deep in the holiday season, and most people are busy preparing for festivities and family gatherings. But the sooner you start planning for your financial legacy, the better. I’d love to speak to you about your 2023 estate planning goals, or help you come up with...
Inflation Drives Big Adjustments to Tax Rates, Exemptions, and Retirement Benefits for 2023 Every year the IRS and similar agencies make adjustments to important figures based on inflation. Given the high level of inflation right now, these updates are slated to be larger than normal in 2023. These inflation-driven adjustments will impact your financial legacy planning on multiple fronts: Estate and Gift Tax Exemptions Retirement Benefits Income Tax Brackets READ MORE Time’s Almost Up to...