Today’s Social Security column addresses questions about the effect of rolling a public pension over into an IRA, survivor’s benefits and the earnings test and how military credits can be applied to benefit amounts. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See
Taxes
The Pandemic Response Accountability Committee—or PRAC—has identified billions of dollars in potential fraud and identity theft related to pandemic relief loan programs. The PRAC report, issued this week, identified 69,323 questionable Social Security Numbers used to obtain $5.4 billion from the Small Business Administration’s Economic Injury Disaster Loan program and the Paycheck Protection Program. Together,
Lisa Marie Presley, the only child of Elvis Presley, died unexpectedly on January 12, 2023, at age 54. Weeks later, questions have emerged about what will happen to her fortune following a legal challenge by her mother, Priscilla Presley. Elvis Presley’s Estate When Elvis Presley died in 1977, he left a will that created a
As of January 2023, the annual gift tax exclusion amount has increased to $17,000. That is the amount you can gift to any one person each year free of any tax implications. For years the amount was set at $10,000, but since 2002 it has been slowly increasing. Making annual exclusion gifts allows you to
For various reasons, the charitable remainder annuity trust has long been underutilized as a gift planning vehicle. At any given moment there may be somewhat over a hundred thousand split interest trusts in existence, but only about one in eight of these is a CRAT. But with interest rates rapidly rising over the past year,