Financial Planning Dividing Retirement Assets in Divorce With a Qualified Domestic Relations Order Retirement assets are an important issue in any divorce proceeding. After the marital home, retirement assets often represent the largest category of marital assets to be divided in a divorce settlement. These assets can include 401(k)s, 403(b)s, IRAs and pension benefits provided by an employer’s defined benefit plan. Divorcing spouses will often seek to divide […]
Cross-Border Planning Retire in Italy? A New 7% Flat Tax May Incentivize U.S. Citizens Looking to Retire Abroad The idea of living abroad has gained in popularity for many U.S. citizens as they plan for how to spend their retirement years. Italy, an already popular retirement destination for many Americans, introduced a tax incentive in 2019 that may help further attract foreign retirees. Italy is home to some of the most historic architecture, […]
Financial Planning A Pitfall of the “Backdoor” Roth IRA Conversion Every few months, a reputable financial news website like MarketWatch, CNBC, or The Wall Street Journal releases an article about the benefits of contributing to a non-deductible IRA and converting that contribution to a Roth IRA (a “backdoor” Roth IRA contribution). However, these articles seemingly gloss over the complexity of the strategy and lead to […]
Financial Planning Developing a Pension Maximization Strategy This paper is the second part of a two-part series. In the first part, we discussed the considerations involved in evaluating different pension options for law firm partners. As follow-up, this second part discusses whether there is a benefit to including life insurance as part of the pension evaluation decision. When presented with an option […]
Cross-Border Planning Top 12 Financial Planning Issues for American Citizens Living in the United Kingdom American citizens living in the United Kingdom face a complex interaction between U.S. and U.K. tax laws when it comes to their investments and retirement savings. The U.S. government taxes American citizens on their worldwide income based upon citizenship rather than residency. In addition to paying U.S. taxes, a U.S. citizen living in the United […]
