Home: Authors: James Lange
Tax Attorney and CPA

Status: Member since September 27, 2008
Location: United States of America
Articles: 7 Active Articles, resulting in 3985 views
Feedback: 2 comments on these 7 articles

TRCB - Member Profile - James Lange

James Lange is a tax attorney and CPA with a thriving retirement and estate planning practice in Pittsburgh, Pennsylvania.  He focuses on the unique needs of individuals with appreciable assets in their IRAs and 401(k) plans.  His plans include tax-savvy advice, will and trust preparation, and intricate beneficiary designations for IRAs and other retirement plans.  Jim's advice and recommendations have received national attention from syndicated columnist Jane Bryant Quinn, and his articles are frequently published in Financia PlanningKiplinger's Retirement Report and The Tax Adviser.  For more informaiton please visit www.rothira-advisor.com

Looking at your year-end investment statements has almost certainly been a miserable experience. The S&P, one of the most popular benchmarks, lost 38.5% for the year. Then, we turn on the news, read the papers or go online, and we feel worse.
Tax planning can’t restore your losses, but it can soften the blow. Using losses to reduce taxable gains by means of tax-savvy realization of losses to match gains is referred to as tax loss harvesting or tax loss selling.
Concern about running out of money has gone from a dull nagging worry to an immediate fear. For many clients it is worthwhile to reevaluate your finances and in some cases make significant decisions regarding how much you can safely spend, or if you are still working, how long you should continue to work.
The stress of the recent market meltdown with the corresponding devastating news throughout the economy is particularly difficult for retirees or readers nearing retirement. Clients and readers have the same concerns: Do I have enough money to live comfortably for the rest of my life? How can I make my money last? Is there something that I should be doing now to protect my retirement?
So, you converted a traditional IRA to a Roth IRA last year, paid tax on the converted amount, and your Roth tanked. Help may be available if you hurry. If you meet the time deadlines, you can "unconvert or recharacterize all or part of the Roth IRA conversion you made during the last calendar year.
Family Limited Partnerships (FLPs) serve as an attractive estate-planning tool for wealthy individuals. FLPs are best suited for clients who can justify forming an FLP for business reasons and who want to make significant gifts to family members. FLPs allow the donor to retain substantial control over the gifted assets and protect the gifts from potential claims of the donee's creditors.
Roth IRAs and their more recent cousins, the Roth 401(k) and Roth 403(b), offer outstanding retirement and estate planning opportunities to most readers who qualify. Further, the chance to benefit from a Roth account does not end with employment, as Roth IRA conversions are favorable for many retirees.