WCI #410: Taxes in Retirement, Tax Gain Harvesting, and Avoiding Probate

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Mar 13, 2025

Dive into the world of tax strategies for retirement! Discover how to forecast tax liabilities and the impact on retirement accounts. Learn about tax gain harvesting in UGMA accounts and its advantages. Explore the dynamics of investing in New York City's real estate market, along with self-directed IRAs for private investments. Finally, unravel the benefits of estate planning, including avoiding probate through revocable trusts, ensuring you protect your wealth effectively.

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ADVICE

Forecasting Retirement Tax Liability

Forecast retirement tax liability vaguely, not precisely.
Account for lower taxable account growth due to taxes on dividends and capital gains.

INSIGHT

Tax Drag on Investments

Tax drag on investments reduces returns, similar to advisor fees or high expense ratios.
Consider tax efficiency when choosing investments, especially in taxable accounts.

ADVICE

Social Security and Medicare Taxes for Self-Employed

Pay Social Security and Medicare taxes through quarterly estimated payments if self-employed.
Overpaying is better than underpaying, as the IRS doesn't penalize overpayments.

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Today we are answering your tax questions. We discuss tax liability in retirement, social security tax limits, tax gain harvesting in UGMA accounts and maximizing tax in retirement. Then we answer a few estate planning questions. The first is around if it is important to avoid probate and then talk about SLAT trusts.

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