Senate Proposes to Use Individuals' Retirement Savings for Highway Funding

According to a recent report in the Wall Street Journal, the Senate Finance Committee is expected to pass a bill effectively increasing (by accelerating) taxes collected from retirement funds in order to support highway funding.  If the bill becomes law it will do away with your ability to "stretch" your IRA or 401(k).  It's estimated the law would shift over 4.5 billion dollars from private savings to federal coffers over a ten year period.

From an estate planning (and taxpayer) perspective, this is important legislation.  Whether you think this bill should pass or not, let the Senate Finance Committee and your Senator know.

Update on Wednesday, February 8, 2012 at 3:32PM by Richard Barid

UPDATE:  A recent report from Bloomberg says that Senate Finance Committee Chairman Max Baucus (D-MT) would be willing to work with Senate Republicans to find replacement revenue so that stretch IRAs do not become a thing of the past.

The Alzheimer's Association is Seeking Signatures

The Alzheimer's Association, one of many worthy causes Smith Barid has supported over the years, is seeking signatures on a petition to President Obama asking that he take action to fulfil the promise of the National Alzheimer's Project Act, passed unanimously by Congress more than a year ago.

Review the petition here and, if you agree, sign your name in support.

Department of Veterans Affairs Book on Benefits Available to Veterans

The Department of Veterans Affairs publishes a handbook in PDF format that lists and explains all of the various benefits programs available to veterans, dependents and survivors. It's a comprehensive resource for veterans.  You can download it here http://goo.gl/CaIuQ.