Archive for March, 2009

19Mar, 09

A deed in lieu of foreclosure is the process by which a homeowner and its lender mutually agree to transfer title to the home in order to avoid a foreclosure sale. If the homeowner is in default of the mortgage and a modification agreement is neither desirable nor possible, a deed in lieu of foreclosure ... more

16Mar, 09

The limits on deferring income through contributions to retirement accounts have been increased for 2009 as follows: ************************Below 50 *******Age 50 and above********* IRA Contributions ————$5,000 ——-$6,000 Simple IRA Contributions -$11,500 ——-$14,000 401(k) Contributions ——–$16,500 ——$22,000 403(b) Contributions ——-$16,500 ——$22,000 457 Contributions———– $16,500 ——$22,000 In addition, the maximum deferral for Defined Contribution Plans and SEP/IRAs ... more

16Mar, 09

In recognition of the significant decrease in the total value of many retirement accounts, Congress has suspended Required Minimum Distribution (RMD) from retirement plans for 2009. Normally, individuals, upon reaching age 70½, are required to withdraw annually from their retirement accounts an amount which approximates the total value of the retirement account divided by the ... more