When naming a beneficiary for your IRA the number one choice is a spouse, a child, or a relative. There’s something in our DNA that wants to make sure our money stays in the family if possible, and that’s certainly understandable. But if you’re looking at the bigger picture, the financial...
When Spiderman was young, he could do no wrong. He glided from place to place, shooting out webs and taking care of the bad guys. But when he was older, Spiderman’s super powers were not so sharp. His vision was blurry, his hearing was dull, and he had difficulty...
With the end of the year in sight, lots of plans are being made—what gifts to buy, what the menu will be, and how to shed the extra weight that will inevitably be acquired. But part of your holiday planning needs to include a year-end investment checkup...
Why Wait? Jiab Wasserman  |  November 1, 2018 MY MOTHER-IN-LAW Doris passed away last year at age 90. In the last few years of her life, she often mentioned that she felt guilty spending any of her money, let alone splurging. She wanted to leave the money to her children, even when her children...
“So, who do I want to get my IRA? My spouse? My kids? But I don’t want to leave out the grandkids. Oh, I’ll just fill it in later.” You’d be surprised how often that mental conversation goes on when someone is looking at the beneficiary section of...
When the 2017 Tax Cuts and Jobs Act (TCJA) was passed it changed the rules about deductions for charitable giving. Under current law the only way to deduct charitable gifts is to itemize on your tax return. Because of that, giving to charities has fallen substantially. In 2018...
The times they are a-changin’. It was true when Bob Dylan wrote those words more than 55 years ago, and it’s just as true today. The black-and-white analog world becomes a distant memory as we travel further into the digital portal. And just like Ozzy Osbourne, many...
Estate planning. It’s not one of the most pleasant topics because you have to admit your own mortality. But, for people who want to take care of their loved ones, estate planning is essential. Without a plan, distribution of your estate will be determined by a court or a bureaucrat—probably not...
The desire to leave a legacy when you depart this world has always been the reason to do estate planning. Until now, that’s been enough. But in today’s world of technology, few people are considering what to do with their digital assets—Facebook accounts, Twitter accounts, your business website, online banking. What...
The government giveth, and the government taketh away. And so it is with the Stretch IRA. For years, the stretch IRA has been a financial planning strategy used to extend the tax-deferred status of an IRA by passing it on to a non-spouse beneficiary, such as children...