As I sit
here Monday evening with the Dow having closed down 2000 points and the 10-year
Treasury yield around 0.5%, the title of this update seems utterly ridiculous.
With the new coronavirus still spreading and a collapse in oil prices
threatening the entire shale oil industry, recession is now the expected
outcome. Most...
It’s only taken Congress 34 years, but the threshold for claiming a medical expense deduction has finally been made permanent. For 2021 and forevermore, medical expenses above 7.5% of Adjusted Gross Income (AGI) is the law of the land if you itemize on your federal tax return and your...
Over the years, I’ve told you about lots of celebrities who died without an estate plan and how much their heirs lost because of estate taxes; Aretha Franklin-$27.5 million; Prince-$60 million; Elvis-73% of the estate at the time of his death.
Now, another celebrity has died with no estate plan...
There’s a common misconception that Medicare is a simple, automatic process when you turn 65. Nothing could be further from the truth. The responsibility to enroll is on your shoulders, and if you miss deadlines or don’t enroll in just the right way, you can incur penalties that will...
Inflation is painful. We’re reminded of it every time we go to the grocery store and the gas pump and when the utility bill comes. There’s a whole generation or two that’s never been through anything like this. And because it affects us on a personal level, it’s easy...
Hear that sucking sound. It’s the rush of dollars coming out of the Social Security trust fund; you know, the fund set up to help retirees, the fund that’s been in trouble for years, the one the federal government has kicked down the road for decades. Yep, that one....
The mention of estate planning usually evokes thoughts of a will or trust. But there are other documents that should always be part of any estate planning package, such as a living will, a durable power of attorney and a health care power of attorney. Planning for of...
My, how things have changed. When I was growing up, if you found out someone had a trust, well, that person must be rich—they must be a millionaire (that’s back when a million dollars was really worth something). Today, though, trusts of all kinds are a common planning tool...
You’re planning for retirement. You’ve got visions of what you want it to be—the traveling you’ll do, taking up a hobby you’ve never had time for, volunteering with a charity that’s dear to your heart. You’ve got a comprehensive plan that accounts for retirement income, taxes, and even things...