Americans are living much longer. Some are running out of money before their death and need additional assistance from the Federal Government, which puts more strain on a system that’s bringing in less money than it’s paying retirees. On January 1, 2020, the SECURE Act (Setting Every...
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 use of special needs trusts has become common for the care of qualifying children with challenges. However, the process of properly setting up a special needs trust requires expert advice and well thought out planning so the beneficiary of the trust is taken care of in the manner the trust...
Do I need a will or a trust? That’s the most basic question to begin creating an estate plan. And, let’s face it, you really do want a say in who gets what after your gone. That’s just human nature. Without some kind of legal instructions, you...
Yes, it’s still a few months before you have to strap on the gloves and step into the ring with the IRS again, but you still have some time to create the maximum amount of legal deductions and reduce the tax bite. Here are some to consider:
Have you ever had that sick feeling in the pit of your stomach when you realize there was a tax deduction you could have taken and didn’t? There’s just something deflating about knowing Uncle Sam got more of your money than he had to. The folks at...
This is the time of year when leaves fall and the Social Security Administration announces the annual cost of living adjustment (COLA) for people receiving Social Security. For 2020 the increase will be 1.6 percent, or about $24 per month, raising the average monthly individual payout to...
Being elderly in America has more than its share of issues—affording proper healthcare, being forced to work much longer because of the need for health insurance or not having saved enough for retirement. Now, throw one more financial demon into the mix. More and more elders are being forced into bankruptcy.
Since the Roth IRA was created by the Taxpayer Relief Act of 1997, it’ been an appealing addition to retirement planning. While contributions to a Roth are not tax-deductible, the trade-off is tax-free and penalty-free withdrawals after you cross the age of 59 ½. The withdrawal benefit...
Maybe it’s your dream—accumulate enough money to retire early and live happily ever after. You never have to work again and can do whatever you want whenever you want. That’s the basis of the FIRE Movement—Financial Independence, Retire Early. There’s lots of chatter all over social media about FIRE....