If you’re going through the big D and it doesn’t mean Dallas, there’s understandably a lot on your mind and your proverbial plate. Whether you’ve been with someone one year or 25, divorce can put an immense amount of stress on an individual for several reasons including the financial details that need to be taken care of in order...
Continue ReadingAs anyone with a special needs person in their life might already know, there are a lot of details and things that need to be done in order to protect and care for your loved one in the best way possible. If you happen to have a loved one with special needs and you don’t have a Special Needs...
Continue ReadingPeople all over the globe watched the festivities as American actress Meghan Markle and Prince Harry said their “I do’s” at Windsor Castle near London, England on May 19. Everyone acknowledges it was the wedding of the year, but now word is out that the groom’s grandmother, Queen Elizabeth was thinking about estate planning, as well as how the...
Continue ReadingThere are a lot of variables when you reach retirement: Social Security checks may or may not be taxed, depending on your income. You’ll pay federal income taxes on most retirement plan withdrawals, but there may also be state taxes based on where you live. The tax rates on investments can also vary. The San Francisco Chronicle’s recent article, “Beware of hidden...
Continue ReadingKiplinger’s recent article, “The Biggest Social Security Mistake You Can Make,” explains that the biggest Social Security mistake isn’t taking it too early. Individuals can claim their Social Security retirement benefits as early as age 62 (and get a reduced benefit) or wait and receive a larger benefit. At 70, the maximum benefit is reached, which is about 75% greater than the...
Continue ReadingAn executor is the person designated to distribute a deceased person’s property that passes under his or her will and takes care of paying debts and expenses, explains WMUR in its recent article, “Settling an estate.” When an executor isn’t willing or able to perform his or her duties, there’s usually an alternative. If no alternative has been named, the courts will...
Continue ReadingThink Advisor’s recent article, “Investing in 529, ABLE Plans? Better Check Tax Law Changes,” says that the tax reform passed at the end of 2017 made important changes to educational 529 and 529 ABLE plans. The 2017 Tax Act expanded Section 529 plans, to include the use of up to $10,000 per year for elementary or secondary school expenses. The new law...
Continue ReadingThe biggest hurdle to seeing a windfall from your rich grandfather isn’t the possible 40% estate tax. It’s your own relatives, according to CNBC in the recent article, “Say hello to the No. 1 threat to your $11 million inheritance.” A recent TD Wealth survey found that 44% of attorneys, trust officers, and accountants cited family conflicts as the biggest threat to...
Continue ReadingThe new tax law will greatly decreases the number of people who will be subject to the federal estate tax. This does not mean you don’t need an estate plan. In fact, you need to review your plan now. Forbes’ recent article, “7 Reasons To Revisit Your Estate Plan, Trump Tax Law Aside,” says that even if one’s estate is unlikely to...
Continue ReadingCreating a trust can help assure that assets are distributed more quickly, bills are paid promptly and continuously and personal information about property and other assets remains private. The New York Times recently published an article, “Life After Your Death? Here’s Why You Should Have a Trust.” The article explained that trusts have often been thought of a way for wealthy people...
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