Whenever there are major changes to tax laws, estate plans need to be reviewed. The change to the kiddie tax because of the Tax Cuts and Jobs Act of 2017 is an excellent example of this. If your estate plan includes passing down traditional IRAs to children and grandchildren, you…
Sounding more like their great grandparents than their parents, millennials say they’d rather buy real estate than invest in markets. However, they might be heading in a dangerous direction. When Bankrate asked more than 1,000 Americans where they would prefer to invest money—long-term funds that they don’t need for another…
In many families, it’s easier to figure out the ‘who gets what’ part of an estate plan than it is to decide which person should be power of attorney. Which adult child can handle finances, which one is better with decisions during a crisis? Making the decision about which family…
Those who happily enjoy senior discounts at national parks, fast food restaurants and movie theaters will tell you that turning 59 ½ is no big deal. Chances are at 59 ½, you’re still enjoying good health, working productively and wise enough to know you’re a bit smarter than you were…
Life insurance is a financial tool that can be as powerful during retirement, as it is during your working life. In many cases, it can be a real lifesaver for a surviving spouse. Most of us think about life insurance as income replacement for a breadwinner’s salary. That is certainly…
A single parent wonders if they need a will, or if just making an account a Payable on Death or POD account will be an adequate solution for transferring his assets when he dies. Even if you have only one child, if you have no will, things will be complicated…
The last step of an estate plan is one that all too often gets forgotten. That’s too bad, because unless you retitle assets so that they are owned by the trusts created for the plan, means that all good planning could be worthless. When you are done creating an estate…
Just because you can take Social Security at age 62, doesn’t mean you should. Taking it earlier means that your monthly benefits will be reduced. The longer you can wait, ideally until age 70, the better. Applying for Social Security benefits is a pretty simple process, according to Investopedia’s recent…
Yes, it is old-school, but if your family is on the traditional side, headed up by a breadwinner dad who runs the finances, then you need to make plans to ensure that your family will be okay, if something should happen to you. This advice also applies to mothers who…
We hope to enjoy out golden years, relaxing after decades of working and raising children. However, as we age, the likelihood of experiencing health issue increase. That includes Alzheimer’s disease and other forms of dementia. Learning that a loved one has Alzheimer’s or other diseases that require a great deal…