There’s more than retirement savings power in a Roth IRA. Used properly, it can help cut your beneficiary’s tax liability, regardless of if and when tax reform becomes reality. If you’re interested in reducing the taxes your heirs will have to pay, you’re probably concerned about the discussion about tax…
A large percentage of Americans require assisted living care at some point during their senior years. Their understanding of how that gets paid for is way off base. It’s a hard lesson to learn. Approximately one-third of Americans (34%) thought that Medicare would cover their nursing home costs, as reported…
Statistically speaking, women live longer and earn less than men. That makes financial and retirement planning far more important for women. It’s not pleasant to contemplate, but because women often take time out from their careers to raise children or take care of elderly parents and still earn less than…
Living trusts can achieve different goals, depending upon how they are drafted. Knowing the fundamentals will help you decide how to go forward. It’s important to know that not all living trusts are the same. However, common reasons for using a living trust are for privacy and avoiding probate. Placing…
New regulations from the Department of Labor may come into play for Americans deciding which type of account is best for their retirement savings. There are significant differences between 401(k)s and IRAs, and as reported in a recent post on wjbf.com, “Advantages and disadvantages to a 401k and an IRA,”…
If you plan on leaving the family home to your heirs when you die, be aware of the tax liabilities that are associated with inheriting a house. This is the type of estate planning decision that requires a closer look with an estate planning attorney to evaluate the pros and…
Blending a family is not an easy task, but doing so successfully can create a new and strong family unit. Among the challenges are how to blend finances. Blended families are no longer limited to television sitcoms. The Pew Research Center reports that 41% of all Americans have at least…
Unintended consequences can occur when dividing up real property, which is often harder to distribute than investment accounts or savings accounts. Planning for real property division must take into account the different circumstances of your heirs. You may have envisioned a time in the future, when your children and grandchildren…
In the best of all possible worlds, your retirement finances include a nest egg that generates a steady flow of income while your principal assets continue to grow. There are six key investment points that, if you can meet them, will make retirement finances work in your favor, according to…
An estate plan does a lot more than distribute your assets among family members and organizations that share your values. It also protects you and your loved ones. That’s why everyone needs an estate plan, especially if you have minor children. It’s amazing that some people still think they don’t…