“We’re not surprised by the fact that people don’t know a lot about retirement income planning,” says David Littell, program director at the American College. “I was surprised at how badly they did.” Could you pass a retirement literacy test? Apparently, 80 percent of Americans surveyed did not. These Americans…
Adult children have historically expected to inherit from their parents while in their 40s or 50s, yet now many aren’t doing so until their 70s or even 80s, as their parents live into their 90s or beyond. When should you expect to receive your inheritance? According to the Social Security…
Yes, nobody relishes thinking about the day when they will no longer be around. But with a little effort and foresight, you can give your family the ultimate gift: a piece of mind. Here's a quick checklist of estate planning essentials. Not really ready for an estate planning talk around…
By keeping even modest sums of money protected, trusts can ensure that your wishes for your money will be honored into the future. A recent article by the Motley Fool,titled "5 Things You Didn't Know — but Should! — About Trusts," sheds some light on common misperceptions of trusts. Here…
“Regardless of how much wealth you have,” says Gregory Popera, a private wealth adviser with Bank of America Merrill Lynch, “having some type of estate plan and financial power of attorney are sort of the financial building blocks to make sure your assets go where you want them to go.” Making…
Once someone dies there is much work to be done. These are a few suggestions to help you get administratively organized for death. To make death easier for all involved, it’s critical to plan some of the issues related to death far in advance with some contemplation to make everything…
Continual planning is essential for finding opportunities that will reduce the financial burden. Several options exist to help corporations retain wealth and reduce taxes legally. At the end of the business year 2014, companies will be examining data to see if there are any tax savings available on defined contribution,…
State and federal estate and inheritance tax rates are what drive most people’s estate plans, but now that tax rates are falling and exemptions rising in many jurisdictions, how much people will leave their heirs isn’t what keeps them awake at night anymore. What they really worry about is how…
“Income-tax rates are going up so it becomes more expensive for a grantor to maintain the grantor trust status of a trust they’ve set up,” says Lynn Halpern Lederman, managing director and senior fiduciary counsel – Northeast Region at Bessemer Trust, a New York firm that oversees $97.5 billion. A…
As 2014 dwindles down, it’s time to consider your year-end planning. The holidays will be here before you know it, and that means the end of 2014 is near. Have you started your year-end planning yet? A recent article in the Physician's Money Digest, titled "10 Financial Planning Tips for…