Individual Retirement Accounts (IRAs) often account for a large portion of an individual’s overall wealth as the person reaches retirement. With few exceptions, IRAs are taxable income at the time they are withdrawn. In addition, a 10% penalty may apply if distributions are made prior to reaching age 59-½.
If you are going through a divorce, you are probably feeling a little overwhelmed by all the legal and financial items you must attend to before the marriage termination is final. These tasks can be difficult, but revising your estate plan does not have to be. An estate planning professional can help you update documents and ensure that your children benefit according to your wishes — not your ex-spouse’s.
For many people, qualified retirement plans make up a large part of their overall savings. There are many complex rules surrounding qualified plans and Individual Retirement Accounts (IRAs), but there have not been significant modifications for quite some time. That may all change this year as the House of Representatives has passed the Setting Every […]
Many wealthy professionals are looking for ways to protect assets from potential lawsuits or other unknown creditors without giving up substantial control. Estate tax considerations are also still important as the current large estate tax exemption ($11.4 million for individuals, or $22.8 million for married couples) is set to drop at the end of 2025, […]
Recent market gyrations have made even strong-stomached investors a little queasy. In general, maintaining your positions in a well-diversified portfolio is the best response to such volatility. But there may be something else you can do: Use falling prices as an investment opportunity. Think long term Although overall stock prices have historically risen over time, […]
More and more banking and financial transactions are conducted online, which means that cyberattacks pose a significant threat to the wealth of many Americans. How can you mitigate this risk? Consider these eight tips. Use Strong, Unique Passwords This may seem obvious, but according to a recent survey, the most common password is “123456.” “Password” […]
You may think of trusts as estate planning tools. While trusts can certainly fill that role, they are also useful for protecting assets, both now and later. Creditors, former business partners, ex-spouses, “spendthrift” children and taxes can all pose risks. Here is how trusts defend against asset protection challenges. To protect assets, your trust must […]
Having a child is a very exciting time in one’s life. There are many new firsts not just with the baby, but with the parents too. While the baby’s current needs take priority, the parents need to think about the future. What if something happens to you and your spouse? Who will care for your […]
People today are living longer than ever. These longer life expectancies mean that your retirement savings may have to stretch for more years than you anticipated. Effective tax planning strategies will ensure that your retirement goals are met. Review Your Income Sources The first step is to estimate your cash needs in retirement and evaluate […]
When children or other family members need financial assistance, it may be tempting to simply hand them a check. But lending, rather than giving, money to your loved ones offers several advantages.