What You Need to Know to Make Required Minimum Distributions Less Taxing
Those pesky RMDs can wreak havoc if you haven’t done proper tax planning. With the deadline just around the corner, it’s time to finalize your RMD decisions. If you’re 70½ and required to take your annual RMD or face the 50% IRS penalty, you don’t have much time left to act. With the stock market…
Read MoreHoliday Season Brings Increase in Phone Scams Targeting Seniors
When the holiday decorations go up, so do the number of phone calls to the elderly. This is when scammers work to gain access to their bank accounts, credit cards and other financial assets. According to a survey from the financial educational organization Investor Protection Trust, one in five Americans age 65 and older has…
Read MorePlanning on Working Part Time During Retirement?
There are pros and cons to working during retirement, even if you are just working part time. You’ll need to know how the additional income impacts your Social Security and retirement account distributions. Not everyone’s idea of a blissful retirement includes a life of full-time hobbies. For those who want or need to keep working,…
Read MoreTips on Naming a Trustee
Selecting a trustee should be a thoughtful decision, taking into consideration the person’s ability to manage money and make decisions. Unfortunately, that’s not usually what happens. A snap decision made so that documents can be prepared on a timely basis is not the way to pick a trustee. This person or persons will be making…
Read MoreWhen Roles are Reversed: Helping Aging Parents
As parents age, their adult children shift into the role of caretakers, making sure their housing, medical, financial and legal needs are being properly handled. It’s never a happy scenario when an independent parent becomes unable to live on their own and needs their adult children to become involved with their day-to-day life. There are…
Read MoreWhen Should You Start on Your Estate Plan? How About Right Now?
No matter how old (or young!) you are, no matter the size of your estate, or how far away retirement is, you need an estate plan. Life happens, often unexpectedly, and an estate plan protects you and your family. One of the reasons for an estate plan is to provide detailed instructions to your spouse…
Read MoreLas Vegas Gunman Had No Will and a Sizeable Estate
With no children and family members who want to see his assets go to victims, figuring out how to handle the estate of the man who murdered and maimed concert goers will take some time to figure out. Stephen Paddock died with no will and an estate worth an estimated $5 million. Newsweek’s recent story,…
Read MoreAn Unusual Response to a Billion Dollar Award: It’s Too Much!
A jury ordered JP Morgan Chase to pay $8 billion to the offspring of an American Airlines executive for mismanaging their inheritance, but the kids think it’s excessive. The bank expects the entire matter to be overturned by the Dallas, Texas court system. The man who created the seat reservation system for American Airlines, Max…
Read MoreHalloween’s Long Gone—Make Sure You Don’t Have Any Skeletons in Your Financial Closet
While the headline is all in fun, hidden “skeletons” in your financial closet could seriously impact your financial well being, including threatening your retirement. No matter what your income level is, anyone can be knocked out of their fiscal security, reports a recent article in The Kansas City Star, “Financial skeletons to clean out of…
Read MoreSmall Hometown is Big Beneficiary of Quiet Community Member
The memory of John Criss, who loved his hometown, serves as a shining example of how a legacy is created through a properly executed will and the spirit of philanthropy. John Criss lived with his parents, owned a small business and spent his entire life in the small Iowa town of Sac City. When he…
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