Will Your Family Be Affected By The Secure Act

The SECURE ACT took effect 1/1/2020: Will your family be affected? When it comes to finding new ways to siphon more money out of middle-class taxpayers' pockets, there is no shortage of great ideas on Capitol Hill. Take the clumsily-titled Setting Every Community Up for Retirement Act (SECURE Act), for example. The SECURE Act, which became [...]

By |2020-04-15T01:08:35+00:00January 7th, 2020|Retirement Planning|

Avoiding Probate: A How To Guide

If you own bank accounts and want to reduce your exposure to probate with these assets the “payable on death” (POD) option may help you. This option offers an easy method to keep bank account out of probate court. All that is required is a form which most banks can supply naming whomever you want to inherit the money in your account at your death.

By |2020-04-13T18:55:57+00:00September 5th, 2019|Estate Planning|

A New Idea That Has Been With Us For Over 200 Years

“Only money left over after paying taxes can be spent. For the average person in the U.S., 34.5% of that sum goes to pay interest alone, to finance car purchases, homes, and various other purchases. This money is gone forever. It is making persons in the banking business wealthy. It can be yours to enrich [...]

By |2020-04-13T18:01:27+00:00August 14th, 2019|Insurance|

Proceed With Caution Using An Annuity In A Trust

I am not a tax attorney, nor do I play one on TV.   I am, however, a financial guide who understands the need for thorough, complete estate planning. In recommending trusts to many of my clients and prospective clients, I have run across situations in which someone wanted to use a trust differently than [...]

By |2020-04-16T19:39:10+00:00August 10th, 2019|Estate Planning|

Make Sure You Have Named A Beneficary On Your Annuity Contracts

Stop! Drop what you're doing and check your beneficiaries!   If you have a testamentary trust, it might be a smart move not to name the trust as a beneficiary of certain assets such as annuities, life insurance, bank accounts, a brokerage account or a qualified retirement account. Please check your policies and if you [...]

By |2020-04-12T23:40:28+00:00August 9th, 2019|Estate Planning|

Avoid Unnecessary Probate Expenses and Time Delays With This Simple Planning Tip

When you open a retirement savings account (such as an IRA), you have the option of naming a beneficiary. This beneficiary designee stipulates where these assets will go when you pass away. A beneficiary form commonly takes precedence over a will, because retirement accounts do not fall under probate.

By |2020-04-14T00:03:45+00:00May 12th, 2019|Retirement Planning|

What is a Prohibited Investment in an IRA?

The IRS restricts specific investment options for an IRA. These restrictions do not allow investment in collectibles, antiques, and other assets. Here is a list: If an IRA invests in collectibles, the amount invested is considered distributed in the year invested. The account owner may have to pay a 10% additional tax on early distributions. [...]

By |2020-04-15T01:18:37+00:00April 17th, 2019|Retirement Planning|