Let me pose this question, do you insure your home? Your Cars? Your valuable possessions? Of course, you do. Why? Because you do not want to be exposed to risk or loss, you pass that obligation to a risk bearer, an insurance company. It is just human nature to wish to protect [...]
Potential Market Losses... Increased Tax Rates... Is your retirement nest egg safe? You’ve spent a lot of time, hard work, and dedication saving for retirement. So the last thing you want is to lose any of your hard-earned money to market losses or increased tax rates. However, this is what a lot of retirees face [...]
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 [...]
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.
Asset Protection or Asset Speculation, which should you choose? After practicing in Safe Money for close to 30 years, one thing is true when it comes to those that are approaching or in retirement. The old fable, a bird in the hand is worth two in the bush. As Baby Boomers grapple with the forces [...]
“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 [...]
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 [...]
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 [...]
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.
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. [...]