Placing a security freeze on your credit with each agency is the only way to prevent someone from obtaining credit in your name without your consent. Here we discuss how to execute a credit freeze and the drawbacks to this strategy.
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Are you faced with the task of helping aging parents with their finances? Here are some helpful ideas to make the process more manageable.
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Are you in the process of evaluating, or considering a move into a retirement community? We have found that when it comes to choosing a retirement community, those who are happiest and most confident with their choice are those who carefully consider both the financial and non-financial aspects when making their decision.
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As people age, they may find that living in a retirement community or continuing care community can offer them the support, care, and amenities they need to live a fulfilling life. However, choosing the right community and planning for life in such a community can be a complex process.
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When it comes to financial planning, one of the easiest and most important things to accomplish is an overall review of your estate plan. We suggest that you review your estate plan every couple of years or when there are changes in your family that may impact your estate planning. Here is a checklist of estate planning items to review that may be helpful.
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The SECURE Act 2.0 altered the onset of Required Minimum Distributions (RMDs) from age 72 to age 73. However, the law made no change to the Qualified Charitable Distribution (QCD) rules. So, while a RMD is not required until age 73, a taxpayer over age 70 ½ is allowed to distribute directly from their IRA to their favorite charity and avoid taxation.
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Memory loss and other types of cognitive impairments become increasingly common with age. Making important financial decisions can be a challenge. This
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Let’s face it, in today’s world, managing your personal financial affairs can be complex. There are many decisions that need to be made on a weekly or even daily basis. For a large and growing segment of the population, who are trying to help aging parents with their finances, this can be incredibly frustrating, stressful and burdensome.
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If you are over age 70.5, you are eligible to make a qualified charitable distribution (QCD). By doing so, you can benefit your favorite charities, while excluding up to $100,000 annually from your gross income.
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There is no doubt that pensions are an extremely important asset and making decisions regarding these plans can be daunting and stressful. This is especially true since pension decisions are irrevocable! This article addresses common questions that should be considered when making decisions about your pension.
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When a loved one passes away, there are many financial decisions that need to be addressed. Anyone who has gone through this process will tell you that it can be overwhelming and stressful. For those who have, or will be receiving an inheritance, it is important to understand the tax implications, so you can make decisions that are consistent with your personal circumstances.
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An adequately planned and properly executed estate plan can ensure that your assets will pass directly to your intended heirs with the least amount of cost and hassle. Here are seven essential elements when establishing a sound estate plan:
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Many financial planning objectives can be accomplished through the utilization of trusts. Here are several of the most common types of trusts and a brief overview of their purpose…
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On the surface, it would seem that the decision to begin collecting Social Security retirement benefits is a straight-forward one – take the money as soon as possible. However, for many people, taking their Social Security retirement benefit as soon as they become eligible may not be the best alternative.
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Let’s face it, seniors today are healthier, more active and are likely to have longer lives. So what are the financial implications for retirees who will likely live well into their 90s and possibly their 100s?
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Many people would prefer that their estates avoid the probate process. While the probate process is not overly costly in most states, it is generally considered a hassle to those who have experienced it. The following is a discussion on several alternatives for avoiding probate.
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Scam artists are always looking for new ways to prey on consumers. Now they are using the same tactics to take advantage of consumers' heightened financial and health concerns over the coronavirus pandemic. Here are some of the more prevalent coronavirus scams that consumers need to watch out for.
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When a loved one passes away, the grief coupled with the burden of settling their estate can be overwhelming. Here are a few things you can do to make the estate settlement process easier for your heirs.
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Long term care costs are expensive and rising every year. For many, a two or three year stay in a skilled nursing facility could cost several hundred thousand dollars and potentially wipe out a retirement nest egg.
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Social Security was originally intended to provide older Americans with continuing income after retirement. As people approach retirement, they generally have questions about Social Security and the benefit it provides.
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