Financial Planning

Divorce. Who Gets to Deduct the Kids?

By |2024-01-18T14:38:25-05:00January 18th, 2024|Financial Planning, Taxes|

Divorce. It’s an ugly business. Not just in the emotional toll it takes on the couple calling it quits, but in time, money, other resources, and the rest of the family. You’re not just dividing household possessions and investment accounts. Who gets custody of the pets? Who gets custody of your friends? Who gets custody [...]

Important Ages on the Retirement Planning Timeline

By |2024-01-18T14:38:40-05:00January 18th, 2024|Financial Planning, Medicare, Retirement Planning, Social Security|

Retirement planning is one of those things you have to get right. It can make all the difference between the retirement you’ve dreamed of and one that doesn’t even come close. As part of the planning process, there are certain times and events you need to be aware of. These are usually expressed in terms [...]

Federal Estate and Gift Tax Exemptions in 2024

By |2023-11-30T11:57:27-05:00November 30th, 2023|Estate Planning, Financial Planning|

Everything is going up next year—some good, some bad. In the last few weeks, I’ve written about 2024 increases to retirement plan contributions, catch-up contributions, the standard tax deduction, Medicare premiums, the Medicare Part B deductible, and the Social Security cost-of-living-adjustment. Here are two more increases just announced by the federal government.   In 2024, [...]

Qualified Charitable Distributions (QCD) from Inherited IRAs

By |2023-11-27T14:28:54-05:00November 27th, 2023|Estate Planning, Financial Planning, Retirement Planning, Retirement Savings, Taxes|

At the very moment IRAs joined the retirement savings universe in 1974, so did Required Minimum Distributions (RMD). The government was more than happy to provide a tax-deferred way to save for the future, but it came with a future reckoning—paying taxes on all the contributions and on all future growth whenever an IRA owner [...]

Taking Money from an IRA Without Penalty

By |2023-11-27T14:24:51-05:00November 27th, 2023|Financial Planning, Retirement Planning, Retirement Savings, Taxes|

The IRA is a great retirement savings vehicle; money grows on a tax-deferred basis and that’s a good thing. Eventually, though, you have to pay the IRS piper when you choose to withdraw funds for retirement or when you’re forced to withdraw the Required Minimum Distribution at age 73.   Let’s be clear. You can [...]

Roth IRAs and the Death of Military Personnel

By |2023-11-27T14:23:14-05:00November 27th, 2023|Financial Planning, Retirement Planning, Retirement Savings, Taxes|

There is a little-known rule connected to Roth IRAs that can benefit the surviving spouse of a deceased military member. It allows for a one-time, 6-figure contribution to a Roth IRA.   In the military, the death gratuity program provides a tax-free payment of $100,000 to eligible survivors of military members who die while on [...]

2 Confusing IRA Beneficiary Designations

By |2023-11-27T14:21:49-05:00November 27th, 2023|Financial Planning, Retirement Planning, Retirement Savings, Taxes|

“What in the world does that mean?”  I can’t tell you how many times I’ve been asked that question during more than 30 years in the financial industry. Clients naming beneficiaries on IRAs, 401(k) accounts, annuities or insurance policies stop dead-in-their-tracks when asked to decide whether they want beneficiaries to receive proceeds from their account [...]

5 Healthcare Proxy Mistakes

By |2023-11-27T10:27:10-05:00November 27th, 2023|Aging Parents, Estate Planning, Financial Planning|

Healthcare proxies, also known as medical powers of attorney, are one of the most important documents you can have in your arsenal of legal documents. In the healthcare proxy, you name someone who will make medical decisions for you in case you can’t. Without it, the care you need could be delayed with devastating results. [...]

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