Category: Retirement Planning
People who will be affected by your estate plan should be aware of it. Not telling your family members about your estate plans can be a big mistake as the Rocky Mountain Telegram points out in “Retirement and estate planning is a family affair.” Many people do not want to reveal the details of their […]
A proposal is under consideration by the Obama administration that may set new rules for retirement advisors concerning retirement accounts. Many elder law advocates have expressed concern that there is insufficient oversight of retirement advisors that could allow risky investments favoring the advisors over the client. The Hill, in a recent article entitled “Retirement advice […]
A legal change involving reverse mortgages may change the attitude of elder law attorneys. An exchange of equity in a home for an annuity known as reverse mortgages often seems like a wonderful solution to home owners as they retire and need additional funds. However, reverse mortgages are not always popular with elder law attorneys […]
U.S. Sen. Elizabeth Warren is charging that kickbacks for sales agents are common in the annuities industry and should be considered before making a purchase. The purchase of an annuity is a common approach to offsetting the expense of retirement as it becomes more difficult to save sufficiently for later years. An annuity can help […]
Here’s a Halloween riddle: What really scares Americans 50 and older? Answer: The stock market and their retirement. According to several recent financial security studies, including the Country Financial Security Index, as a result of the 2008 market meltdown, baby boomers are terrified of investment risk and another market crash. In the latest Country survey, […]
There are tax breaks to be had while you are living and those that can benefit your heirs after you have passed. Knowing which ones work at what time is key to help mitigate tax liability. While you are living, giving appreciated assets held in a taxable account is a good way to go. When […]
One of the most commonly-asked question to estate planning attorneys is “How much money do I need to retire?” The two questions underlying that question: how long will I live, and do I have enough money? If your health is good and your health habits are good, you may live longer than your parents, although […]
For farmers, land is far more than an asset to be valued and sold. Land is a legacy to be protected, a resource that generates income and, if land has been passed down from generations, the cornerstone of their family’s heritage. The goals of estate planning for farm owners involves planning for the needs of […]
Unlike people who work for an employer and can set automatic deductions for their IRA accounts, self-employed people need to set up and contribute to retirement accounts. Two of the most frequently used accounts are the Simplified Employee Pension (SEP-IRA) and the Solo 401(k). Contributions to both are tax-deductible, allowing the entrepreneur to obtain tax-deferred […]
A word to the wise: if you cannot find an independent financial report on an investment property, usually that is because it does not exist. A resident of Naperville, Illinois scammed a group of retirees with a convincing story of lucrative Turkish bonds that both he and his family were personally invested in. No one asked […]
