Estate tax is levied against someone’s estate upon death and is based on the size of the total estate. Inheritance tax is levied against the heirs of an estate.
With appropriate income withdrawal strategies, a retiree can lessen their exposure to IRMAA surcharges.
It is the responsibility of the surviving spouse or the estate’s executor to notify lenders on joint accounts, to close out accounts in the deceased’s name, and to notify the three major credit agencies.
Studies have shown that some heirs ultimately end up in worse financial shape after receiving an inheritance. This is so common that psychologists call it sudden wealth syndrome, although it is not an actual psychological diagnosis.
These misperceptions can end up costing you a lot of money, and more importantly, years of your life working for someone else rather than pursuing your passions.
Trusts can be an essential part of your plan—but they are often complex and time-consuming to set up.
You may be shocked to learn that new national and state laws may have prohibited your agent’s power to act.
The mechanics of estate planning can be easy enough, but the big picture requires a lot of thought and soul searching.
It’s wise to use an adviser whose primary focus is on strategies that maximize the retirement experience.
You’re finally retired but the journey is not over. There is still plenty of planning left to do. We will discuss what needs to be done in Phase 4 of your…
Transitioning from work to retirement might be the biggest financial challenge people face. We’ll cover planning during Phase 3 of your retirement journey on this edition of Project Wealth.
Preparing for retirement might be the single biggest financial challenge most people face. We’ll cover planning Phase 2 in this episode of Project Wealth.
The good news is that there are plenty of legitimate options to avoid the penalties and taxes.
Don’t leave money on the table.
Could a happy retirement still include working, but only doing the parts of our jobs we enjoy?
Passing on your story provides something deeper than wealth.
It’s just as important to diversify how funds are saved as it is to diversify how they are invested.
Widows and widowers whose spouses were younger than 72 at the time of death need to examine their options carefully before rolling over their spouse’s IRA.
Do not spend money that has been accumulated for financial independence. Invading long-term savings extends the time it will take to achieve a goal.
The new rule for adults who inherit an IRA from their parents in 2020 and beyond is that they must liquidate that account within 10 years.