The Differences Between Estate and Inheritance Taxes
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.
It Takes Planning to Reduce Your Medicare Premiums
With appropriate income withdrawal strategies, a retiree can lessen their exposure to IRMAA surcharges.
The Importance of Reporting to Credit Agencies After Death
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.
Estate Planning Essentials Part 3: Protecting Beneficiaries from Themselves
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.
Six Retirement Tips That Should Go Away Forever
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.
Power of Attorney Roadblocks: Can You Answer These Three Questions About Your POA?
You may be shocked to learn that new national and state laws may have prohibited your agent’s power to act.
9 Retirement Decisions You’ll Want To Make With a Specialist
It’s wise to use an adviser whose primary focus is on strategies that maximize the retirement experience.
Phase 3 of the AGILE Retirement Journey
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.
High Earners: Maximize Your 401(k) Match Using This Simple Tool
Don’t leave money on the table.
Designing the Ideal Retirement: Keep Doing What You Love, Eliminate the Rest
Could a happy retirement still include working, but only doing the parts of our jobs we enjoy?
Becoming Financially Independent Part 3: Build Your New Three-Legged Stool™ and Help It Grow
It’s just as important to diversify how funds are saved as it is to diversify how they are invested.
Financial Challenges of Losing a Spouse in Retirement
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.
I Just Inherited an IRA From My Parent. Now What?
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.
7 Steps to Take When You Inherit an IRA
When Inheriting an IRA there are complex rules you will need to follow to avoid costly errors.
What’s the Difference Between Premium Bonds and Discount Bonds?
A premium bond has a coupon rate higher than the prevailing interest rate for that particular bond maturity and credit quality. A discount bond, in contrast, has a coupon rate lower than the prevailing interest rate for that particular bond maturity and credit quality.
Common Traps That Could Catch Early Retirees
Until you reach age 59 ½, attempting to access tax-deferred retirement accounts could trigger taxes and penalties.
How Does the SECURE Act Affect Legacy Planning for Large IRAs?
With the passage of the SECURE Act inherited IRAs from those who passed after December 31, 2019 are no longer allowed to stretch the withdrawals over their life expectancy.
12 Ways to Avoid a Penalty on Early Withdrawals
If money is taken from an IRA before age 59 1/2, a 10% excise tax penalty is applied to the amounts withdrawn—unless it meets one of the twelve exceptions.
Passive Investing: Index Mutual Funds vs. Exchange-Traded Funds (ETFs)
The difference can be summed up in two words: intraday trading. Unlike mutual funds, ETFs can be bought and sold anytime throughout the day.
Evaluating Where to Retire: Pennsylvania Vs. Surrounding States
Affordability, access to healthcare, climate, and culture are just some of the important factors to consider before moving to another state.
