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.
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…
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.
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.
When Inheriting an IRA there are complex rules you will need to follow to avoid costly errors.
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.
The difference can be summed up in two words: intraday trading. Unlike mutual funds, ETFs can be bought and sold anytime throughout the day.
Affordability, access to healthcare, climate, and culture are just some of the important factors to consider before moving to another state.
529 plans can be a good option for both college and K‑12 savings. But to avoid paying taxes or early withdrawal penalties, it’s vitally important to keep up with any changes to the rules.
One way is determining your risk tolerance.
Learn why we use time-weighted return as a reporting metric and see how it gives you an accurate picture of portfolio changes over time.
The cost of medical expenses is rising and thus users across the board (not just 30% of them) could see their premiums rise by some amount.
Depending on your income and household size, you may qualify for federal tax credits, a combination of credits and subsidies, or Medicaid.