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While it is taxable on withdrawal, the contributions lower your taxable income. It comes as a surprise to some retirees that the withdrawals from a 401(k) are taxable. However, it is important to remember that the contributions are beneficial, because they lower taxable income, according to Market Watch in “How 401(k) savers can avoid a […]
Even if net worth is not high, a second look at your plan can be beneficial. The Federal Tax Cut and Jobs Act is a good reason for people, regardless of the amount of their assets, to either create an estate plan or review an already existing plan, according to the Atlanta Business Chronicle in […]
It is important to realize that you can name your power of attorney. A power of attorney is someone you name to act on your behalf should you become unable to handle your finances or make your own decisions. If you do not have a power of attorney, then someone will be named to act […]
A real-life problem when long-lost relatives show up. A trustee and only beneficiary of her mother’s trust explained her difficulties when her long-lost sister suddenly showed up toward the end of her mother’s life, according to the Santa Cruz Sentinel in the article “It’s never too early to disinherit children“. After disappearing for decades, her […]
A leisure world of retirement doesn’t appeal to everyone. If you have decided that you have had enough of work and plan to retire as soon as feasible, you might first take a look at some really good reasons to continue, according to USA Today in “18% of baby boomers and Gen Xers plan to […]
You have choices, so what are your interests? There are a number of options with age-restricted communities. However, active community living is one of the growing choices, according to Next Avenue in “How to Choose a 55+ Active Adult Community“. How can you determine which is the best for you? There are small, city-based apartment […]
The average loss to the elderly is $1,500 per successful scam. Seniors across the U.S. receiving Social Security continue to be targeted with many scams. However, a favorite seems to be convincing you to buy gifts cards with your savings, according to The Sentinel Source in “How to protect yourself from the Social Security imposter […]
No will or trust? The estate is most likely going to probate court. Transfer on death accounts can avoid some assets from going through probate. However, it is important to know that the laws governing TODs vary from state to state, according to Yahoo! Finance in “Transfer on Death (TOD) Accounts for Estate Planning“. Here’s […]
When money suddenly comes into the picture, there will most likely be challenges. There are many, many questions that can arise when you inherit money, such as do you pay down debts or do you invest, according to The Kansas City Star in “Coming into some money? Be wise with it“. Should you pay off […]
Jack Grynberg built a billion-dollar industry but faces a near total loss of assets. Denver oil tycoon Jack Grynberg placed his assets into trusts for his family to protect his wealth and now has lost a suit to retain his wealth after the family fired him, according to The Denver Post in “Denver oil tycoon […]
