Do you have an annuity? Is this a financial tool you created for your own future but is something that was ultimately moved out of your possession/estate and into the management of a trust? An insurance company plays a crucial role in managing annuities, especially when they are owned by a trust. Read on to … Read more
You may have a chance to increase your Social Security Disability Insurance (SSDI) benefits by submitting a request to the Social Security Administration (SSA). However, the SSA will only increase your benefits in specific situations, generally if you’ve had a major change in your life. Life circumstances can change unexpectedly, and if your situation changes, … Read more
Dealing with a loved one’s estate after they’ve passed away can be emotionally draining. Add to that the complex legal process of probate, and it’s easy to feel overwhelmed. If you’re wondering about probate duration in 2021, you’re not alone. Most people want this process over quickly, but unfortunately, probate often takes longer than expected. … Read more
The contribution limit for individual retirement accounts (IRAs) for 2025 is $7,000. If you are 50 or older, you can contribute an additional $1,000 for a total of $8,000. This includes contributions for both Roth IRAs and traditional IRAs. But there are restrictions that could affect how much you can contribute and what you can … Read more
Partial or full Roth conversions require a multifaceted analysis. The strategy is heavily dependent on individual circumstances, and changes incorporated in the SECURE Act — including modifications to the required minimum distribution (RMD) rules and tax implications for beneficiaries who inherit an IRA or Roth IRA — make this a good time to consider the … Read more
Have you ever wondered exactly how much money you need to save for retirement? It’s one of those nagging questions that keeps many of us up at night. I remember staring at my bank account a few years ago thinking, “Am I even close to where I should be?” That’s when I discovered the 25x … Read more
You may believe that you must be “wealthy” to need a living trust, but that is certainly not the case. Living trusts are becoming a prevalent estate planning tool for many people (and families) whose main assets are their homes, vehicles, etc. One of the main reasons for this is that if you form a … Read more
Have you ever wondered what happens to your stuff after you die? Maybe you’ve created a will, thinking that’ll take care of everything. But here’s the thing – having a will doesn’t automatically mean your loved ones can skip the probate process. I was shocked when I first learned this, and I bet you might … Read more
Nothing in this world is certain but death and taxes, Benjamin Franklin said. But even death can’t bring relief from taxes. Yes, death can be a tax-triggering event. And there are two you should be aware of: the estate tax and inheritance tax. The estate tax is levied on the things the deceased owns or … Read more
Let’s face it – nobody enjoys tax season, especially when you’ve been active in the stock market. As a trader, one question that probably keeps you up at night is “Do I really have to report EVERY single stock trade I made this year?” If you’ve made dozens or even hundreds of trades, the thought … Read more
