Are you worried that your hard-earned 401(k) savings might reduce your Social Security checks? I’ve got good news for you! Your 401(k) withdrawals won’t directly reduce your monthly Social Security benefit amount – but there’s a catch you need to know about taxes As someone who’s spent years helping folks understand their retirement options I … Read more
If annuitants are married at the time of retirement, they must provide maximum survivor benefits to their spouses unless their spouses consent to an election of less than a maximum survivor annuity. An annuitant elects a survivor annuity for a spouse at retirement on the retirement application and an election results in a reduction to … Read more
With a Traditional, Rollover, SEP, or SIMPLE IRA, you make contributions on a pre-tax basis (if your income is under a certain level and certain other qualifications) and pay no taxes until you withdraw money. IRA withdrawal rules and penalty details vary depending on your age. Are you stressing about the tax bite when it’s … Read more
Is a trust part of your estate plan? A trust is a versatile legal entity and serves several purposes. They legally protect and manage property or assets for your benefit and that of your loved ones. They can also ensure your assets are distributed according to your wishes. Trusts can impact inheritance taxes, but it … Read more
The Complicated Answer That Could Save Your Will from Being Invalidated Have you ever wondered if the person you’re naming as executor can also witness your will? This question comes up a lot in estate planning and the answer isn’t as straightforward as you might think. As someone who’s spent countless hours researching this topic … Read more
With all of the options out there, it can be hard to choose which trust is best for you. Trust Point is here to help. We’ve put together this glossary to define some of the most common types of trusts and why they’re used. Continue reading to learn more about which trust is best for … Read more
Look, I’m gonna be straight with you – when it comes to retirement planning, most of us are honestly confused about the rules. One question I hear all the time from readers is: “Can I really max out both my 401(k) and my IRA in the same year?” The short answer is absolutely yes, you … Read more
As Franklin D. Roosevelt famously said, “Taxes are paid through the hard work of every labourer.” So, when the opportunity to reclaim a portion of that effort arises – by taking 25% of your pension as a tax-free lump sum – it’s definitely an appealing option. However, choosing to take a large pension lump sum … Read more
Having the option to take an early retirement is a really nice thing to have. But how much money do you need to retire at 55? If you want to retire early, youll need a solid plan, control over your expenses, and savings outside of retirement accounts. Heres how to find out if you can … Read more
If you’re navigating the probate process after the loss of a loved one, working with an experienced Los Angeles probate attorney can help ensure the estate is handled properly and disputes are avoided. An executor is the person or entity nominated in a will to administer the estate of the deceased person as directed by … Read more
