For many people, one of the primary goals of estate planning, other than providing for their family, is to avoid probate. Estate planning attorneys encourage people to keep their assets out of probate so often, in fact, that it is common for people to assume that probate is something to be avoided at all costs. … Read more
Ever wondered why some of your stuff doesn’t have to go through that dreaded probate process when you pass away? You’re not alone! At our estate planning firm we’ve seen countless clients confused about what assets are excluded from their estate. This confusion can lead to messy situations for families during an already difficult time. … Read more
Creating a will involves naming an executor, which is the person responsible for carrying out their loved one’s final wishes after their passing. Being named as an executor comes with a slew of legal duties along with the emotional toll of losing a friend or relative. Can an executor change a will after someone’s passing … Read more
Contributions to a traditional individual retirement account (IRA), Roth IRA, 401(k), and other retirement savings plans are limited by law so that highly paid employees don’t benefit more than the average worker from the tax advantages that they provide. Contribution limits vary by the type of plan, the age of the plan participant, and, in … Read more
As a strategic partner who helps clients navigate and grow in changing circumstances, Tina is responsible for the direct management of the Citizens Wealth Management financial planning and estate planning team, including a team of CERTIFIED FINANCIAL PLANNERS™, estate and tax planners, and trust officers. Most people look forward to their retirement, dreaming of a … Read more
Have you ever stared at your bank account after getting a bonus or inheritance and thought “Should I throw this at my mortgage or stick it in the stock market?” You’re not alone. This financial crossroads keeps homeowners up at night across America and the answer isn’t as straightforward as some “experts” might have you … Read more
Over the last decade, the “financial independence, retire early” (FIRE) movement has become one of the hottest mantras for those under 60.1 But the reality is that leaving the workforce in the prime of your life requires even higher investment contributions and more severe cost-cutting than you might think. Have you ever found yourself daydreaming … Read more
Ever dreamed about your golden years being completely debt-free? Well I hate to burst your bubble, but the reality might surprise you. As someone who’s spent years researching retirement finances, I’ve discovered some eye-opening stats about how much debt the average retiree actually carries. Let’s dive into the uncomfortable truth about retirement debt in America … Read more
For the latest information about developments related to Pub. 590-B, such as legislation enacted after it was published, go to IRS.gov/Pub590B. Distributions to victims of domestic abuse. Beginning with distributions made after December 31, 2023, a distribution to a domestic abuse victim is not subject to the 10% additional tax on early distributions if certain … Read more
The IRA aggregation rule was created to limit the ability of taxpayers to take advantage of ‘abusive’ IRA tax strategies, by requiring that all IRAs are aggregated together to determine the tax consequences of a distribution from any of them. The primary impact of the IRA aggregation rule is to determine how much of an … Read more
