Running a family business comes with unique challenges – especially when considering long-term succession planning and asset protection. One solution that’s gained popularity is placing a business in a family trust. But can a family trust actually run a business effectively? The short answer is yes, but there’s much more you need to understand before … Read more
Did you know that if you had $1 million in dollar bills, it would literally weigh a ton and take you about 12 days to count it all? No matter how you slice it, that’s a lot of money! For a long time, a $1 million nest egg was the measure of retirement planning success. … Read more
Can You Actually Retire on $300,000? Here’s the Truth So you’ve managed to save $300,000 for retirement First off, congrats! That’s no small achievement You’re actually ahead of many Americans. But the big question remains – is it possible to retire with $300k? I get this question from readers all the time, and the answer … Read more
Are you constantly daydreaming about life beyond the office walls? Do you find yourself counting down the days until Friday even on Monday morning? Well, my friend, these might be subtle hints that retirement is beckoning! But how do you really know it’s time to retire? I’ve been researching this question extensively, and let’s face … Read more
A common question I am asked is: What is the difference between having power of attorney and serving as an executor? The difference is literally life and death. The agent serving under your power of attorney only has power and authority to act during your lifetime. Conversely, the executor is a person who is appointed … Read more
Have you ever wondered if everyone gets the same amount of Social Security when they retire? Maybe your coworker mentioned something about everyone getting $5,100 per month at age 70? Or perhaps you’ve heard that benefits are calculated the same for everyone? Well I’ve got news for ya – it’s absolutely not true! Social Security … Read more
Information and advice on buying additional pension from the NITPS including how much it will cost, how to buy it and the effect of unpaid leave. If you’re a teacher wondering about ways to enhance your retirement income, you’ve probably asked yourself: “Can I buy extra years on my teachers’ pension?” The short answer is … Read more
Many savers have made after-tax contributions to a 401(k) or other defined contribution retirement plan. If your account balance contains both pretax and after-tax amounts, any distribution will generally include a pro rata share of both. Example: Your account balance is $100,000, consisting of $80,000 in pretax amounts and $20,000 in after-tax amounts. You request … Read more
It’s not always as simple as a flat fee for their services. Annuity commission is an essential aspect of the retirement planning landscape, and understanding them can make a significant difference in your financial future. Need help choosing the best annuity for your unique situation? Have questions about getting an annuity? If so, it’s best … Read more
Unfortunately, the answer to this question is yes, an executor can be held liable. If you have an attorney, ensure that they are a qualified probate attorney. There are many things an Independent Executor should know in order to make sure they fulfill their position properly. A qualified attorney will tell you exactly what you … Read more
