Managing assets like real estate in an irrevocable trust can sometimes present challenges, but trusts also provide many benefits. Selling a home held in an irrevocable trust is possible, though it requires following specific guidelines to ensure the process is handled correctly. At Casey Lundregan Burns, P.C., we have spent generations guiding families in Massachusetts … Read more
Though pensions come in two types—defined-contribution and defined-benefit—the most common type of traditional pension is the defined-benefit plan. During an employees working years, the employer contributes to the plan. (With a defined-contribution plan, the employee does, too.) After the employee retires, they receive monthly benefits for the rest of their life from the plan. Their … Read more
Dealing with a loved one’s finances after they pass away can feel overwhelming One question I hear constantly from grieving families is can you access a bank account without probate? The short answer is yes, you often can — but only in specific situations After helping hundreds of families through this process I’ve seen firsthand … Read more
Individual retirement accounts (IRAs) encourage savers to stay the course and not withdraw money before the age of 59½. Withdrawals prior to 59½ incur a 10% penalty tax levied by the Internal Revenue Service (IRS) in addition to any regular tax that is due. However, there are a few exceptions to this rule, such as … Read more
Under ideal circumstances, no one would ever run out of money in retirement, and they’d have enough resources to meet all their essential expenses and more. But with the potential for stock market volatility and continuing inflation, more people are searching for predictable income strategies to help meet their retirement needs. “Now might be the … Read more
Have you ever laid awake at night wondering if your retirement portfolio has too many stocks? Or maybe not enough? You’re definitely not alone in this worry. As someone who’s spent years helping folks navigate the tricky waters of retirement planning, I’ve seen this question cause more anxiety than almost any other investment decision. Today … Read more
The consequences of not saving enough for retirement can play out in numerous, yet subtle, ways. The results aren’t always disastrous, but they’re almost always sad. Maybe you have an elderly neighbor who still works a part-time job. Or, perhaps you know someone who moved in with an adult child to afford their bills. Sometimes, … Read more
With a Roth IRA, contributions are not tax-deductible, but earnings can grow tax-free, and qualified withdrawals are tax- and penalty-free. Roth IRA withdrawal and penalty rules vary depending on your age, how long youve had the account, and other factors. The Short Answer: You’re Never Required to Withdraw from Roth IRAs While You’re Alive If … Read more
Suppose you were notified about your status as an estate beneficiary over a year ago, but you still have not received your inheritance. When you asked the executor for an update, they claimed your inheritance is late because probate is still ongoing. You may be wondering: How long does probate take? While it can be … Read more
If youve ever inherited a retirement account, youve probably wondered how to use the funds best. Your new account can help jump-start your journey towards financial freedom. Converting some of your inherited IRA to a Roth account could be a great way to minimize your taxes on retirement income. So you’ve inherited an IRA and … Read more
