When saving for retirement, the typical advice is to max out your 401(k) or individual retirement account (IRA) before anything else, but this is not always the best strategy. The problem comes with taxation in retirement. When you have only one type of retirement account, you get backed into a certain tax structure, which can… Continue Reading
While getting married is an exciting time, it can also prove stressful as couples combine their finances and define individual responsibilities related to them. This process can become particularly complicated if trusts are involved as part of an estate plan. Marriage means that many assets become joint property, but does this override what has already… Continue Reading
An important estate planning tool to know about is a lady bird deed, also known as an enhanced life estate deed. This type of deed allows owners to pass down property without going through probate. Many people use a lady bird deed to maintain property within their family without sacrificing Medicaid eligibility or exposing their… Continue Reading
People are living longer than ever before and this means that retirement nest eggs often have to stretch for more years than people planned. This can mean that people have less to spend in their early years of retirement than they thought. Unfortunately, spending heavily at the beginning of retirement can severely limit one’s income… Continue Reading
While relocating for retirement is not the best decision for every person approaching that milestone, moving is something that individuals may want to consider as they come closer to retiring. A lot of factors need to be considered when thinking about where to retire, which is a very personal choice. Some people prefer to be… Continue Reading
The recent Supreme Court case Loper Bright Enterprises v. Raimondo and its companion case Relentless v. Department of Commerce will have important ramifications for estate planning in general. The cases particularly address the tax ground rules that apply to retirement preparation, estate planning, and more. While it may be tempting to deem the ruling too… Continue Reading
Medicare, the cornerstone of healthcare for older Americans, has evolved significantly since its inception in 1965. In a detailed discussion with Peter Hegel, an expert in Medicare from New Century Planning Inc., several critical aspects of Medicare, including its history, different parts, and options for supplemental coverage, were explored. Historical Context and Basic Structure Since… Continue Reading
The Republican Study Committee, which consists of four-fifths of Republicans in the House of Representatives, recently called for a radical shift in retirement policy that would tie Social Security eligibility age to life expectancy. This proposal was a key component of the fiscal 2025 budget proposal. It also included the suggestion to reduce benefits for… Continue Reading
A solid estate plan accounts for the full range of possibilities to create contingencies that will keep property protected in virtually any situation. This includes the possibility of cognitive decline. With people living longer than ever before in history, the growth rates relating to dementia are increasing. Dementia and other forms of cognitive decline are… Continue Reading
Saving for retirement involves a lot of planning and hard work. Often, people strive to pay off all of their debt before they retire, so the thought of taking on new debt in retirement can be difficult for many people to consider. At the same time, taking on new debt after retirement can prove a… Continue Reading