Retirement

getty It’s generally a bad idea to name a trust as beneficiary of your IRA. The IRA usually loses the power of tax deferral, because it must be distributed faster than in other scenarios. There are only a few instances when a trust as beneficiary avoids this problem, A recent IRS ruling gives an example,

getty It is said that the Americans who stormed the beaches of Normandy and saved the world from the ultimate evil are members of the “Greatest Generation.” I believe the name can also apply to the many people who lived through World War II in Europe and moved to the United States to create a

By Donna Mitchell, Next Avenue Entrepreneur Dawn Kelly Courtesy of Shante Carlan Before Dawn Kelly, 58, launched her quick-serve restaurant The Nourish Spot in Queens, N.Y. in 2017, she had been downsized from a corporate public relations job. She needed to figure out a way to continue working but was unsure about almost every aspect

Middle-class Families Went Deeper Into Debt, Faced Evictions and Job Losses That Will Linger getty Congressional action on more financial relief for struggling families and businesses is welcome news, but America’s middle class will need more help next year. The signs are already there that the recession has caused longer-term economic pain. Even before the

getty After months of waiting, debate, and compromise, we finally have a second COVID-19 relief package. The deal comes just days before many of the protections established by the CARES Act are set to expire.  Some of the most anxiously awaited aspects of the new Act are the additions, clarifications, and changes to the Paycheck

One of the most common questions people ask me is “How much do I need to save for retirement?” An accurate answer requires that I ask a lot of questions, so I understand their particular circumstances and assumptions about the future. To begin with, it’s necessary to know how much they’ve already saved, their risk

Free Financial Planning Clinic Retirement planning sign at Hyatt Regency Hotel. (Photo by: Jeffrey … [+] Greenberg/Universal Images Group via Getty Images) Universal Images Group via Getty Images Despite rumors older people maybe skittish about working and being out in the world before they can get the COVID-19 vaccine, planning to work longer in old

National Family Caregivers Month, celebrated in November, is over —and before you ask, ‘Who knew?’, read on. December follows with the annual Home for the Holidays Campaign, on behalf of the nation’s Aging Network—and this year, to help navigate these challenging times the focus is on directing older adults and family caregivers to the nation’s

Economic Security Planning, Inc. Today’s column addresses questions about divorced spousal benefits and what they mean for other benefits available on a person’s record, when continuing income is counted, disability and retirement benefit amounts and a possible reason for extra payments. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and

getty Quick, did you look at your calendar? The year is almost over. Were you able to get everything done that needed to get done? And what about planning for your retirement? Did you forget about that? ADVERTISEMENT As the end of the year approaches, you may find yourself up against important deadlines. There’s still

getty Hundreds of thousands of small businesses and millions of people have been waiting for a second round of Paycheck Protection Program (“PPP”) loans to keep businesses and professionals operational.  Congress will hopefully answer the prayers of these borrowers, their employees, and Warren Buffet by enacting the “Emergency Coronavirus Relief Act of 2020” next week.   

15th July 1992: Democratic politician and Governor of the state of New York, Mario Cuomo, … [+] addressing the Democratic convention and nominating Bill Clinton for the Democratic presidential nomination. (Photo by Rick Friedman/Consolidated News Pictures/Getty Images) Getty Images When I write about well-funded pension plans, it’s generally to make a plea for risk-sharing plans,

Older Unemployed Workers Face Age Discrimination getty Unemployment has especially hurt older workers in this recession. Workers 55 years old and older are more likely to be unemployed and spend longer looking for a new job than is the case for younger workers. They also often experience discrimination. This exacerbates the mental stresses associated with

getty This is to follow my recent post regarding whether PPP loan expenses should be tax deductible, Attorney Daniel J. Leer represented John Manocchio in the Tax Court and in the Ninth Circuit Court of Appeals case of Manocchio v. Commissioner of Internal Revenue Service, and has given me interesting input with respect to my

For business owners, the Roth IRA may be a very attractive savings vehicle. getty Roth IRAs and 401(k)s (called DRAC, or Designated Roth Account) are common wealth-accumulation tools. There are multiple ways to utilize a Roth, and they offer significant financial planning opportunities, notably the elimination of Required Minimum Distribution (RMD) friction (‘tax friction’) and

getty Americans have waited with bated breath for months in hopes that Congress could reach an agreement on additional, much needed COVID-19 stimulus legislation. Thankfully, we appear to almost be there. Here are some of the proposed provisions that will impact millions of Americans and hopefully keep people fed and help the economy.  1. Extension

the gift of a pile of books bound by a ribbon and a bow getty It’s almost the new year, which means its time for resolutions! If you have a goal to be more financially savvy in 2021, are just curious about how you can make better money moves or want a useful gift you

getty Taxpayers throughout the country are asking their accountants whether they will be able to deduct expenses that were paid with PPP loans. The IRS has taken the position that any expense paid that facilitates forgiveness of a PPP loan will not be deductible. Hopefully the bipartisan COVID-19 bill will pass because the language thereof

It’s a good time for a Roth conversion. getty By now, many have heard about Roth IRAs and how Roths allow tax-free growth. Often, we fail to consider the huge opportunity to accumulate wealth by the combination of the lack of RMDs and the long-term compounding opportunities presented by a Roth. Roth IRAs can allow

The way to understand how premiums are calculated on a term life insurance policy is to recognize that term life insurance is a collection of renewable one-year term policies. Consider that I buy a one-year term policy as a forty-year-old male. Given the mortality data I am using, the insurance company projects that over the