Retirement

Introduction Grantor trusts are groovy. They have so many potential benefits that they are the cornerstone of many, maybe even most estate plans. Grantor trusts let you transaction business with your trust without triggering gain for income tax purposes. Rev. Rul. 85-13. So, you can sell your family business or rental real estate to the

The short answer is NO! This issue has been around for many years and seems to have resurfaced recently as we get closer to 2034. The definition of bankruptcy is the inability to pay outstanding debts or obligations. The key word here is inability. The Social Security program, as designed, has become antiquated and is

Many retirees nowadays are concerned about the world they’re leaving for their kids and grandkids, with a particular focus on the potential impact of climate change. And financial institutions are paying attention: The New York Times reports that according to Morningstar, there were 588 sustainable mutual funds and exchange-traded funds (ETFs) in the U.S. in

The Wall Street Journal recently pronounced that “A generation of Americans is entering old age the least prepared in decades.” The article authored by Heather Gillers, Anne Tergesen and Leslie Scism documents how a “combination of economic and demographic forces has left older Americans with bigger bills and less money to pay them… more than

Portugal is the number-one destination in Europe for ease of residency. The Portuguese government is eager for foreign investment, offering a wide range of residency visa options designed to attract different types of people. It’s innovative and adaptable, introducing new visa options like its Digital Nomad Visa, launched in October 2022, in response to changing

Cryptocurrency Donations More Complicated Donating cryptocurrency and getting a charitable contribution deduction has just gotten more complicated and costly as a result of a new IRS pronouncement. If Taxpayer A donates cryptocurrency for which a charitable contribution deduction of more than $5,000 is claimed, a qualified appraisal is required under section 170(f)(11)(C) to qualify for

Share to Facebook Share to Twitter Share to Linkedin Washington’s runaway spending is highlighting the seemingly unstoppable growth of the big entitlement programs: Social Security, Medicare and Medicaid. Moreover, the trust funds for Social Security and Medicare are headed for insolvency. These looming disasters are prompting plenty of proposals on what to do: raise eligibility

Key takeaways The Fed is expected to introduce a 0.25% interest rate hike today, bringing the target up to 4.75% Inflation is already showing signs of cooling, so now the Fed risks higher interest rates causing a recession The shifting global economic landscape means the Fed may need to revisit its rate hikes sooner than

SECURE 2.0 was enacted as part of the Consolidated Appropriations Act, 2023. It introduces a significant number of changes to retirement preparation including, contributions, simplicity of participation, and the date for beginning Required Minimum Distributions (RMD). There is a significant new provision for the surviving spouse of a deceased participant in an employer retirement plan.

Five Key Considerations With two exceptions, my wife and I have owned at least one dog throughout our 44 years of marriage. The first exception was some thirty years ago when we still had two cats. The second exception is now. Our beloved border collie, Skye, crossed over the rainbow bridge this past summer and

We’re fast approaching the three year mark of COVID-19 shutdowns in 2020 that reverberated through the United States and global economies. According to the International Monetary Fund (IMF), median global GDP dropped by 3.9% from 2019 to 2020, making it the worst economic downturn since the Great Depression. All too well we remember that in

You may think that your aging loved ones are safe from being ripped off because they’ve been careful about their estate planning, particularly if they have a lot to steal. But there is more to keeping them safe financially than a will and trust. The elders tell you “we’ve taken care of all that. Don’t

Households of color often find themselves in a tighter financial bind than is the case for white households. Black, Latino, many Asian households as well as households of other and multiple races and ethnicities tend to have fewer savings, while they face greater financial risks from unemployment, health emergencies, and widespread discrimination, among others. Squeezed

The new year brings the start of many things, the most likely being a hangover. No, not that kind of hangover. The one referenced here is the work hangover. The end of the year fills your social calendar. That requires you to prioritize your work. The most important items get done. The rest you leave

People used to fear a diagnosis of cancer above all. That has been replaced by fear of a diagnosis of dementia, particularly Alzheimer’s disease. Most people know someone who has it or did in the past. There is good reason to be afraid. It’s a difficult, expensive and sometimes very long journey with this disease.

There’s been a problem with 529 plans from their very beginning. They’ve always been a gamble. You gambled your child would actually go to college. You gambled your child would not earn a scholarship. You gambled you would put too much money into the 529 plan. Why is the 529 plan a gamble? When you

The U.S. has just about 39 million workers 55 and older. What’s it like being one of those 39 million older workers? You can’t generalize. They range from billionaire Warren Buffett to Butch Marion, a 82 year old clerk at Walmart WMT who was able to retire after someone sponsored a GoFundMe campaign for him.

To help protect themselves from being taken advantage of by financial sales professionals, retirees should ask the following questions about the financial professional seeking to provide them with investment advice or sell them an investment product: “Are you a fiduciary, and how are you registered?” “This question is critical as advisors can be dually registered

It doesn’t take much to send a solid retirement plan off the rails. Fortunately, you’re more likely to avoid retirement failures when you know the mistakes that endanger your financial independence and security. Helping Too Much People often dip too far into their retirement funds to help loved ones. Many parents don’t like to turn

On December 29, 2022, the SECURE Act 2.0 of 2022 was signed into law to enhance America’s retirement savings outlook. Since the original SECURE Act (Setting Every Community Up for Retirement Enhancement Act) passed in December 2019, legislators have continued exploring ways to address the general inadequacy of Americans’ retirement savings, and the lack of