As we live in a free country, sometimes, Uncle Sam gives us a choice. When it comes to the taxation of retirement accounts, he takes the stance – “Pay Me Now or Pay Me Later”. Back in 1972, Fram Oil Filters used this slogan in a commercial. They claimed someone could pay the premium price for a Fram Oil Filter now, or, pay a mechanic later to fix all the problems caused by using a different oil filter. They eluded that you were going to pay the price either way. [...]
“How criminals are exploiting personal information to target vulnerable seniors in elder fraud.” In 2023, people over 60 lost a whopping $3.4 billion to scams, a 10.6% increase from 2022, according to the FBI's IC3 reports.[i] Unfortunately, headlines similar to the one above are all too common nowadays. Anyone can be a target of professional fraudsters but seniors are more vulnerable than any other group. According to a recent article from the National Council on Aging[ii] the latest scams targeting seniors are: Imposter Scams Tech Support Scams Online Shopping Scams [...]
Last year, we published a newsletter discussing Long-Term Care insurance and some food for thought around the common question “Should I consider Long-Term Care insurance?” In keeping with this theme, I (Russell) would like to similarly address another common insurance question, “How much life insurance should I have?” Although the short answer to a question like this is “it depends”, I think it is important to understand some fundamental guidelines. However, before we can begin to look into this problem, just like addressing Long-Term Care, we must first understand the [...]
Life insurance has come a long way since the days when it was known as burial insurance and used mainly to pay for funeral expenses. Today, life insurance is a crucial part of many estate plans. You can use it to leave much-needed income to your survivors, provide for your children's education, pay off your mortgage, and simplify the transfer of assets. Life insurance can also be used to replace wealth lost due to the expenses and taxes that may follow your death, and to make gifts to charity at [...]
By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs. For example, you may have a small estate and may be concerned only that certain people receive particular things. A simple will is [...]
If you care about what happens to your money, home, and other property after you die, you need to do some estate planning. There are many tools you can use to achieve your estate planning goals, but a will is probably the most vital. Even if you're young or your estate is modest, you should always have a legally valid and up-to-date will. This is especially important if you have minor children because, in many states, your will is the only legal way you can name a guardian for them. [...]
“…In this world nothing can be said to be certain, except death and taxes.” Benjamin Franklin penned this maxim in the late 1800’s, and it is as true today as it was back then. Indeed, taxes are a certainty, as we are reminded with every paycheck, purchase, and each April 15th. But death, and preparing for our own eventuality, is certainly overlooked. This concern is supported by a 2024 survey that reveals only 32% of Americans have an estate plan in place.1 There may be a myriad of reasons [...]
A well-designed plan protects your wishes and helps avoid conflict among your heirs. A wealth transfer plan guides the movement of your assets from your estate to your beneficiaries. Baby boomers are already in the throes of the most significant wealth transfer in history. Over the next 25 years, they are expected to leave $68 trillion in wealth to their heirs. But you don’t need to be older to need a wealth transfer plan, nor do you need a large estate. A plan that includes a will and proper beneficiary [...]