Retirement Articles
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IRS Expands New Tax Breaks On Retirement Distributions, Loans
IRA and 401(k) owners recently received expand-ed tax breaks, thanks to some new IRS guidance on the Coronavirus Aid, Relief, and Economic Security (CARES) Act.The CARES Act already provided valuable tax breaks. Required minimum distributions (RMDs) are suspended for 2020. Plus, the law relaxed restrictions on taking loans and distributions from retirement plans. In recent […]
Here’s What You Need to Know About the 7 Most-Popular Trusts
Trusts are an essential part of most estate plans, even the plans of people with moderate wealth.Not too many years ago, trusts were reserved largely for the very wealthy. Times have changed, how-ever, and most estate plans have at least one trust. Trust terms and concepts are unique, and many lawyers don’t do a good […]
Will vs. Trust: Which is Better?
“By failing to prepare, you are preparing to fail,” said inventor, diplomat and founding father Benjamin Franklin in describing the importance of planning for the future. It is only natural for people to want to maintain some level of control over the assets that they worked so hard to accumulate throughout their life. Creating a […]
How To Create a Trust for Your Heirs
“Great Fortunes Lost” was an article in Fortune magazine years ago. It described how various individuals, usually heirs, lost or squandered very large fortunes. Some of the individuals lost more than money. They lost their health or wasted their lives because of the effects wealth had on them. It’s nice to leave enough to make […]
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Bob’s Journal for 7/23/20
Some Notable Events That Grabbed My Attention This Week Looking Beyond the Unemployment Claims Headlines The employment market probably is worse than the weekly data indicate. Most of the focus is on the number of new unemployment claims and the continuing claims. Those are very good measures of trends in the economy and labor markets. […]
What is a Grantor Trust?
A grantor trust is one in which the grantor retains control of its income and assets. Grantor trusts are a type of living trust that is created during the lifetime of the individual who creates it. The grantor typically is self-appointed as the trustee to maintain control over the assets. The grantor can then name […]
What is a Variable Annuity and How Does it Work?
Variable annuities are a specific type of contract issued by an insurance company that requires the annuitant, or the annuity owner, to choose from a variety of investments to put the principal. The funds put into the investment are called the principal, and the payouts received by the annuity owner are contingent upon the […]
Estate Planning for the Growing Unmarried and Single Population
In last week’s edition of Retirement Watch Weekly, I presented Estate Planning for “Modern Families.” There’s a lot more ground to cover, so let’s dive right back in – starting with estate tax implications for single people. Under the estate and gift tax, singles do not have the advantage of the marital deduction. An unmarried […]
