Retirement Articles
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CARES Act Expands Charitable Giving Tax Breaks
Tax incentives for charitable giving were expanded in the CARES Act. The incentives provide additional giving opportunities for taxpayers who aren’t cash-strapped as a result of the hibernation economy and want to help those who are in financial distress.The regular rule limits the annual tax deductions for charitable gifts. Individuals can’t deduct more than 60% […]
Medicare Is Updated for the Coronavirus Pandemic
Medicare expanded its coverage in response to the coronavirus pandemic. Telehealth services are the major additional benefit under Medicare. These services enable beneficiaries to consult with doctors and receive some types of treatment without having to leave their homes and visit medical facilities. Telehealth services can be delivered through telephone, online via computers or other […]
The Surprising Estate Planning Step for Social Security Benefits
Social Security benefits are one of the items that fall through the cracks in many estate plans. In this issue we already discussed the importance of having a financial power of attorney, so someone manages your finances when you aren’t able to do so. You also might need someone to manage your Social Security benefits, […]
Congress Makes It Easier to Take Emergency Cash From Retirement Plans
Some provisions of the CARES Act allow people to take cash out of retirement plans and accounts during the crisis with fewer restrictions and penalties than usual. Keep in mind that a retirement plan might not make the new flexibility available to its participants. The employer sponsoring the plan decides whether or not to adopt […]
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Your Questions Answered: How the CARES Act Changes RMDs
By far the questions I’ve been asked the most recently concern a major change that was made in required minimum distributions (RMDs) from retirement accounts. The Coronavirus Aid, Relief, and Economic Stimulus (CARES) Act rolled through Congress in about a week and was signed by President Trump on March 27. The major focus of the […]
The Essential Estate Planning ‘Go Package’
An estate plan doesn’t do much good when key people don’t know about it or have access to key documents and information. Many times after someone passes away or falls ill, the family members go on a hunt for a will and other estate planning documents, or the contact information of an attorney who might […]
How to Update Your Estate Plan for the Pandemic
The novel coronavirus pandemic is causing a lot of problems, but there are actions you can take that will capitalize on the chaos or maximize the protection available to you and your family. The novel coronavirus pandemic spurred interest in estate plans. Many people realized their plans weren’t ready when the pandemic began. The foremost […]
The Dynasty Trust: How It Works
In last week’s edition of Retirement Watch Weekly, we discussed the advantages dynasty trusts can bring to your retirement and to the inheritance you leave your heirs. You can find last week’s issue here. Today, I’ll tell you the next steps to take after the trust is created. Once it’s created, there are many options […]
