If you're approaching retirement or already retired, you may have a traditional IRA, SIMPLE IRA, or SEP. If you do, at a specific age you must take a minimum distribution. This minimum distribution is required by the government when you reach the age of 70 ½. It is not only done one time but this...
Under California law, declared homestead exemption and automatic homestead exemption are separate and distinct protections that operate differently. In re Mulch, Bkrtcy.N.D.Cal.1995, 182 B.R. 569. Under California law on homestead exemption, automatic homestead attaches to principal dwelling o...
U.S. immigration laws provide a multitude of options for Singaporean and U.S. companies and individuals to engage in trade and commerce. These options may also allow for individuals and employees of corporate entities to seek permanent residency in the United States. The corporate client may wi...
If you or a loved one turns out to need long-term care, you don’t want to see a big chunk of hard-earned savings go down the drain to pay for it, a long-term care (LTC) insurance policy can help and here are some thoughts on integrating it into your estate and financial plan.
The largest wealth transfer in the history of the world is currently in process. It's estimated that around $68 trillion will switch hands over the next 25 years. Baby Boomers are currently retiring, and many of them will pass of the scene within the next few years. Much of this wealth will be ti...
It's that time of year again for Medicare's Open Enrollment! Are you ready? If you are new to Medicare then it's important to know that Open Enrollment occurring in the Fall is only designated for changes to be made to current coverage. These changes include: • Changing from regular Medicare ...
Although we assume many of our readers know what a 401(k) and an IRA are, let's cover these quickly. What is a 401(k)? 401(k) retirement, savings, and investment accounts are places to store money in which your contributions are typically matched – a portion of those earnings, usually not all of...
The US Internal Revenue Service has announced an extension of the deadline for special voluntary disclosures by taxpayers with unreported income from offshore accounts. The extension, announced by the IRS on September 21, gives taxpayers until October 15, 2009, to make a disclosure. Under special...
As the author of “The 3 Secret Pillars of Wealth” I have identified what I think are seven to eight steps all Americans need to respond to and become accountable to right now. Accountability is when you're going to get serious about what you're doing and where you're going. Jeff Combs, a great co...
Due to the rise in our deficit (paying $1 trillion per year on interest only) we are headed for higher tax brackets. The only way you'll NOT run out of money is if you have some tax free strategies in your retirement plan. As you can see from the graph, sometimes tax-free is actually more when yo...
The IRD or Income Respective of Decedent: When we pass away and leave a sizable IRA or other deferred asset our heirs will have to pay the income tax on it personally. This often times increases the heirs own tax bracket causing terrible tax consequences when this can be diffused so easily. This ...
As Gary Coleman was unconscious in the hospital, his ex-wife, Shannon, gave the order to pull the plug. Now Coleman's parents have come forward accusing the hospital of stopping the life support prematurely without the proper permission, saying Shannon no longer had the right as she was not his ...
As a California business and support for other businesses it is sad to see the mass migration of businesses who can longer afford to stay here in California even after years of operations or founding the company in California. Not since the Jews left Egypt has there been such a mass exodus of peo...
It is never too early to begin thinking about retirement. Even if that season of life is decades away for you, the financial decisions that you make now can have a significant impact on your quality of life later down the road. As you begin planning for your future, it is important to have a guid...
The Forty-hour work week paired with a busy schedule tends to be a recipe for stress and burn out. While practicing daily self-care in small increments is an important piece to preventing burn out, periodically taking a prolonged break from our responsibilities and stressors is equally as importa...
No matter who becomes our new President it is almost assured that the entire marginal tax rate will have to shift and that means a deferred retirement plan will get hammered when you retire. Typically you put away money without tax for a number of years and then when you retire your taxed at ordi...
Everyone faces the concept of retirement at some point. The closer an individual gets to retirement age, the more concerned he may become about his ability to live comfortably after retirement. It may also make him wonder whether his retirement benefits will be available when he is ready to colle...
This years tax deadline is behind us. If you received a refund, what's your plan? Some taxpayers choose to spend the entire check on clothing, shoes, and their appearance. They never look into investing their money for their own personal future. In a sense, you may be temporarily happy about you...
We are currently in an economy where people are running scared and are uncertain. I also think there is a jaded perception where we never give thanks or gratitude for what we have and our fear and panic is all about loss of greed which is not useful. This type of environment leads people to alway...
Sometimes seniors are denied claims and they think there is nothing they can do and they just accept it. However, a denied or partially paid claim can be appealed and nearly half of the appeals are successful and worth the effort…might as well give it a try. When a Medicare claim is denied or app...
As of July 30, 2009 – Advanta Bank Corp. stated that they were closing all business credit card accounts. They cited in the letters that went out that an independent trust which owned the balances cards and provides funding for new transactions was pulling out. As such, you need to keeping paying...
When it comes to retirement savings, one of the best options available to those who don't have a workplace retirement plan is an IRA. These savings vehicles allow for future retirees to save up to $6,000 per year in a tax-advantaged manner as of 2019. Those who have reached age 50 can add another...
A lot of people have heard the word “Probate” used but I find that they don't really understand what it is or how it can affect them. Probate, simply put, is the process set up by the legislature in every state that gives the courts guidance in how to transfer and manage the property of a decease...
Individuals working for years and planning for retirement ultimately lead to be dynamic go-getters who don't want to think about the limitations and possible incapacitations of old age. However, with smart planning in your 50's and 60's, you can protect your heirs from financial risk and even pro...
There are many people who get duped annually on whole life insurance. Don't get this wrong if you want to overpay for death benefit that goes to your family then Whole Life has merit. However, don't ever get seduced to thinking it has any serious cash build up and that you'll have all kinds of mo...
