Top 5 Mistakes in Estate Plans – Does Yours Have Any?
December 17, 2019
The primary purpose of an estate plan is to provide for the thoughtful transition of asset ownership to intended heirs. After a plan is drafted, mistakes can creep in and upset a carefully-drafted plan. Below, are five of the more common problem areas to consider. 1. Misusing Joint Ownership Joint tenancy is a common form […]
4 Things a Surviving Spouse Should Know About Social Security
December 10, 2019
The Social Security administration gives benefits to surviving spouses based on the deceased’s retirement benefit. If the survivor is already taking retirement benefits, they can take the higher of either their own or their deceased spouse’s benefit. Rules on these benefits are based on the age of the survivor and if the deceased had begun […]
Medicare 2019 – Key Enrollment Dates and Important Changes
November 5, 2019
The leaves are changing colors and a cool breeze is in the air, which means many retirees are securing their winter travel plans. However, before jumping on the plane to escape the cold winter months that lie ahead, it is also time for Medicare participants to decide if changes should be made to their health […]
Updating an Estate Plan – Organizing Your Thoughts
October 22, 2019
Preparing an estate plan can be an intimidating process, since final instructions for a family’s assets are memorialized. Upon death, those instructions are fixed – forever. Estate plans should be reviewed frequently as family circumstances change – children mature into adults and in-laws are introduced into a family. When children are very young, parents focus […]
What happens to your belongings when you die?
October 15, 2019
As Financial Advisors, we put a lot of thought and effort into making sure that we have the proper beneficiary designations and titling on accounts for clients so that they are passed on appropriately someday in the future. Much of our focus is on investment accounts, bank accounts, houses, etc. – but what happens to […]
Yours, Mine, Ours – Financial Considerations for Blended Families
September 17, 2019
When I decided to get remarried, it was an exciting time for me and my (now) husband. What we quickly found, however, was that decisions we had made prior to our previous marriages, such as where we would live, financial decisions and now, disciplining and raising kids from our previous marriages, were not as straightforward […]
Child’s UTMA is Ending – What Protection Exists?
August 13, 2019
Uniform Transfers to Minors Act, or UTMA, accounts are a popular way to hold investments and bank accounts for minors. Such accounts are owned by the minor but controlled by a designated adult custodian. The minor becomes the outright owner of the account assets when he or she reaches the age of majority specified in […]
Top 2 Tax Changes That May Affect Your Retirement
August 6, 2019
There are likely substantial retirement account changes on the horizon which will alter planning for all current and future retirees. Recently, the House passed the Setting Every Community Up for Retirement Enhancement or SECURE Act. The SECURE Act is expected to pass the Senate in the coming months. The two most wide-reaching changes in the […]
Honoring the Memory of a Loved One
July 30, 2019
When we lose someone that we love, we miss out on all the future memories that we never get to create together. In many ways, this is difficult and unfair. However, this doesn’t mean that the memories need to stop. Here are some ways to preserve the memories of loved ones we have lost: Tell […]
Working Wealthy – The Estate
July 23, 2019
One of the foundations of personal financial planning is estate planning. For some, it can be an unpleasant topic. Just ask my wife—she put up with my nagging and cajoling for nearly six months before we put our plan in place. I can’t blame her, pondering one’s own mortality is not an everyday task. In […]
College Send Off: The Tool You Need to Stay Informed
July 9, 2019
Summer feels like it just started, and back-to-school is already around the corner. Whether you are dropping off your fifth child for the first time at college – or your first child for the fifth time – you’re ready for this. You made good decisions along the way and tackled a lot: Filled out your […]
Long Term Care: Traditional or Hybrid Policies?
June 4, 2019
Long Term Care Environment Shifting Towards Hybrid Plans When reviewing our client’s insurance coverages, a question we’re often asked is whether to purchase long-term care coverage. To answer that question there are a lot of factors to consider from your family health history to your experience dealing with a loved one going through that difficult […]