A simple way to decrease the taxes you have to pay on 401(k) withdrawals, is to convert to a Roth IRA or Roth 401(k). Investopedia’s recent article, “How to Minimize Taxes on 401(k) Withdrawals” explains that withdrawals from those accounts aren’t taxed, provided they meet the rules for a qualified distribution. However, you’ll need to declare the conversion, when
A Love Letter to Your Family. “A real love letter is made of insight, understanding, and compassion. Otherwise it’s not a love letter. A true love letter can produce a transformation in the other person, and therefore in the world. But before it produces a transformation in the other person, it has to produce a
Forbes’ recent article, “Two-Thirds Of All Americans Are Missing This Estate Planning Document,” explains that a health care directive is a legal document in which an individual writes down his decisions for caregivers in the event of illness or dementia and makes instructions about end of life decisions. It can also provide guidance on how
“You don’t stop laughing when you grow old, you grow old when you stop laughing.” George Bernard Shaw. “Living each day as if it were your last doesn’t mean your last day of retirement on a remote island. It means to live fully, authentically and spontaneously with nothing being held back.” Jack Canfield. During our
Can Retirement be Recession-Proof? It was a tough time for people who had just retired, but since that time stocks have rebounded in a spectacular manner. However, says Money in the article “This is the Best Way to Recession-Proof Your Retirement, According to Experts,” it is possible that the long rally may be coming to an end.
What’s the Difference Between a Life Estate and an Irrevocable Trust? Investopedia’s recent article asks “Life Estate vs. Irrevocable Trust: What’s the Difference?” The article explains that a life estate and an irrevocable trust are two different ways to make certain that assets are transferred to the right party. Each of these has advantages and
“They say that every time a Targaryen is born, the gods toss a coin and the world holds its breath.” – Varys to Jon “The master of coin must be frugal.” —Varys to Eddard Stark Cryptocurrency is almost mainstream, despite its complexity, says Insurance News Net in the article “Westchester County Elder Law Attorney Anthony J. Enea Sheds
This kind of mistake can wreak havoc on many lives, which is why it is so important to work with an experienced estate planning attorney who is knowledgeable about special needs planning. The article, “Crafting an estate plan to include disabled family members” from The Ledger explains what is involved in special needs planning. Supplemental
“There’s never enough time to do all the nothing you want.” Bill Watterson, Calvin and Hobbes. “The trouble with retirement is that you never get a day off.” Abe Lemons. There are also people who wait until they become senior citizens to begin planning for retirement. That’s a little on the late side, but the
Fifty is a little on the late side to start taking care of these important life matters. However, it is better late than never. It’s easy to put these tasks off, since the busyness of our day-to-day lives gives us a good reason to procrastinate on the larger issues, like death and our own mortality.
