Social Security: The Basics
WHAT IS SOCIAL SECURITY? The Social Security Administration was founded in 1935 after the Great Depression to ensure that American citizens would have a reliable stream of income when they retire through no effort of their own. Social Security is a pay-as-you-go program, which means that you get Social Security taxes taken out of your paycheck today, that is then paid out to beneficiaries,...Read More
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Problem with Joint Accounts
Here’s an idea that sounds better than it is: Put childrens’ names on the parent’s bank account. That way, children can sign checks if parents can’t pay bills when they become ill. When the parents pass, the money goes directly to the children with no court involved. Simple. Simple does not mean good, however. Joint bank accounts are owned equally by all who are named on the account. All can...Read More
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Financial Considerations and Aging
It is a truism that you spend the first half of your life trying to get something and the second half of your life trying to keep it. If you are a senior, or very nearly there, it is time to review how you plan to protect your finances. Check Professional Credentials Unless your expertise is in senior financial planning the best thing to do is get qualified help. Be sure to check professional...Read More
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How Children Influence your Estate Plan
For families with minor children, parent’s have some interesting decisions when they draft their estate plan. It is common for a parent’s will to leave specific directions to the executor of the will as it relates to their children. For example, if there is no surviving parent and the child has not reached a certain age, the will may direct the executor to create a trust for the...Read More
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So the Estate and Gift Tax has doubled – does that mean anything for you?
The Tax Cut and Jobs Act of 2017 has doubled the Federal Estate and Gift Tax exemption amount from $5.6 million to $11.2 million (2018 numbers). This means that if you are married, under portability rules, you and your spouse have a $22.4 million federal estate tax exemption (at least through 2026). Many people may not have paid too much attention to these new numbers. They believe their...Read More
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Individuals You Need to Consider Naming in Your Estate Plan
Overview An estate plan asks the client to name individuals for a variety of responsibilities – responsibilities that differ from one another and may lead the client to determine that more than one person is best suited to fill each of these roles. Executor/Trustee For the client The executor of a will is responsible for following the directions set forth in the will – in other words,...Read More
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