Despite spending big money and all the marketing they can muster, the Republicans are still not able to convince most Americans that the tax cut benefits anyone but the rich and the corporations they own. Maybe, we are not as dumb as they think we are.
The Department of Labor’s fiduciary rule looks “iffy” at best, thanks to a March court ruling. The 5th Circuit Court of Appeals says the agency exceeded its authority in insisting that financial services firms act as fiduciaries when giving advice to most tax-deferred savings accounts. However, some financial advisors are ignoring the courts and are going the extra mile for their clients anyway. Over the last couple of years, I have written several columns on this issue. A “fiduciary” is someone who puts your best interests above his own and that of his company’s. It is a concept that the…
We all know that Medicare is not free. Once we enroll in Part “B”, and “D”, we start paying monthly premiums. What many consumers fail to realize is that how much you pay depends upon how much you make.
At the best of times taxes are confusing, so much so that most people hire an accountant to prepare them. This coming year should be a real doozy for the accountancy industry.
Rolling your 401(k) or 403(b) into an IRA can be a good idea for some savers but not for others. Here are some things to think about before you make a decision.
Some retiring workers roll their 401(k) tax-deferred savings account into an Individual Retirement Account (IRA). There are good reasons to do so. But for those who are not retiring, the decision is not so clear cut. Here are some pros and cons to ponder.
As politicians squabble over tax reform and cuts, the Internal Revenue Service (IRS) continues to do their job. New tax provisions for 2018 are out and some of them may be of interest to you.
If you are turning age 62 in 2017, I have some bad news. You are no longer eligible for full Social Security benefits at age 66. Instead, your full retirement benefits have shifted to age 66 and two months. By 2022, full retirement age will rise again and again until the age of 67 for everyone born in 1960 or later.
President Donald Trump introduced a flurry of tax proposals last week. Tax reform, as well as tax cuts, was included in his plan. Give him an “A” for effort in tackling something that no politician has dared to do since Reagan.
With Hurricanes to the left and right of us, maybe a review of your home owner’s insurance policy makes sense. You may find out that at today’s real estate values, you are under-insured.
Many Americans confess that they are confused when faced with the myriad of Medicare choices available to them. Others are simply not planning, nor saving enough to meet the challenge of health care costs in old age. In response, a whole new industry has sprung up nationwide. It’s called Life Care Planning, an off-shoot and a natural progression for those practicing Elder Law. What, you may ask, is Elder Law and why has it become so important? Attorneys that practice elder law are essentially advocates for the elderly and their loved ones. They routinely handle a range of legal issues…
Recently, none other than the Sage of Omaha, Warren Buffet, has sounded the alarm on what he sees as the number one threat to American businesses—rising health care costs. His advice is that we better do something and do it quickly. While Congress bickers over how to repeal and replace Obamacare, there is still a large body of American politicians who believe we should simply return to the good old days. While they fiddle with adjusting insurer’s premiums, or gutting Medicaid, the entire healthcare system surrounding them continues to burn. While they debate whether you should be responsible for your…
Thanks to the economy, demographics, and life-style choices, young couples today are living together and having children despite their unmarried status. In my own family, my niece is pregnant, unmarried, and has no intentions of tying the knot. Although her partner is the love of her life, they have decided (for now) to keep it that way.
The more successful you are, the more difficulty you face in wrestling with one inescapable fact. In preparing to pass the torch to your heirs, you need to give them the power to decide what happens to you and your estate in the event you can’t. That’s not an easy thing to get your arms around if you have been the go-to guy or gal that the family depends on when life’s hard knocks come visiting. How do you entrust your own health and wealth to others? Even if you love them to death, are they really capable of taking…
The short answer is maybe nothing, unless, like so many of us, you still have not finalized such a document. If you haven’t, get on the phone with a lawyer and get it done. The passing of Prince was a sad day, but even sadder is the fact that this week his sister just opened a probate case in Carver County, MN, the home of the late rock star. “I do not know of the existence of a will and have no reason to believe that the Decedent executed testamentary documents in any form,” Tyka Nelson wrote in her filing….
It may not seem so sometimes, but your children value your opinion. The older they get, the more importance they place on things like your ethics, moral teachings and values. That’s why it is extremely important to leave a legacy after you are gone that your children can turn to when they need it. Leaving your legacy is an integral part of my on-going series of columns on estate planning. My last column “Passing the torch” to another generation concerned the family meeting. Hopefully, the Alpha Child (you or another sibling) has arranged the date, time and place of this…