Tag: Family Wealth

A Windfall Inheritance Comes Your Way

Nov 16, 2020

lottery windfall winning dice numbers
Just because it’s a nice problem to have, doesn’t mean it’s not still a problem.

Here’s a windfall scenario for you: You pick up what appears to be a lottery ticket. You check the numbers for a laugh and discover a winning combination, offering you millions of dollars in prize money. What are the chances of that? (more…)

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Long-Term Interest Rates Are Creeping Higher

Nov 13, 2020

Long Term Interest Rates Creeping Higher
What’s fueling the rally?

With all the election chatter and stock market volatility, it may have been easy to miss the ongoing uptrend in long-term interest rates. (more…)

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The Social Security Administration Announces 2021 COLA

Oct 30, 2020

Social Security COLA Adjustment
What you should know about the most recent cost-of-living adjustment.

On October 13, 2020, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 1.3 percent cost-of-living adjustment (COLA) for 2021. This adjustment will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Additionally, increased payments to more than 8 million Supplemental Security Income (SSI) beneficiaries will begin on December 31, 2020. (more…)

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FAFSA Applications Open

Oct 21, 2020

FAFSA
FAFSA opportunities are often first-come, first-served.

Applications for the Free Application for Federal Student Aid (FAFSA) are now open for the academic year 2021-22. Applying for the FAFSA allows you to qualify for grants, scholarships, and other federally-sourced aid, such as work-study or student loans. The applications opened on October 1, 2020, and will be accepted until the deadline, June 30, 2022. (more…)

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Social Security Questions to ask Before Claiming

Aug 17, 2020

Social Security Card Form
A few things you may want to think about before filing for benefits

Determining when to take Social Security benefits is a complicated financial decision. Here are a few things to think about and discuss with your financial professional. (more…)

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A Corporate Trustee Could Be a Smart Choice

Aug 12, 2020

Trust Keyboard
Trust administration is more difficult than many families presume.

In an ideal world, managing a family trust would be simple. There would be no stress, no big learning curve, and no great time commitment involved. Unfortunately, the world is not ideal, and heirs who become trustees are often left with headaches. A corporate trustee may be a good option. (more…)

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Explaining the Basis of Inherited Real Estate

Jun 22, 2020

Giving house away
What is cost basis? Stepped-up basis? How does the home sale tax exclusion work?

At some point in our lives, we may inherit a home or another form of real property. In such instances, we need to understand some of the jargon involving inherited real estate. What does “cost basis” mean? What is a “step-up?” What is the home sale tax exclusion, and  what kind of tax break does it offer? (more…)

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Retirement and Adult Children

Feb 14, 2020

Retirement strategy and finances calculator writing formulas
Supporting a family can put a crimp in your strategy

Families are one of the great joys in life, and part of the love you show to your family is making sure that their basic needs are met. While that’s only to be expected from birth through the high school years, many households are helping their adult children well into their twenties and beyond at the cost of their own retirement savings. (more…)

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Retire Single

Feb 7, 2020

Retired Person Sitting on Bench in Desert
If you are retiring single, income replacement and staying socially engaged should be considerations.

About 6% of Americans 65 and older have never married. That statistic comes from a 2018 Census Bureau report, which also found that 22% of Americans aged 65-74 live and retire alone. (more…)

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ABLE Accounts for Loved Ones with Disabilities

Feb 5, 2020

ABLE hand holding father daughter
More families should know about these tax-advantaged savings vehicles.

Families with special needs children have a new tax-deferred savings option.

The ABLE account, also called a 529A savings account, is patterned after the popular 529 savings plan, created to help parents save for a child’s higher education. Like 529 plans, ABLE accounts are run by states rather than the federal government. These plans emerged after the passage of the Achieving a Better Life Experience (ABLE) Act in 2014.1 (more…)

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More Insights

Jun 18, 2021

As a parent or grandparent, you know firsthand the challenges of funding a child’s education. The Free Application for Federal Student Aid (FAFSA) Act was passed at the end of 2020 and has changed some of the qualifications for students to receive financial aid.

Jun 16, 2021

The real rate of return is an important personal finance concept to understand. And it goes hand-in-hand with the rate of inflation. It’s the rate of return on your investments after inflation. The real rate of return indicates whether you are gaining or losing purchasing power with your money.

Jun 14, 2021

Recently, you may have seen headlines regarding the Securing a Strong Retirement Act, also referred to as the second version of the SECURE Act, or SECURE Act 2.0.

Jun 11, 2021

If there is a “silver lining” to all the inflation talk, it may be that Social Security benefits are expected to see a larger-than-normal increase in 2022. Preliminary COLA Social Security estimates call for a 4.7% cost-of-living increase (COLA) in Social Security benefits next year, which would be the highest since 2009. Benefits rose 1.3% … Continue reading “A COLA With Your Social Security?”

Jun 9, 2021

With COVID, there were some who believed that progress on this health issue was a necessary precondition to economic recovery. In recent weeks, we have seen some promising trends emerge on the health front. The CDC is reporting the provision of 295 million vaccinations; 51% of Americans have had at least one injection.1

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