Tag: financial advisor charlotte nc

Can You Put Your IRA into a Trust?

Dec 2, 2019

Can your IRA be put directly into a trust? In short, no. Individual retirement accounts (IRAs) cannot be put directly into a trust. What you can do, however, is name a trust as the beneficiary of your IRA. The trust would inherit the IRA upon your passing, and your beneficiaries would then have access to the funds, according to the terms of the trust.

Can you control what happens to your IRA assets after your death? Yes. Whoever was named the beneficiary will inherit the IRA. But you also can name a trust as the IRA beneficiary. In other words, your chosen heir is a trust. When you have a trust in place, you control not only to whom your assets will be disbursed, but also how those assets will be paid out. (more…)

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Facts About Medicare Open Enrollment

Nov 27, 2019

Medicare’s open enrollment period runs through December 7th. If you are enrolling in Medicare for the first time, you will discover that it is much more complex than an employer-sponsored group health plan.

When you are enrolled in Medicare, you pay multiple premiums for multiple types of coverage (Parts A and B as well as the Part D prescription drug plan), and unlike a group health plan, there are no caps on out-of-pocket costs and a risk that you might have to pay a hospital insurance deductible more than once per year. Original Medicare also does not cover some costs that many seniors would like to cover, such as dental and vision care expenses. (more…)

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Reducing the Risk of Outliving Your Money

Nov 11, 2019

“What is your greatest retirement fear?” If you ask any group of retirees and pre-retireesthis question, “outliving my money” will likely be one of the top answers. In fact, 51% of investors surveyed for a 2019 AIG retirement study ranked outliving their money as their top anxiety.

Retirees face greater “longevity risk” today. The Census Bureau says that Americans typically retire around age 63. Social Security projects that today’s 63-year-olds will live into their mid-eighties, on average. This is a mean life expectancy, so while some of these seniors may pass away earlier, others may live past 90 or 100. (more…)

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Cybersecurity

Nov 4, 2019

Cybercrime affects both large corporations and private individuals. You’ve likely read about the large data breaches in the business world. These crimes are both expensive and on the rise. The U.S. Identity Theft Resource Center says that these corporate data breaches reached a peak of 1,632 in 2017. The response to the growing need for data protection has been swift and powerful; venture capitalists have invested $5.3 billion into cybersecurity firms.

That’s good news for the big companies, but what about for the individual at home? What can you do to protect data breaches to your personal accounts? (more…)

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End-of-the-Year Money Moves

Oct 30, 2019

Laptop, Cell Phone, and Notepad
Here are some things you might consider before saying goodbye to 2019.

What has changed for you in 2019? Did you start a new job or leave a job behind? Did you retire? Did you start a family? If notable changes occurred in your personal or professional life, then you will want to review your finances before this year ends and 2020 begins.

Even if your 2019 has been relatively uneventful, the end of the year is still a good time to get cracking and see where you can manage your tax bill and/or build a little more wealth.

Keep in mind this article is for informational purposes only and is not a replacement for real-life advice. Please consult your tax, legal and accounting professionals before modifying your tax strategy. (more…)

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Ways We Can Make a Difference for Charity

Oct 4, 2019

Do you have to make a multimillion-dollar gift to a charity to receive immediate or future financial benefits? No. If you’re not yet a millionaire or simply a “millionaire next door,” yet want to give, consider the following options, which may bring you immediate or future tax deductions. (more…)

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72(t) Distributions

Sep 23, 2019

Do you need to access your retirement money early? Maybe you just want to retire before you turn 60 and plan a lifelong income stream from the money you have saved and invested. You may be surprised to know that the Internal Revenue Service allows you a way to do this, provided you do it carefully.

Usually, anyone who takes money out of an IRA or a retirement plan prior to age 59½ faces a 10% early withdrawal penalty on the distribution. That isn’t always the case, however. You may be able to avoid the requisite penalty by taking distributions compliant with Internal Revenue Code Section 72(t), section 2. (more…)

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Why Having a Financial Professional Matters

Aug 30, 2019

What kind of role can a financial professional play for an investor? The answer: a very important one. While the value of such a relationship is hard to quantify, the intangible benefits may be significant and long-lasting.

There are certain investors who may turn to a financial professional with one goal in mind: the “alpha” objective of beating the market, quarter after quarter.

At some point, these investors may realize that their financial professional has no control over what happens in the market.They may come to understand the real value of the relationship, which is about strategy, coaching,and understanding.  (more…)

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When Alzheimer’s Disease Is Diagnosed

Aug 21, 2019

Imagine the outlook for your life changing in minutes.A diagnosis of Alzheimer’s disease can be that stunning. If your parent is diagnosed with Alzheimer’s, how can you help them as they strive to make the most of the years ahead?

An Alzheimer’s diagnosis may bring stages of grief and anxiety – when and how should your parent share the diagnosis with loved ones, friends, and colleagues? (more…)

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A Bucket Plan to Go with Your Bucket List

Aug 19, 2019

The baby boomers redefined everything they touched, from music to marriage to parenting and even what “old” means – 60 is the new 50! Longer, healthier living, however, can put greater stress on the sustainability of retirement assets.

There is no easy answer to this challenge, but let’s begin by discussing one idea – a bucket approach to building your retirement income plan.

The Bucket Strategy can take two forms. (more…)

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