ABLE Accounts for Loved Ones with Disabilities
Feb 5, 2020
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…)
Tags: Disability, Disability Insurance, Family Wealth, Health and Wellness, Health Care Needs, Health Care Savings, Long-Term Care Planning, Personal Finance, Tax Advantages, Wealth Building
Understanding Long-Term Care
Sep 11, 2019
Addressing the potential threat of long-term care expenses may be one of the biggest financial challenges for individuals who are developing a retirement strategy.
The U.S. Department of Health and Human Services estimates that 69% of people over age 65 can expect to need extended care services at some point in their lives. So, understanding the various types of long-term care services – and what those services may cost – is critical as you consider your retirement approach. (more…)
Tags: Financial Planning, Long-Term Care Planning
A Lesson from Uganda
Feb 12, 2016
Exactly one month ago today, I returned from a 12-day trip to Uganda. While there, myself and a group of 15 others did water projects such as building a rainwater harvest tank and making and distributing bio-sand filters. The organization that hosted the trip was a non-profit based out of Boone, NC called Wine to Water. Their founder, Doc Hendley, received a CNN Hero award back in 2009 for the incredible work that he himself had done both in Darfur and Uganda. Doc has inspired thousands, myself included. The work they do at Wine to Water changes lives. In fact, it changes entire communities. They do real boots on the ground stuff, bringing clean water to those in need. They make an impact with what they do. And I’ve seen it first hand. (more…)
Tags: Current Events, Education Planning, Estate Planning, Income Planning, Investment Planning, Long-Term Care Planning, Philanthropic Planning, Retirement Planning
Estate Planning for the Soul
Mar 4, 2014
Let’s Have Dinner and Talk About Death. No, this is not a review of Theater Charlotte’s dinner mystery entitled Wine, Chocolate & Murder (doors open at 6:30 on Saturday, February 15th), although I do hear that makes for a fun night out with your Valentine. This is going to be much more personal, and it’s my hope, that you will find it much more valuable. There is a social movement currently taking place which I think it is simply outstanding, and well worth discussing.
Are you familiar with TED Talks? If you are not, go to www.TED.com. TED stands for Technology, Entertainment and Design. It is a global set of live conferences (mini presentations) that promote “Ideas Worth Sharing”. You can find extremely interesting presentations, no longer than 10-15 mins. in duration, given by thought provoking individuals on a very wide array of topics. Its popularity has spawned other TED Channels, one of which is TED MED (www.TEDMED.com) solely focused on health and medicine. It is on this particular site that I came across “Let’s Have Dinner and Talk about Death”, presented by Michael Hebb back in April of 2013. (more…)
Tags: Current Events, Estate Planning, Long-Term Care Planning, Retirement Planning
More Insights
Feb 21, 2020
Getting rich quick can be liberating, but it can also be frustrating. A sudden wealth windfall can help you address retirement saving or college funding anxieties, and it may also allow you to live and work on your terms. On the other hand, you’ll pay more taxes, attract more attention, and maybe even contend with … Continue reading “When a Windfall Comes Your Way”
Feb 20, 2020
The SECURE Act passed into law in late 2019 and changed several aspects of retirement investing. These modifications included modifying the ability to stretch an Individual Retirement Account (IRA) and changing the age when IRA holders must start taking requirement minimum distributions to 72-years-old.1,2
Feb 17, 2020
When you are in your seventies, Internal Revenue Service rules say that you must start making withdrawals from your traditional IRA(s). In I.R.S. terminology, these annual withdrawals are considered your Required Minimum Distribution (RMDs).1
Feb 14, 2020
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 … Continue reading “Retirement and Adult Children”
Feb 12, 2020
When interest rates start to climb, will these be the CD to own? Step-up certificates of deposit (also called rising-rate CDs) are fixed-income investments with a bit of wiggle room. When you have CDs with a step-up provision, you have a chance to exchange the initial yield for a better one as interest rates rise. … Continue reading “Step-Up CD”
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