There are concerns about the long-term future of Social Security because the program’s trust funds are expected to run out by 2034. If Congress doesn’t do anything, all beneficiaries could see their benefits cut by about 21%. This raises the stakes in a debate that has come up many times in U.S. S. politics: Should … Read more
You are smart and designed an estate plan with your beneficiaries in mind. You evaluated the options and chose a trust to distribute your assets as you intended. Have you considered how your heirs will receive the money?. Trusts are powerful estate-planning tools that bypass court and provide a structured method for transferring assets to … Read more
If you have ever tried to figure out how much money you would need to retire, you have probably used numbers that sound like millions. Let’s pick a number and figure out the interest you’d earn on it per month. Something like, “What is the interest on two million dollars?” When I was a kid, … Read more
Understanding the Tax Implications of Trust Distributions in 2025 If you’ve recently become a beneficiary of a family trust or are considering setting one up, you’re probably wondering about the tax consequences. The answer isn’t as straightforward as a simple yes or no – it depends on several factors including the type of trust, the … Read more
There’s no one right way to save for retirement. There are many possible strategies to help maximize your efforts. One way to save more each year is to contribute to a Roth IRA in addition to an employer’s 401(k) plan. Not only is having both a Roth IRA and a 401(k) allowed by the IRS, … Read more
Though pensions come in two types—defined-contribution and defined-benefit—the most common type of traditional pension is the defined-benefit plan. During an employees working years, the employer contributes to the plan. (With a defined-contribution plan, the employee does, too. ) After the employee retires, they receive monthly benefits for the rest of their life from the plan. … Read more
For the latest information about developments related to Pub. 590-B, such as legislation enacted after it was published, go to IRS. gov/Pub590B. Distributions to victims of domestic abuse. Beginning with distributions made after December 31, 2023, a distribution to a domestic abuse victim is not subject to the 10% additional tax on early distributions if … Read more
Are you standing at the crossroads of retirement planning wondering if patience will literally pay off when it comes to your Social Security benefits? You’re not alone! This question keeps many soon-to-be retirees up at night do I get more Social Security if I wait until age 70? In short, yes, you do get more … Read more
Role of an executor: The executor named in a will is responsible for managing the estate, paying debts and taxes, and ensuring the remaining assets are distributed correctly to beneficiaries. Risks and responsibilities: Executors can be held personally liable if debts are not paid in the correct order, if money is given to the wrong … Read more
Protection for You and Your Loved OnesLearn how annuities can be effectively combined with trusts in an estate plan. These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times. Our professional editors look over our papers and suggest changes to … Read more