Have you ever worried about a trustee emptying out a trust account? You’re not alone. Many beneficiaries lose sleep over this exact concern, and for good reason – trustees do have access to trust funds, but there are important rules that limit what they can do. As someone who has helped a lot of clients … Read more
A Simplified Employee Pension IRA (SEP IRA) is a traditional IRA for self-employed people and small-business owners. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does … Read more
Are you on the path to a comfortable retirement, or are you unknowingly sabotaging your future? After decades of hard work, nobody wants to spend their golden years worrying about money. Yet many retirees find themselves doing exactly that because of avoidable mistakes made before and during retirement. I’ve collected insights from financial experts and … Read more
Creating a will involves naming an executor, which is the person responsible for carrying out their loved one’s final wishes after their passing. As an executor, you have to do a lot of legal things, and losing a friend or family member can be very hard on your emotions. Can an executor change a will … Read more
Are you a high earner looking for tax efficient ways to invest? There is a little-known strategy called the Super Roth IRA that might be just what you’re looking for. This plan helps high earners get richer and give their money to their heirs tax-free when they die. If you’ve ever wished you could save … Read more
Suppose you were notified about your status as an estate beneficiary over a year ago, but you still have not received your inheritance. When you asked the executor what was going on, they said that your inheritance was late because probate was still going on. You may be wondering: How long does probate take?. The … Read more
At the time of retirement, if annuitants are married, they must give their spouses the maximum survivor benefits unless their spouses agree to a lower amount. A retiree can choose to give a survivor annuity to a spouse on their retirement application. This choice lowers the retiree’s monthly annuity so that it can cover the … Read more
Want a fancy retirement with a $200,000 a year? You’re not the only one. Many of us want to keep living the way we do now (or even better it!) when we retire. That being said, the real question is how much money do you need to save up to make that much a year? … Read more
When it comes to managing your life as a retiree, you’ll need to keep abreast of the yearly Social Security tweaks and adjust your budget accordingly. This includes not only the amount youll receive but also when benefit payments are distributed. This schedule varies from person to person. To help you keep track of your … Read more
Supplemental Security Income (SSI) is a federal program run by the Social Security Administration that helps people who are hard up financially. SSI was created in January 1974 to replace and consolidate three similar assistance programs. It provides relief to those who are blind, disabled, or age 65 and older and have minimal income and … Read more