Financial Planning

When actor Burt Reynolds died in 2018 it set in motion a process that has been repeated countless times through human history, the disposition of all worldly possessions of the deceased. At death, his net worth was estimated to be $5 million. Burt Reynolds had only one heir, a son adopted during his 12-year marriage to actress Loni Anderson. But [...]

There’s a new phenomenon taking place in divorce settlements. What was once sacred property and never considered as joint assets, is now being thrown into the mix as part of property distribution. Splitting inherited IRAs is a growing trend. An inherited IRA, also known as a beneficiary IRA, is one inherited from a non-spouse. The beneficiary, no matter their age, [...]

In December 2017, Congress passed the Tax Cuts and Jobs Act which lowered income tax rates and, for many, put more money in their pocket. A good thing, right? Surprise! The IRS says 10 million Americans may have to pay tax penalties because of the tax act. The Treasury Department was given authority to determine the new withholding schedule because [...]

<iframe width="560" height="315" src="https://www.youtube.com/embed/FyZB26ZTyLA" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe>

Since Roth IRAs began in 1997 the Federal Government has allowed you to convert your traditional IRA into a Roth as long as you paid taxes on the amount moved. Any penalties were waived. For some, the conversion made sense because all earnings in a Roth IRA are tax-free if withdrawn after age 59 ½. Some who converted decided it [...]

If you’re one of the 60 million Americans enrolled in Medicare, keep an eye on your mailbox. Because of the growing identity theft epidemic, Medicare is required by law to take Social Security numbers off Medicare cards. You’ll automatically get a new one. There’s nothing you need to do as long as your address is up-to-date. Each person is given [...]