How TOD Accounts Work and Do You Need One?
If you want a simple way to pass a part of your estate to a spouse, one way to do it is through the use of Transfer on Death (TOD) accounts. Many spouses share a checking and savings account. Both…
Three states are winning the retirement race, while three others are falling in favor
Data from one source points to one state—New Mexico—as the new hot spot for retirees. It may be a stereotype, but didn’t everyone on the East Coast retire to Florida, and everyone from the Midwest went to Arizona? That’s all…
Deferred Annuities Present a Way to Prepare for Long Retirements
An expanded life expectancy is a blessing, but it could also be a curse, if you run out of money and there’s no way to generate any new money. Deferred annuities are an option. A study from the Employee Benefit…
How to Make a Succession Plan for a Family Business that Succeeds
Where many succession plans go off the rails, is when they focus solely on the economics of the business. That may work fine for a corporation, but for a family business, the dynamics and relationships of the family members must…
Deciphering Gift Taxes
The gift tax is a tax on the transfer of assets, cash or property, to another without receiving something of equal value. The asset has to be of a certain value for the tax to apply; otherwise, it falls under…
Financial Advisors Join the Fight Against Elder Financial Abuse
Both banks and financial advisors are starting to take a more pro-active role in preventing financial abuse. It’s common sense, since they are often the first to see questionable transactions. Don’t be surprised if your next visit to a financial…
Boomer’s Retirement May Not be as Much Fun as Their Childhoods
The statistics on baby boomer’s retirement savings are not encouraging. The same generation that was famous for picture-perfect childhoods, may be facing some tough realities as they age. About half of the baby boomers are already in retirement. Those are…
Amazon’s Billionaire Bezos Divorce: He’s Still Very Rich
Getting married without a prenup was okay when he was just a hedge fund guy. However, there are some steps that Jeff Bezos could have taken as his wealth grew, to protect himself and his company. When personal wealth is…
Avoid These Scams in 2020
Welcome to the new decade, replete with new challenges to protect yourself against ever-inventive scam artists. One concern has a simple fix but requires your commitment to add two additional digits when signing or writing documents, letters, emails, and more.…
How to Select a Health Care Proxy
You’ll need a brave soul with a backbone to make the hard, sometimes unpopular decisions on your behalf, if you become incapacitated. Designating a health care proxy is like picking a guardian for your children, only it’s for yourself. Who…