Archives for Estate Planning

Top 5 Things Baby Boomers Should Know

The Social Security COLA (cost of living adjustment) in 2019 will be 2.8%. This is the largest COLA increase from the Social Security Administration since 2012.1 Social Security benefits are often taxed. If you work and are at full retirement age or older, you can earn as much as you want and your benefits will not be reduced; however, you may have to pay taxes on them. If your annual combined income is from $32-$44,000 filing jointly, you may have to pay taxes on 50% of your benefits. If your income is more than $44,000 filing jointly, then you may
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Categories: Estate Planning and Financial Literacy.

Estate Planning Basics

October is “Estate Planning Awareness Month.” Here are some basics about estate planning that everyone should know. Everyone should have a plan Even if you think “you’re not rich enough” to have an “estate,” unless you’re homeless or destitute you should have an estate plan in place. Estate plans provide for the people you leave behind when you pass away, and help ensure that your final wishes get carried out. The last thing you want is your family members fighting over dishes or fishing poles when you’re gone, or having to sell the family home or take other drastic measures
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Categories: Estate Planning.

Do You Need a Will or Trust? Or Both?

When it comes to estate planning most of us are at least familiar with the terms “will” and “trust.” However, it’s important to understand how they work. One difference is that a will goes into effect after death while a trust can be used to distribute property before or after death. Wills A will is a legal arrangement that has several important functions and usually requires at least one witness. (State requirements vary, for instance, two witnesses are required in Arizona.) A will is used to designate your chosen guardian/s for any minor children. A will gives instructions on how
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Categories: Estate Planning.