When approaching the latter part of life, it is easy to get caught up in achieving every goal on your bucket list. Individual lists vary widely, but often are filled with wild adventures like skydiving and scuba diving in the Great Barrier Reef. Bucket list items are the things one plans to do their entire […]
Adding a Personal Backup With a Living Trust
The managers of well-run businesses usually name “backups” to keep things going smoothly — just in case. That’s also a smart plan for your personal finances, where you risk experiencing financial losses or other difficulties if you can’t make your own decisions because of a long illness or other unexpected problem. You might prepare for […]
Begin Investing While Young
There’s a simple word that has profound implications for savings and investing: compounding. Like a snowball that grows as it rolls down a hill, compounding provides the potential for your money to grow, reinvesting your investment earnings. It is a basic model for growth potential, and the more you invest, the greater the opportunities to […]
Just Married: Newlywed Estate Planning Cheat Sheet
Congrats on your recent nuptials! Now that you’ve said the vows and enjoyed a relaxing honeymoon, it’s time to get down to business. Friends with Beneficiaries The following accounts need to be updated to reflect your spouse as the new beneficiary or transfer on death designation. Existing Checking/Savings Account Life Insurance: Employer-based and stand-alone policy if you already […]
Optimizing Required Minimum Distributions
Seventy-two is an important age milestone for those in or near retirement, as it marks the time when required minimum distributions (RMDs) begin to be withdrawn annually from IRAs and employer-sponsored retirement plans (previously, the threshold was 70 ½). The milestone carries with it tax consequences that are not fixed. Rather, there are a few […]
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