Mortgages in Retirement
Anyone who has gone through the process of mapping out their retirement knows there can be a lot to keep in mind. Saving, investing, anticipating medical costs, and making sure you have enough tucked away for years to come is just the start. One question many people overlook is: “Should I pay off my mortgage […]
A Primer on Irrevocable Life Insurance Trusts
“I’m proud to pay taxes in the United States; the only thing is, I could be just as proud for half the money.” Entertainer Arthur Godfrey The irrevocable life insurance trust (ILIT) can be an important estate strategy tool that may accomplish a number of estate objectives; however, it may not be appropriate for every […]
A Brief History of Estate Taxes
Federal estate taxes have been a source of funding for the federal government almost since the U.S. was founded. In 1797, Congress instituted a system of federal stamps that were required on all wills offered for probate when property (land, homes) was transferred from one generation to the next. The revenue from these stamps was […]
Will Power
Only one-third of adults have an estate strategy document such as a will in place, which may not be entirely surprising. No one wants to be reminded of their own mortality or spend too much time thinking about what might happen once they’re gone.1 But a will is an instrument of power. Creating one gives […]
And the Executor Is
U.S. Supreme Court Justice Warren Burger is famous for more than just his time on the bench. When he died in 1995, he left a 176-word will that gave no specific power to his executors. As a result, he reportedly cost his estate tens of thousands of dollars in attorney’s fees.1 Judge Burger’s case shows […]
Filing Final Tax Returns for the Deceased
When a family member passes away, there are many decisions that need to be made and many emotions to handle. The last thing anyone thinks about is taxes. Unfortunately, even the deceased can’t escape taxation. If the departed family member earned taxable income during the year in which they died, then federal taxes may be […]
How to Appeal Your Property Taxes
Between 30 percent and 60 percent of taxable property has an inflated assessment, which may lead to higher property tax bills. Moreover, typically fewer than 5 percent of taxpayers dispute their assessment.1 For homeowners who think their local government may have assessed their property’s value too high, there are ways to appeal and potentially win […]
Mastering Mobile Lingo
Building Your Legacy
Carve your name on hearts, not tombstones. A legacy is etched into the minds of others and the stories they share about you. Shannon L. Alder The desire to leave a legacy may be the height of altruism for it is a gift to the future, the benefit of which you may never witness, nor […]
What Can You Buy With 529 Distributions?
Some of the biggest challenges many face when it comes to education are financial. Luckily, a 529 college saving plan can help. And they’re not just for college anymore – added to the tuition eligibility are K-12, private and religious schools. These funds can also be used for four and two-year colleges, trade schools, graduate […]