A Checklist for When a Spouse or Parent Passes
When you lose a spouse, partner, or parent, the grief can be overwhelming. In the midst of that grief, life goes on. There are arrangements to be made, things to be taken care of – and in recognition of this reality, here is a checklist that you may find useful at such a time. First, […]
Managing the Risk of Outliving Your Money
“What is your greatest retirement fear?” If you ask some pre-retirees this question, “outliving my money” may be one of the top answers. In fact, 45% of workers say they fear outliving their savings and investments.1 Retirees face greater “longevity risk” today. The Census Bureau says that Americans typically retire around age 62 for women […]
Why Everyone Needs an Estate Strategy
The Average American Budget
According to the Bureau of Labor Statistics, the average American household earns an average of $82,852 a year before taxes and spends almost 80% of their available income on basic necessities such as housing, food, and clothing. Housing The average American spends roughly 33% of their income on shelter. This can include property rental, mortgage […]
Year-End Charitable Gifting and You
Are you making charitable donations at year’s end? If so, you should know about some of the financial “fine print” involved, as the right moves could potentially bring more of a benefit to both you and your chosen charity. Keep in mind, this article is for informational purposes only and is not a replacement for […]
How to Read Your Credit Report
The Set-Up My name is Gumshoe. John Q. Gumshoe. Maybe you’ve heard of me, maybe not. Chances are you’ll need my help at some point. In 2020 alone, there were 1,387,615 reported cases of identity theft in the United States.1 I’m a private investigator, see. A credit investigator, to be exact. My specialty? Identity theft, […]
The Five Basics of Financial Literacy
Credit and debt Understanding the ways credit and debt work for and against you are some of the first steps toward understanding personal finance. While it’s not useful to be scared of credit and debt and avoid it entirely, there are some things to look out for. Debt Debt is like any tool: when used […]
4 Steps to Protecting a Child with Disabilities
Raising a child is expensive and can cost about a quarter of a million dollars, excluding college. For a child with special needs, that cost can more than double. If you’re the parent of a child with special needs, it’s vital to ensure your child will continue to be provided for after you’re gone. It […]
Understanding the Alternate Valuation Date
When an individual dies, the executor is faced with an important decision that has the potential to impact the taxes owed by the estate and its heirs. The executor will have the option of valuing the estate on the date of death, or alternately, on the six-month anniversary of death – the latter is, fittingly, […]