The SECURE Act’s Impact On Estate And Retirement Planning—Part 1 On Jan. 1, 2020, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) went into effect, and it represents the most significant retirement-planning legislation in decades....
A recent U.S. Supreme Court decision has changed the way inherited IRAs are viewed when it comes to bankruptcy, and calls for those who inherit these retirement account assets to find new ways to protect that inheritance. In Clark v. Rameker, Heidi Heffron-Clark...
If you have been responsible enough to purchase a life insurance policy as added protection for your loved ones, then you will want to carry that responsible action a little further by protecting that important payout from taxation. If you are married and have named...
Even though the elections are over, no one knows what Congress will do by the end of the year when it comes to taxes so retirees are advised to look at strategies to cut their tax bills now rather than wait for Congress to act. Some considerations from Kiplinger’s:...
You’re never too young or too old to save for retirement; here are some guidelines by age group: Under 25: If you graduated from college with debt, you are certainly not alone – the average debt burden is currently $26,500 for 65 percent of college graduates. Once...
You could be unintentionally reducing your family’s wealth potential if you do not properly designate the beneficiaries of your IRAs. Improper estate planning could mean that your IRA assets could pass to the wrong people or entities, so how you execute your...
At Pierchoski Estate Law we are often asked to help people who inherit a retirement account. The action you need to take with an inherited IRA depends upon your unique situation; the IRS has rules for each and recently announced that they will be cracking down on...
Not sure how you can ensure a smooth transition from working life to retired life? Walking away from regular paychecks and employer-provided benefits can feel a little nerve wracking. Minimize the impact of these major life changes by planning accordingly. Time It:...
If you have money invested in the stock market, whether through a retirement account or a straight brokerage account, I challenge you today to find out exactly what your money is invested in and make a conscious choice about what you are supporting in the world. If...
People who are nearing the age of 65 should be making plans for the transition from private health care to Medicare. It is not a simple process or one that happens automatically. You have to initiate the enrollment process at a specific time or suffer a monetary...
You’ve spent your entire life building up your retirement account. It may even be the biggest asset you’ll leave behind for the people you love. If that’s the case, you may want to consider creating a special trust designed specifically to receive your retirement...
Did you know there are many steps that you can take to save money via your employment? Some of these strategies work by allowing you to pay for things with pre-tax money, which could up to 40% (depending on your tax bracket) right back into your pocket. Others provide...
Retirement decision-making for boomers is very different than it was for our parents, when it was usually just one spouse (Dad) who retired, with Mom sometimes reminding him that, I married you for better or worse, but not for lunch! Now both working spouses must make...
Three-day weekends like the Labor Day just passed give us all the tiniest snippet of a glimpse into what retirement might be like – i.e., extra time to do what we want. But to have a fulfilling and enriching retirement, you need to do more than just wait to...
It’s no secret that a majority of Americans are ill-prepared for retirement. A recent Forbes.com post detailed the 5 steps you can take now to being repairing the hole in your retirement plan: Pay Yourself First. Set up an account that is not easy for you to access...
