Preparing your family for what will happen upon your passing is a crucial and often overlooked part of the estate planning process. Along with drafting your estate plan, you may have neglected an important part of the process- communicating your plans. It’s important to communicate your intentions to the implementers of your documents. Typically… Read more »
Back in 1996, my grandmother gave me 20 shares of Ameritech stock for my birthday. Ameritech was one of the seven Baby Bells that was formed following the breakup of AT&T. I was 12 years old and didn’t know what a stock was, or what Ameritech did. But I was absolutely fascinated when my grandmother… Read more »
Is a financial check-up on this year’s spring cleaning list? You’ve tidied the house and put the finishing touches on the landscaping, but don’t forget to review your finances. Add these five items to your list this year: Pay Yourself First Small adjustments can go a long way toward helping to build wealth…. Read more »
When I used to earn a living by teaching in public school, I could always tell when it was time for a teacher to retire. Certain experienced teachers began to complain about the kids. How the kids didn’t seem to annoy them years ago, but “today the kids are different.” I surmised that it wasn’t… Read more »
President Biden has just announced his proposal for increasing long-term capital gains tax rates (as part of his American Families Plan). The long-term capital gains rate applies to realized gains on stocks held for at least one year, and is currently lower than the tax rate for ordinary income (or wages). For instance, the… Read more »
Have you ever experienced playing with the “house’s money” at a casino? You’re on a hot streak and are willing to take on more risk because you view your winnings as not your money, but the house’s money. Psychologically, it doesn’t feel like it’s yours to lose! The “house money effect,” or “mental accounting”… Read more »
IRAs and other retirement accounts have long been thought of as wealth creation vehicles. If you have other sources of income and don’t need to tap retirement assets, the conventional wisdom has been to withdraw only Required Minimum Distributions (RMDs) starting at age 72 to prolong tax deferral. Upon your demise the assets would then… Read more »
The national debt is now at $27 trillion, or about $190,000 per household. This amounts to nearly 130% of gross domestic product (GDP), the highest level we’ve ever had (debt to GDP reached 112% in World War II, but would soon fall to under 30% in the decades after). Despite this massive amount of… Read more »
Many retirees dream of ditching the family home and relocating to a retirement community or beachfront condo. While the idea may be enticing, it’s important to consider a few points before making this life altering decision. You Can’t Take Your Friends With You Often times we don’t forget that our “home,” is much… Read more »
