FINANCIaL
FIELd NOTES
A Unique Widow Social Security Claiming Strategy
Are you a widow or do you know someone who is a recent widow? If so, this strategy may be worth considering between the ages of 60 and 70.
Under Social Security, widows are entitled to a widow benefit as early as age 60, two years earlier than the earliest filing option of 62 for most retirees. The unique strategy that can be used here is filing for only widow benefits while allowing your own Social Security benefit to continue growing until the maximum age of 70…
Tax Planning to Maximize Your Legacy
Most individuals have planned through their estate documents to leave all their assets to their spouse and then split them amongst their children or other family members.
And while this is certainly common practice, it does not always align with their personal values for charitable giving. In fact, it’s not uncommon to see someone give 5-10% of their income every year to charity and then give 0% of their estate after they die…
How Much Can I Give Tax-Free Every Year?
Many clients that I work with want to begin gifting to their children and grandchildren. I love helping with this transition because it allows them to see the benefits of their gift instead of waiting to pass on an inheritance until after they are gone. The gifts can also be timed to help during pivotal moments in their lives, such as weddings, down payments, and college costs.
But exactly how much can you give without incurring taxes?
The Math Behind Term vs. Whole Life Insurance
When deciding on life insurance, you have a lot of options to choose from. I am often asked about my opinion between whole life and term insurance. Whole-life policies are designed to last your whole life, while term insurance only lasts for a certain amount of time.
In general, I am an advocate for term insurance but there are some benefits to whole life…
Why You Need a Power of Attorney
A Power of Attorney is used to appoint someone to make financial decisions on your behalf in the event you are unable to do so for yourself. Our finances are often the part of our life that we hold close and are reluctant to let go of. Perhaps that’s the reason that deciding on a who will make those decisions is so difficult. But as with all estate planning, some sort of decision is better than no decision.
Your Beneficiary Form > Your Will
We’ve discussed the important of a will in determining who gets your assets when you die. However, your 401(k)* or IRA, along with other assets like life insurance and annuities, often have a Beneficiary Form.
This form will take precedence over what your will says - hence the subject line. Because of that, often the beneficiary form is the most crucial document - and with that comes the opportunity for costly mistakes…