Transferring a home to adult children is not quite as easy as giving them the keys and letting them move in. No matter how you do it, the taxman wants his cut, whether through estate and gift taxes or those for property and income, both federal and state.
An estate plan works like the operating system on your phone or computer. It runs in the background. However, it needs occasional updates to keep the plan current.
The following are penalties to avoid at all costs when contributing to or withdrawing from retirement accounts.
If you need to withdraw funds from an individual retirement account or 401(k) account before age 59 1/2, there’s usually a 10% early withdrawal penalty.
One often unrecognized fact regarding drug pricing is the difference in bargaining power depending on what agency or group is doing the bargaining.
Inflation hurts everyone. It seems to reach every sector, product and business in one way or another, whether it raises the cost of heating your home, lunches or road trips. However, if you’re a retiree, you may be particularly worried about inflation because your spending habits and income sources might be disproportionately exposed to inflation.
Retirement accounts fall into a category of assets that pass to heirs directly outside of the will and are not subject to probate. That is, if the paperwork is in order.
Maximize the impact of your legacy and make sure it supports the people and causes that are most important to you.
Use these suggestions to boost the balance in your retirement nest egg.
People shopping for funeral or cremation services may be particularly vulnerable to overpaying or being swindled, which is why experts say it is important to be cautious when making those decisions.