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Why I Chose The Revocable Living Trust For My Family’s Estate Plan

Why I Chose The Revocable Living Trust For My Family’s Estate Plan

As a married father of three children, there is nothing more important than my family.  And so, in order to protect my family if I should pass, much like my clients, I have an estate plan.  I chose to use what is referred to as the “Revocable Living Trust” as the backbone of my estate…

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529 Plans Tax Deduction Deadline Approaches

  In most states, December 31 is an important deadline for parents and grandparents contributing to 529 plans. To qualify for a state tax credit or deduction this year related to your contribution, you may have to meet that year-end deadline.   More than 30 states offer potential tax benefits. Usually, you only qualify for…

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College Funding Choices

Explore the different ways you can help finance the costs of higher education. How can you help cover your child’s future college costs? Saving early (and often) may be key for most families. Here are some college savings vehicles to consider.   529 college savings plans. Offered by states and some educational institutions, these plans…

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Understanding Thrift Savings Plans

Thrift Savings Plans are retirement plans offered to federal employees and uniformed service members. These plans mirror 401(k) programs that are provided to employees in the private sector. [1] Key aspects of Thrift Savings Plans (TSPs): Contributions are either pre-or post-tax. Participants are allowed to contribute to the plan with their tax needs in mind.…

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Understanding Spousal IRAs

A Spousal Individual Retirement Account (IRA) is a personal account that allows a couple where one partner helps a non-working spouse or a spouse with very little income save for retirement. The higher-earning spouse can put aside money into a Traditional or Roth IRA in the non-breadwinning spouse’s name, and control. [1] ,[2],[3] Key aspects…

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Understanding Solo 401(k) plans

As of 2020, 81 percent, or 25.7 million US businesses, were businesses that have no employees.[1] Owners of businesses have options to save for their retirement with Traditional and Roth IRAs. But these types of individual accounts have significantly lower contribution limits than employer sponsored retirement plans like 401(k)s, 403(b)s, 457 plans, or even SIMPLE…

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Understanding Safe Harbor 401(k) plans

When an employer sets up a Safe Harbor 401(k) plan instead of a Traditional 401(k), they create a retirement benefit program with predetermined contribution rules. By adhering to the same rules for all employees, wherever their level is in an organization- entry-level to CEO, these plans automatically can pass nondiscrimination tests (NDTs) or sometimes don’t…

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Understanding Rollover IRAs

A Rollover Individual Retirement Account (IRA) is a personal account that allows you to move employer sponsored plans like 401(k), 403(b), and 457 plans monies into it.[1] Though it has many of the same features that a Traditional IRA has; there are a couple of key differences: Some employer sponsored plans only accept money from…

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Understanding Inherited IRAs

Inherited Individual Retirement Accounts (IRAs) are opened when someone inherits an IRA or employer sponsored account after the original account holder’s death. Though you can inherit an account from anyone, be it a spouse or not, the rules for these accounts are different depending on your relationship with the decease. Regulations on these accounts have…