What the Heck is up with Greece and Why Should I Care?
What’s up with Greece? It’s in the news a lot these days and keeps getting blamed for every dip in the Dow or drop in the Euro. Why is Greece such a big deal? The easy answer is Greece really isn’t that important. It has a population of just over 11 million which is a […]
How Social Security Benefits are Impacted by When You Claim
Many times folks get in such a big rush to claim their Social Security benefit that they lock in reduced benefits without considering how this decision fits in with their long term needs and other sources of retirement income. Just because you can claim Social Security benefits at age 62 doesn’t mean that you should. […]
Social Security – file and suspend
File and suspend is a strategy available only to those who elect to wait until at least their normal retirement age to begin receiving Social Security benefits. It is a tool that allows the coordination of benefits between spouses and is a bit like an insurance policy for anyone deferring benefits. It works like this. […]
How to Use Transfer on Death Accounts
Many times I have had clients ask about having a child named as a Joint Tennant with right of survivorship on an investment or banking account. The reasons the client cites is usually to provide liquidity for the estate, avoid probate, and have someone who can access funds should they not be able to write […]
What Per Stirpes Means in Your Estate Plan
Per Stirpes is a term you must learn about in order to build a successful estate plan. It is a Latin term meaning “per branch”. Sometimes it is omitted from beneficiary forms, wills, and trusts with sometimes devastating consequences. Per Stirpes is an important term because it indicates how property should be distributed in the event […]
What a Durable Power of Attorney Is and Why You Need One
Many of us worry, with good reason, that we might one day become incapacitated and unable to attend to our own affairs. How can we be sure our bills are paid, our investments are managed, or our property sold if the need arises? A power of attorney is a document that delegates legal authority to […]
The Estate Plan For Your IRA
Assets can transfer to your heirs in one of two ways when you die. They can transfer by will, which includes probate court and public filing of related documents, or they can transfer by contract. The advantages of having your assets transfer by contract include: Privacy – The details of a contract are private and […]
Will You Be My Fiduciary?
NAPFA – the National Association of Personal Financial Advisors has a straightforward look at accepting the mantle of a fiduciary advisor. This pledge applies to all members. How about your advisor? The advisor shall exercise his/her best efforts to act in good faith and in the best interests of the client. The advisor shall provide […]
Five Questions to Consider When Naming A Trustee
The responsibilities of a trustee are often complex and time consuming. Managing trust assets often entails familiarity with tax law, real estate markets, security markets, and financial planning. Often it is the oldest or most responsible heir who is given this duty. Here are some things you should consider before deciding on a trustee. Do […]
Selecting A Corporate Trustee
Corporate trust services are offered by trust companies, banks, some attorneys, and some financial advisors. Your first step should be to determine just what services you expect to receive from the trustee. You can choose a trustee to perform the administrative functions only. This could include: Administration of the trust in accordance with the trust agreement. […]
