Do you need a will? Would a trust be a better choice? Check out answers to these basic questions in the following easy-to-read summary. Wills—Advantages and Disadvantages Advantages • Easy to Create: You can create a will without hiring a lawyer, although this may result in problems. A basic will created by a competent attorney…
Tag: Dollars and Sense
July 2024, Features
Dollars and Sense: Key Tips on Successor Beneficiaries, QCDs, and 401K Rollovers
Chris Robinson, ChFC Understanding Successor Beneficiaries What is a Successor Beneficiary? A successor beneficiary is someone who inherits an Individual Retirement Account (IRA) that was already inherited by another person. This situation can be complex and has unique rules that must be followed. For example, if you recently inherited an IRA from your 80-year-old Uncle…
Features, June 2024
Dollars and Sense: Understanding the Three Types of IRA Beneficiaries: Secure Your Legacy Today
Chris Robinson, CHFC Under the Secure Act, there are only three types of beneficiaries for 401k plans, 403b plans, and traditional as well as Roth IRA’s. The Secure Act generally eliminated the lifetime stretch and implemented a 10-year rule for the distribution of plan assets. This is for deaths of IRA or plan owners occurring…
Features, November 2023
Dollars & Sense: Transforming Your Financial Future: The Power of the RFG Blueprint Process
Chris Robinson, ChFC Are you successful but overwhelmed by the lack of progress in your financial life? You’re not alone. Many individuals find themselves in this situation, struggling to navigate the complexities of financial planning. That’s where the RFG Blueprint Process comes in. This robust framework helps reshape your financial future. A Pathway to Financial…
Features, September 2023
Dollars & Sense: RFG Blueprint: Unlock the Power of Direct Indexing for Tax-Savvy Retirement
Chris Robinson, ChFC While navigating the path of retirement and tax planning, exploring innovative investment strategies that could make a significant difference in your financial future is essential. One of the strategies gaining popularity is direct indexing. This customizable approach also offers advantages in tax planning. Direct indexing is a method that allows you to…
Features, August 2023
Dollars & Sense: Mastering IRMAA: How to Slash Medicare Premiums and Supercharge Your Retirement Savings
IRMAA, which stands for Income-Related Monthly Adjusted Amount, is a fee that high-earning Medicare members must pay monthly. It serves as a surcharge on top of the standard monthly premiums for Medicare Part B and Part D, and its calculation is based on the Modified Adjusted Gross Income (MAGI) from two years ago. Specifically, the…
Features, July 2023
Dollars & Sense
The Art of Planning for Multiple IRA Beneficiaries When you name more than one beneficiary on your IRA, then you need to know the rules for Multiple IRA beneficiaries. It can be much easier to simply name multiple beneficiaries on your IRA instead of having a separate IRA for each named beneficiary, but there are…
Features, June 2023
Dollar & Sense: Seizing the Opportunity: Harnessing Roth Conversion Amidst Potential Tax Increases
With the national debt exceeding $31 trillion and concerns about potential future tax increases, retirees and those nearing retirement face a critical decision regarding their retirement savings. Here we explore the benefits of Roth conversion, with the possibility of dramatic tax rate hikes. By taking advantage of historically low tax rates, individuals can position themselves…
Features, April 2023
Dollars & Sense: Secure Act 2.0 Changes RMD Age
The Secure Act 2.0 changes the age IRA owners must start taking required minimum distributions, or RMDs. There is no change for those already taking RMDs. If you are already required to take RMDs, you must continue to take them. Obviously, many retired Americans take withdrawals from their IRAs because they need the income to…
Features, January 2021
Dollars and Sense: The Facts of Reverse Mortgages: Seniors Enhance Their Financial Stability
Jack Cawthon A Reverse Mortgage can offer seniors an option to age-in-place at home. They are federally insured, with the rules and guidelines all set by the FHA and HUD. And, it may surprise you to learn that this program began in 1988 under Ronald Reagan’s administration, with the express purpose of helping seniors stay…