Posts by cinchws
End-of-Life Planning Checklist
To ensure that your wishes will be carried out after your death, end-of-life planning is essential. But organizing your personal and financial affairs can be difficult if you don’t know where to start. Use the following checklists to guide you through the planning process. Estate planning Execute and update living wills, durable powers of…
Read MoreCommon Tax Traps Involving Life Insurance
Life insurance delivers cash to beneficiaries when it’s needed most. Plus, if the policy is properly structured, the beneficiaries receive the death proceeds income tax free. By understanding potential tax traps related to life insurance, you can avoid costly mistakes. A few of the most common pitfalls are outlined here. Three People on a…
Read MoreHow Much Did I Spend Last Year?
One of the key items to determine when getting ready to retire is to know how much you spend each year, to be able to compare it to what your spendable income is projected to be once you are retired. Or maybe you are just trying to determine your budget to be able to make…
Read MoreA Retirement Checklist
As you approach retirement, there are many important decisions to make and factors to consider. Use this guide to help keep track of all the details. Keep Track of Key Dates and Deadlines Mark your calendar with any application or election deadlines. Remember, it often takes much longer than you think to prepare and…
Read More5 Positive Financial Habits to Adopt Today
Like most people, you probably have a vivid, exciting picture of what your ideal retirement will look like. Maybe it’s spending time with family at a beach house, crossing off the books that have accumulated on your to-read list, or finally being able to volunteer enough of your time to make a difference for your…
Read MoreBest Ways to Save for College
With the cost of higher education rising annually, saving for college is on every parent’s mind. There are several vehicles designed specifically for this, including state savings plans, prepared tuition plans, Coverdell education savings accounts, and custodial accounts. Each option offers different advantages and presents potential disadvantages. 529 plans: state savings plans The 529…
Read MoreChoosing Your Executor or Trustee
Your estate plan isn’t complete until you appoint someone to carry out your wishes. Your choice of executor or trustee is important. Before selecting an obvious choice, such as a spouse or child, consider the time involved in assuming either role, the scope of duties, and the burden that both roles may impose. Your…
Read MoreSocial Security Earnings Limit
Once you reach full retirement age (FRA), any income you earn will not affect your social security benefits. If, however, you took benefits early, you may be affected by the earnings limitation, which caps how much income you may earn and still receive social security benefits. Moreover, if other family members, such as your spouse…
Read More