Wealth Management
The Strategy Map Vol 4: How Can I Turn My Portfolio into a Consistent Income Stream?
Most clients we work with need to supplement their Social Security and/or pension income by taking distributions from their portfolio to cover ongoing expenses. Insert the “Bucket Strategy” to solve this need.
Estate Planning for Blended Families
Estate planning is important for everyone, and the issues for blended families can be especially knotty. How can one be confident that one’s wishes for everyone will be implemented?
Tax Reform and Charitable Giving
When the tax system was reformed in 2017 in the Tax Cuts and Jobs Act, there was much concern about the effect the changes would have on charitable giving. First, the rough doubling of the standard deduction meant that far fewer taxpayers would be itemizing, and without itemizing there is no tax benefit at all for the charitable gift. Second, the top marginal tax rate was reduced slightly, which meant that the net tax benefit for the wealthiest taxpayers would go down.
Check your Beneficiary Designations
Jeffrey and Margaret were in their 20s when they met in a park and began dating. They moved to Sullivan County, Pennsylvania, living together while Margaret waitressed and Jeffrey got a job at Proctor and Gamble. In 1987, Jeffrey signed up for P&G’s profit sharing and savings program. He listed Margaret as his beneficiary, stating that she was a “cohabitor.”
Limited RMD Relief
Once upon a time, distributions from an inherited IRA could be spread over the beneficiary’s lifetime. For young beneficiaries, the RMDs might be small enough that the inherited IRA would continue to grow handsomely. This changed with passage of the SECURE Act. In general, subject to important exceptions, the assets of an inherited IRA must be distributed to the beneficiary over ten years.
Heartland Bank Announces the 2024 Zearing Scholarship Recipients
In 1991, Delyte K. and Robert I. Zearing established a trust to be held by Heartland Bank and Trust Company in Princeton, Illinois, for the purpose of maintaining a perpetual education fund to be used for scholarships for selected students from Bureau County to attend the University of Illinois.
The Strategy Map Vol 3: What is Estate Planning?
The CFP® Board defines estate planning as the legal planning that helps you control who will inherit your money and property, and who can make medical and financial decisions on your behalf if you are unable to do so yourself.
The “Scammers Hall of Shame”
The Federal Trade Commission has issued an alert for a new scam for stealing from vulnerable families, one which the agency believes should be in the Top Ten List of the Scammers Hall of Shame. The scammer impersonates a representative of the funeral home, and says that additional funds must be paid immediately or the funeral will be cancelled. “Can you imagine anything more despicable?” the FTC said in its announcement.
Retirement Readiness
A recent survey from the Nationwide Retirement Institute suggests growing anxiety about retirement among those in the last decades of their careers. Some 69% of those aged 55-65 agreed that retiring at age 65 “doesn’t apply to them.” 22% reported that in the last 12 months they’ve decided to retire later than planned. More than 40% believe that they will have to keep working during retirement to make ends meet.