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Kiernan Waters
Annapolis
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A survey found that Gen Xers are less concerned about retirement planning than they are about other financial challenges. Don’t forget that group that’s between the headline grabbing millennials and boomers: Generation Xers, Americans between ages 36-55. A survey from the IRA (Insured Retirement Institute) appears to have uncovered a... Continue reading
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The new Tax Cuts and Jobs Act have made the Roth more attractive as retirement savings vehicles. Here are the two biggest tax advantages from Roth IRAs: withdrawals are tax free, and you don’t have to worry about required minimum distributions. According to MarketWatch’s article, “How the new tax law... Continue reading
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If you are an adult, you need a will. If you are a parent, you need a will that names guardians for your minor children. Anyone who is an adult, should have a will. The core of an estate plan is a document known as a will, the legal document... Continue reading
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They say that numbers don’t lie—and you definitely want to know about this data! Before you decide to retire at age 62 and start taking Social Security benefits, you may want to dig a little deeper into the statistics, especially if you are a man. “Your life might depend on... Continue reading
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You can now pass more wealth onto heirs free of federal estate tax, and there are new opportunities for trusts and gifting to further reduce income taxes. The new tax law was a gift to wealthy Americans, but taking advantage of the changes requires a review of everyone’s estate plan,... Continue reading
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First, you’ll spend more, and then later, maybe, you’ll spend less. Being realistic about what lies ahead and how much it will cost will lead to a more enjoyable retirement. People always ask “how much money will I need to retire,” but there’s no magic number. How much depends on... Continue reading
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If circumstances did not permit you to save as much as you wanted, or unexpected costs dented your retirement accounts, a reverse mortgage may be an option to consider. Reverse mortgages can be very attractive solutions for retirees who find themselves short of funds, since a reverse mortgage will not... Continue reading
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Once your divorce is done, you still have work to do. There are many financial and legal tasks to tackle, which cannot be ignored, unless you want to create big problems in the future. There is nothing pleasant or easy about working through a divorce settlement. Emotions run high and... Continue reading
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Preparing for an emergency includes preparing a “go bag”, in case you have to evacuate in a hurry. However, there are legal and financial documents that also need to be in that bag. Here’s why. It seems that every week brings dramatic news footage of families coping with hurricanes, mudslides,... Continue reading
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Over-the-top possessions or carefully decorated interiors are all finding favor with young collectors, whose interest in what’s left behind from high profile lives is driving a flourishing trend in estate sales. If the original wood wall paneling or reddish-brown bedding in a New York apartment had belonged to an unknown... Continue reading
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Planning your own funeral sounds morbid, but if you think of it as a gift that alleviates pressure and decision making for your loved ones during a very difficult time, it might make it easier to move forward. Usually the call comes to the estate planning attorney from a child... Continue reading
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A district court decision that granted the trust that owns Hobby Lobby a $3.2 million refund has had its decision overruled by the Tenth Circuit. That refund claim by the largest privately-owned arts and crafts retailer had been based on charitable contributions of appreciated property. Started as a home business... Continue reading
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This is easier in some families than others, but discussing your parent’s estate plan and assets while they can still have that conversation is important for millennials. Think of it this way: you can have an awkward conversation with your parents now and everyone can get more comfortable with the... Continue reading
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State laws vary, so be sure to check with an estate planning attorney if you are leaving assets to family members who are not children or parents. Inheritance taxes in different states treat different family members differently, so you’ll want to plan this in advance to avoid saddling beloved nieces... Continue reading
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An “Integrity Monitor” or independent fiduciary can oversee the investment program and the service providers retained to implement the program on behalf of the trust. It’s a good idea for the trust itself and for the trust beneficiaries. A cautionary article in Forbes, “Trusts, Special Needs Trusts, Family Offices All... Continue reading
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A large and unwieldy tax bill was signed into law, drafted quickly and is bringing large changes to how American businesses and Americans pay their taxes. But what will it mean to you, your paycheck and your family? The Chicago Tribune takes a detailed look at how the new tax... Continue reading
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With the exploitation of seniors adding up to millions in losses for families, businesses and government, the state of Maryland is taking steps to raise awareness of elder financial abuse. One in five adults age 65 and older have become victims of elder financial abuse in Maryland, as reported in... Continue reading
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Probate courts encounter all kinds of odd scenarios, but after one hearing in a Los Angeles courtroom, this estate battle has taken a different kind of twist. Two people – a long-time prison pen pal and a grandson of Charles Mason—are awaiting decisions from Probate Judge David J. Cowan concerning... Continue reading
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Government benefits for special needs individuals are needs-based, so any change in their financial situation could make them ineligible for benefits. Grandparents who want to be generous to their special needs grandchildren, are often surprised when the child’s parents tell them not to. With number of disabled individuals five years... Continue reading
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The rules for different types of trusts and Medicaid vary. Before undertaking a Medicaid application, you will want to understand what kind of trust you or the applicant has, who owns it and how it is funded. Strict income and asset limitations are part of the guidelines when applying to... Continue reading
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Feb 2, 2018