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Klitzman Law Group, PLLC
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Financial Infidelity that Appears after One Spouse Dies
“The expression recognizes the blindness that many of us have in relationships to the spending habits of partners and the effect it has on our own finances.” When one member of a couple handles all the finances and dies, the surviving spouse is often left with a serious problem. Locating... Continue reading
Posted yesterday at Klitzman Law Group, PLLC
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Alternatives for Stretch IRA Strategies
“The elimination of the Stretch IRA is a game changer, especially for parents who were considering bequeathing savings in IRAs to their children.” The majority of many people’s wealth is in their IRAs, that is saved from a lifetime of work. Their goal is to leave their IRAs to their... Continue reading
Posted 2 days ago at Klitzman Law Group, PLLC
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Avoiding Probate with a Trust
“In other words, family members who are not named to inherit anything in the will may still see the list of all of the assets. If you don’t want that result, you can avoid it by establishing a trust.” Privacy is just one of the benefits of having a trust... Continue reading
Posted 3 days ago at Klitzman Law Group, PLLC
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Extra Social Security Benefits for Divorced People
“While it's not the best idea to expect your benefits alone to support you in retirement (after all, Social Security is only designed to replace around 40% of your pre-retirement income), some retirees have no other option but to depend on their monthly checks to cover the majority of their... Continue reading
Posted 4 days ago at Klitzman Law Group, PLLC
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The High Cost of Medicare Mistakes
“She recently enrolled in traditional (Parts A, B, and D) Medicare and was hit with huge Part B and Part D monthly premiums. She had no idea why it was so high. After many letters, calls, and meetings with Social Security, she still had no idea.” A 68-year-old woman knew... Continue reading
Posted 7 days ago at Klitzman Law Group, PLLC
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Can You Apply for a Mortgage at an Advanced Age?
“Federal law, under the Equal Credit Opportunity Act, forbids discrimination in the mortgage market on the basis of age. Nonetheless, loan officers say older borrowers often don’t realize they can get loans with terms that will expire on their 110th, 120th or nearly 130th birthdays.” A senior loan officer with... Continue reading
Posted Feb 20, 2020 at Klitzman Law Group, PLLC
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Should Retirees Buy Vacation Homes?
“While many retirees have considered purchasing a vacation home to escape cold winters, to rent out for income, or simply have a gathering place for far-flung family members, there are a number of financial matters to consider that could make ownership onerous.” It sounds like a great idea. After all,... Continue reading
Posted Feb 19, 2020 at Klitzman Law Group, PLLC
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Retirement Fund Withdrawals Can Affect Social Security Benefits
“Social Security provides a guaranteed source of income in retirement, but what many don't realize is that you're not guaranteed to keep it all.” Coordinating income in retirement takes a bit more thought than just collecting a paycheck. Take too much from Peter, you’ll end up paying Paul. Some retirees... Continue reading
Posted Feb 18, 2020 at Klitzman Law Group, PLLC
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Unintended Kiddie Tax Change Fixed in the SECURE Act
“The kiddie tax was created long ago to prevent wealthy parents from cutting their taxes by transferring a large amount of investments to their dependent children, who would be taxed at a lower rate.” Families were hurt by a change in the kiddie tax that took effect after 2017, but... Continue reading
Posted Feb 17, 2020 at Klitzman Law Group, PLLC
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Estate Planning for Unmarried Couples
“The number of unmarried couples who live together reached 18 million in 2016, a 29% jump from 14 million in 2007. Among adults age 50 and older, the increase was 75%: About four million were cohabiting in 2016, up from 2.3 million in 2007.” For some couples, getting married just... Continue reading
Posted Feb 14, 2020 at Klitzman Law Group, PLLC
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Not a Billionaire? Trusts Can Still Be Beneficial
“Even if your asset base doesn’t measure up to the Bill Gates standard, you may consider using trusts in estate planning. This is because they can help your heirs in many different ways.” You don’t have to be wealthy to benefit from the use of a trust. A trust is... Continue reading
Posted Feb 13, 2020 at Klitzman Law Group, PLLC
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Do You Want to Decide or Do You Want the State to Decide?
“Estate planning attorneys will agree, it’s better to die with a properly drafted will than to die without one. If you don’t have one, consider getting one.” A will allows you to direct your assets to the people you want to receive them, rather than the alternative, which is relying... Continue reading
Posted Feb 12, 2020 at Klitzman Law Group, PLLC
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The SECURE Act and Your Retirement
“While most of us had stockings and menorahs on our minds, President Trump on Dec. 20 signed the Secure Act that makes the most significant changes in retirement accounts we’ve seen in years.” For anyone who has saved a high six- or seven-figure balance in their retirement accounts, the SECURE... Continue reading
Posted Feb 11, 2020 at Klitzman Law Group, PLLC
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Inheriting a House? What You Need to Know
“Depending on whether you are the only beneficiary, or you are buying out other beneficiaries, you could move in, rent or sell.” There are choices when someone inherits a house. However, they depend on several factors. Are there other siblings who also have inherited portions of the ownership of the... Continue reading
Posted Feb 10, 2020 at Klitzman Law Group, PLLC
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Include Fido or Fluffy in Estate Planning
“The best way to take precautions and ensure your pet will be well cared for, is by doing some estate planning.” If you are a pet owner, you no doubt make plans for your pet when you go on vacation. If you are a very dedicated pet owner, perhaps you... Continue reading
Posted Feb 7, 2020 at Klitzman Law Group, PLLC
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What’s Your Retirement Distribution Plan?
“Failing to withdraw a required minimum distribution (RMD) from your own or an inherited IRA by the deadline results in a big tax code penalty: 50%. That's right.” If you were supposed to take out an RMD of $4,000 from your retirement accounts and somehow forgot to do this, you’ll... Continue reading
Posted Feb 6, 2020 at Klitzman Law Group, PLLC
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Estate Planning Documents for a Natural Ending
“You know that you can always refuse life-sustaining medical treatment. The tricky part comes when you are no longer able to understand your options or communicate your wishes to the health care professionals.” If you want to control your demise, there are a handful of documents that are typically created... Continue reading
Posted Feb 5, 2020 at Klitzman Law Group, PLLC
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What Does a Successor Trustee Do?
“I am named successor trustee in my parents’ trust. When the time comes, how do I sell the home and the other assets?” This is a common concern of people when they learn they have been named as a successor trustee, says nwi.com in the article “Estate Planning: The role... Continue reading
Posted Feb 4, 2020 at Klitzman Law Group, PLLC
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Retirement Accounts Targeted by Cybercriminals
“Unlike with stolen credit cards, a saver's losses to fraud in retirement investment accounts aren't limited by federal law, although mutual fund companies typically say they'll reimburse funds lost to fraudulent activity.” She thought she had nearly $80,000 saved in her employer-sponsored retirement plan, but when Beth Bennett checked on... Continue reading
Posted Feb 3, 2020 at Klitzman Law Group, PLLC
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Protecting Adult Children with Disabilities
“Adults with disabilities are living much longer than in the past, which means their aging parents must plan for the day when their dependent children outlive them.” One in four Americans has some kind of disability, and an increasing number of children are being diagnosed with some form of autism.... Continue reading
Posted Jan 31, 2020 at Klitzman Law Group, PLLC
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Business Owners Should Start End-Game Planning Now
“Running and owning a business is just like raising a child: Both are investments in the future and both require a lot of time, resources and effort to raise successfully.” Most parents understand that the ultimate goal of child-rearing is to help a child become an independent adult. For the... Continue reading
Posted Jan 30, 2020 at Klitzman Law Group, PLLC
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SECURE Act Means It’s Time for an Estate Plan Review
“Congress passed an important retirement-savings law called Setting Every Community Up for Retirement Enhancement, or the SECURE Act of 2019.” The most significant legislation affecting retirement was signed into law on Friday, Dec. 20, 2019. After stalling for months, Congress suddenly passed several bills, as attachments to budget appropriations, as... Continue reading
Posted Jan 29, 2020 at Klitzman Law Group, PLLC
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What Is an Advance Care Directive?
“Among the greatest gifts you can give your family is completing a medical power of attorney to help guide them, legal and other professionals say, and they note the start of the year is a good time to make this a priority.” People start out with good intentions at the... Continue reading
Posted Jan 28, 2020 at Klitzman Law Group, PLLC
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Five Estate Planning Mistakes to Avoid
“Five of the most common mistakes are easy to avoid with the right information and support, as well as a little creativity.” While it’s true that no estate is completely bulletproof, there are mistakes that people make that are big enough to walk through, while others are more like a... Continue reading
Posted Jan 27, 2020 at Klitzman Law Group, PLLC
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Preparing for the Inevitable: The Loss of a Spouse
“According to the U.S. Census Bureau, the average age of widowhood in the United States is a surprisingly young 59.” Becoming a widow at a relatively young age, puts many people in a tough financial position, says the article “Preparing for the Unexpected Death of a Spouse” from Next Avenue.... Continue reading
Posted Jan 24, 2020 at Klitzman Law Group, PLLC
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