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Karen Leary
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“What should you do with the money in your 401(k), when you leave your job?” Your first instinct when leaving a job, for retirement or a new opportunity, may be to take your money with you, by rolling it into an Individual Retirement Account (IRA). That may not be such... Continue reading
Posted yesterday at Surprenant & Beneski
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“Proposed U.S. legislation would make it easier for employers to offer annuities in 401(k) retirement plans that provide retirees fixed payments for as long as they live.” The role of annuities in retirement planning is one aspect of the Secure Act that was passed by the House in May and... Continue reading
Posted 2 days ago at Surprenant & Beneski
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When everyone is comfortable, it is time to move forward with discussion. The key to learning about the financial plans of your parents, is to ask for advice on your plans and then ask about their plans, according to “Ask your folks about their financial plans.” Start by explaining your... Continue reading
Posted 5 days ago at Surprenant & Beneski
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Is it true that wealth lasts for many generations? The real root to accumulating and transferring wealth is through supporting education, helping in the purchase of a home or in getting married, according to Fast Company in “5 lies you’ve been told about generational wealth.” Here are a few commonly... Continue reading
Posted 6 days ago at Surprenant & Beneski
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Plan needs to address the owner’s personal life and the future of the business. Everyone needs an estate plan but small business owners need to take an additional step and plan for what they want to see happen to their business, according to grbj.com in “Estate planning for small businesses.”... Continue reading
Posted 7 days ago at Surprenant & Beneski
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Children may not have to make as many major decisions at a difficult time in their lives. Elder law estate planning can make the lives of adult children easier, by setting major goals and tasks in the process, according to the Times Herald-Record in “Three ways for seniors to make... Continue reading
Posted Sep 10, 2019 at Surprenant & Beneski
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A checklist can help you stay on top of preparing for those later days. You work long and hard during your life and those retirement days are finally approaching. Unfortunately, some are prepared for those days and some are not, according to CNBC in “Nearing retirement? This checklist can help... Continue reading
Posted Sep 9, 2019 at Surprenant & Beneski
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Half of the Americans working toward retirement expect to work past the age of 65. You can work and plan your retirement. However, it is possible that you may end up returning to work either for financial, social or other reasons, according to the New Hampshire Register in “Returning to... Continue reading
Posted Sep 6, 2019 at Surprenant & Beneski
Work hard, plan your retirement and don’t forget the digital world. People can behave responsibility by work with an estate planning attorney to create a will, power of attorney and health care power of attorney, as well as other important documents to protect their heirs. However, it is important to... Continue reading
Posted Sep 5, 2019 at Surprenant & Beneski
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Transparency is usually the best case, so make that choice wisely. If you decide to choose a family member for power of attorney, remember to consider the possibility of a family feud, according to Considerable.com in “How to assign power of attorney without sparking a family feud.” Start by understanding... Continue reading
Posted Sep 4, 2019 at Surprenant & Beneski
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The stretch IRA may disappear into the past. The House recently passed the Setting Every Community Up for Retirement Enhancement Act, known as the Secure Act, and it’s widely expected to pass the Senate. While its name sounds like it’s looking to help Americans with retirement, it is possible the... Continue reading
Posted Sep 3, 2019 at Surprenant & Beneski
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While it is taxable on withdrawal, the contributions lower your taxable income. It turns out as a surprise to some retirees but the withdrawals from a 401(k) are taxable. However, it is important to remember that the contributions are beneficial, because they lower taxable income, according to Market Watch in... Continue reading
Posted Aug 30, 2019 at Surprenant & Beneski
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Even if net worth is not high, a second look at your plan can be beneficial. The Federal Tax Cut and Jobs Act is a good reason for people, regardless of the amount of their assets, to either create an estate plan or review an already existing plan, according to... Continue reading
Posted Aug 29, 2019 at Surprenant & Beneski
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It is important to realize that you can name your power of attorney. A power of attorney is someone you name to act on your behalf, should you become unable to handle your finances or make your own decisions. If you do not have a power of attorney, then someone... Continue reading
Posted Aug 28, 2019 at Surprenant & Beneski
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A real-life problem when long-lost relatives show up. A trustee and only beneficiary of her mother’s trust explained her difficulties when her long-lost sister suddenly showed up toward the end of her mother’s life, according to the Santa Cruz Sentinel in the article “It’s never too early to disinherit children.”... Continue reading
Posted Aug 27, 2019 at Surprenant & Beneski
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A leisure world of retirement doesn’t appeal to everyone. If you have decided that you have had enough of work and plan to retire as soon as feasible, you might first take a look at some really good reasons to continue, according to USA Today in “18% of baby boomers... Continue reading
Posted Aug 26, 2019 at Surprenant & Beneski
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You have choices, so what are your interests? There are a number of options with age-restricted communities. However, active community living is one of the growing choices, according to Next Avenue in “How to Choose a 55+ Active Adult Community.” How can you determine which is the best for you?... Continue reading
Posted Aug 23, 2019 at Surprenant & Beneski
The average loss to the elderly is $1,500 per successful scam. Seniors across the U.S. receiving Social Security continue to be targeted with many scams. However, a favorite seems to be convincing you to buy gifts cards with your savings, according to The Sentinel Source in “How to protect yourself... Continue reading
Posted Aug 22, 2019 at Surprenant & Beneski
The average loss to the elderly is $1,500 per successful scam. Seniors across the U.S. receiving Social Security continue to be targeted with many scams. However, a favorite seems to be convincing you to buy gifts cards with your savings, according to The Sentinel Source in “How to protect yourself... Continue reading
Posted Aug 22, 2019 at Surprenant & Beneski
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No will or trust? The estate is most likely going to probate court. Transfer on death accounts can avoid some assets from going through probate. However, it is important to know that the laws governing TODs vary from state to state, according to Yahoo! Finance in “Transfer on Death (TOD)... Continue reading
Posted Aug 21, 2019 at Surprenant & Beneski
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When money suddenly comes into the picture, there will most likely be challenges. There are many, many questions that can arise when you inherit money, such as do you pay down debts or do you invest, according to The Kansas City Star in “Coming into some money? Be wise with... Continue reading
Posted Aug 20, 2019 at Surprenant & Beneski
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Jack Grynberg built a billion-dollar industry but faces a near total loss of assets. Denver oil tycoon Jack Grynberg placed his assets into trusts for his family to protect his wealth and now has lost a suit to retain his wealth after the family fired him, according to The Denver... Continue reading
Posted Aug 19, 2019 at Surprenant & Beneski
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Is it true that wealth lasts for many generations? The real root to accumulating and transferring wealth is through supporting education, helping in the purchase of a home or in getting married, according to Fast Company in “5 lies you’ve been told about generational wealth.” Here are a few commonly... Continue reading
Posted Aug 19, 2019 at Surprenant & Beneski
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Life happens and so does death, so it is best to be prepared. It doesn’t matter how much money you have. You always need an estate plan, whether married or single, in order to be sure those left behind are cared for and that your assets are distributed as you... Continue reading
Posted Aug 16, 2019 at Surprenant & Beneski
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The state makes the decisions on where your assets should go. If it is determined that if you do not leave a will or an estate plan, then probate takes over with a key focus on debts and what gets paid first, according to The Balance in “Dealing with Debts... Continue reading
Posted Aug 15, 2019 at Surprenant & Beneski