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Fong Law Group

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Planning for Three Financial Phases of Retirement: Spending Down, Final Spending and Legacy

“The knowledge required to effectively manage financial assets in the accumulation phase is not sufficient to carry clients through the remaining stages. What follows is the knowledge needed to give your clients the greatest chance of achieving life and financial goals, as they pass through the various other stages.” In... Continue reading

Posted yesterday at Fong Law Group

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Social Security Theft Is on the Rise: Be Prepared and Protected

“Last fall, after the Equifax breach, Jim Borland, acting deputy commissioner for communications at the Social Security Administration wrote a blog post on the agency website headlined ‘Protecting Your Social Security.’” The advice in the blog post is still applicable today: everyone should go to the Social Security website and... Continue reading

Posted 2 days ago at Fong Law Group

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Just What are the Responsibilities of a Financial POA? 財務授權書有什麼責任？ (中英對照)

“A ‘power of attorney’ (POA) is the document that ... Continue reading

Posted 3 days ago at Fong Law Group

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Federal Estate Taxes of Little Worry for Most of Us

“According to the Tax Policy Center, in 2018 only 1,890 estates in the U.S.–a drastic reduction from prior years–were estimated to be subject to the estate tax.” If you are worried about the federal estate tax, it is a good problem to have. It means that your asset level is... Continue reading

Posted 4 days ago at Fong Law Group

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What’s so Bad About Having a Will Probated?

“One of the purposes of probate is to determine who receives the property of the decedent. If the account is jointly owned, we already know that the surviving joint owner owns the property at the time of death.” The process of probating a will and why it matters, is reviewed... Continue reading

Posted 5 days ago at Fong Law Group

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Empty Nest? Time to Focus on the Nest Egg

“Each child reduces the household wealth of Americans between the ages of 30 and 59 by about 3% or 4%, according to data from the Center for Retirement Research at Boston College.” After decades devoted to rearing children, it happens: parents realize that they’ve neglected their own retirement savings. Once... Continue reading

Posted Feb 15, 2019 at Fong Law Group

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Still Wondering Why You Need to Review an Estate Plan? 還在想為什麼你需要審查您的資產產計劃？ (中英對照）

“An estate plan is the guide to how you want your ... Continue reading

Posted Feb 14, 2019 at Fong Law Group

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Estate Planning When a Family Member Is an Addict

“According to the Centers for Disease Control and Prevention, more than 42,000 people lost their lives due to opioid use in 2016, a fivefold increase from 1999.” Opioid addiction has reached epidemic proportions, with drug overdoses now the leading cause of death for Americans under age 50. Families struggling with... Continue reading

Posted Feb 13, 2019 at Fong Law Group

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Should a Professional Serve as a Trustee for Your Estate?

“Typically, criticisms of trustees center around fees, locality and beneficiaries’ perceived lack of access to funds and to the administrator.” Officers at trust companies often hear comments that it hardly seems necessary to have a professional involved in administering an estate. After all, they ask, how difficult can it be?... Continue reading

Posted Feb 12, 2019 at Fong Law Group

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Without a Plan, Your Estate Could be at Risk 沒有計劃，您的資產可能會面臨風險 (中英對照)

“Although the Tax Cuts and Jobs Act of 2017 elimin... Continue reading

Posted Feb 11, 2019 at Fong Law Group

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Yes, You Have to Pay Taxes on Retirement Account Withdrawals—and On Time

“I had never worked with a financial advisor, so I didn’t really understand that there would be a specific age that would come along, regardless of whether or not I was working, and bang, I would have to withdraw this money, whether or not I needed it,” he says. Once... Continue reading

Posted Feb 8, 2019 at Fong Law Group

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Second Time Around Money Tips

“Constant negotiating about who pays what bill or how household costs will be split, is enough to stress any couple. Instead, find a systematic way to cover regular costs.” Whether your second spouse is the complete opposite of the first or a new and improved version of the original, second... Continue reading

Posted Feb 7, 2019 at Fong Law Group

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Here’s Why You Need an Estate Plan in 2019 為何您在這年需要一個資產計劃 (中英對照)

“Besides new exercise regimes and attempts at savi... Continue reading

Posted Feb 6, 2019 at Fong Law Group

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Who Will Pay for Your Nursing Home Care? 您的養老護理費由誰來支付? (中英對照)

“Health insurance coverage will often pay for the ... Continue reading

Posted Feb 5, 2019 at Fong Law Group

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Three Reasons Why Giving Your House to Your Children Isn't the Best Way to Protect It From Medicaid

You may be afraid of losing your home if you have to enter a nursing home and apply for Medicaid. While this fear is well-founded, transferring the home to your children is usually not the best way to protect it. Although you generally do not have to sell your home... Continue reading

Posted Feb 4, 2019 at Fong Law Group

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Emergency Planning for Seniors: Simple to Do, Critical in a Crisis

“The common advice for a crisis is to remain calm and try to think clearly. That's not always possible, but prior planning and preparation – much like with fire drills or tornado drills – can help you to stay focused and make better decisions during an emergency situation.” What if... Continue reading

Posted Feb 1, 2019 at Fong Law Group

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Thinking about Giving It All Away? Here’s What You Need to Know

“You can make a big impact, after you’re gone.” There are some individuals who just aren’t interested in handing down their assets to the next generation when they die. Perhaps their children are so successful, they don’t need an inheritance. Or, according to the article “Giving your money away when... Continue reading

Posted Jan 31, 2019 at Fong Law Group

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Four Retirement Issues for 2019

“It’s going to be a busy year in Washington and state capitals for policymakers working to improve the retirement security of millions of Americans.” A host of new retirement savings options will be on the horizon for millions of Americans whose workplace does not offer 401(k) plans, says The New... Continue reading

Posted Jan 30, 2019 at Fong Law Group

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Legacy Planning for Farm and Ranch Families

“Planning for the future of a farm, ranch or business can be a lot more complicated than just making a will, especially if there is more than one heir.” An inheritance is more than money or property, especially when it comes to family farms, ranches and businesses. Many survive for... Continue reading

Posted Jan 29, 2019 at Fong Law Group

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Are Your Powers of Attorney ‘Hot’ Enough? 你的財務授權書夠“熱門”嗎？(中英對照)

“The lawyer emphasizes that, in granting the hot p... Continue reading

Posted Jan 28, 2019 at Fong Law Group

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Here’s Why You Need an Estate Plan 這就是為什麼你需要一個資產計劃 (中英對照)

“Dying without a will basically means that you giv... Continue reading

Posted Jan 25, 2019 at Fong Law Group

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What if Your Heir Dies Before You?

“Your will may provide how the estate should be distributed, if one of the legatees dies before you. If not, you can change your will to reflect how you want the estate divided, after the loss of your child.” The idea of a child dying before a parent is a... Continue reading

Posted Jan 24, 2019 at Fong Law Group

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Using a Health Savings Account for Retirement Health Care Costs

“In 2019, you can save up to $3,500 in a health savings account, if you have self-only health insurance coverage. The limit goes up to $7,000 for family plans.” If it’s done right, the older American worker has an opportunity to save additional money for health costs during retirement. That’s... Continue reading

Posted Jan 23, 2019 at Fong Law Group

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Yes, You Have to Pay Taxes on Social Security—Sometimes

“So, your friend or relative who tells you they don’t have to pay any income tax on their Social Security may be correct—for themselves. But that may not be true for you.” It’s like listening to your know-it-all brother-in-law bragging about how much he’s made on a stock, when you... Continue reading

Posted Jan 22, 2019 at Fong Law Group

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Ohio Lawmakers Targeting Elder Fraud

“It is really an epidemic of people going after our most frail and fragile citizens. They can convince them they won the lottery and they haven’t bought a ticket.” Ohio’s just passed a new state law targeting those who defraud and exploit the elderly. The bill increases financial penalties for... Continue reading

Posted Jan 21, 2019 at Fong Law Group

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