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Fong Law Group
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“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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“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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“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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“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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“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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“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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“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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“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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“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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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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“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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“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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“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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“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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“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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“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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“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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“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