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King & Wood, P.A.
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A final rule from the Labor Department will allow small businesses to offer 401(k) plans, which may make fiscal sense, if they band together. Businesses in different industries will have the option to team up to create a retirement plan, as long as they are located in the same region.... Continue reading
Posted 15 hours ago at King & Wood, P.A.
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“It’s one thing to assume that these conversations can wait until a health or financial emergency makes them necessary. However, avoiding money talks with your parents altogether can be a mistake.” GOBankingRates recently released a survey that found that 73% of Americans haven’t had conversations with aging parents about their... Continue reading
Posted 2 days ago at King & Wood, P.A.
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“Many people are frightened of long-term care costs—for good reason.” The recent article from MarketWatch, “This is how much long-term care could cost you, and don’t expect Medicare to help,” reports that most people over 65 will eventually need help with daily living tasks, like bathing, eating, or dressing. Men... Continue reading
Posted 3 days ago at King & Wood, P.A.
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“If you're considering retiring early, you'll forego not only the headaches of working but also the additional money earned that could have made your retirement even more comfortable. Make sure that you're truly ready before you leave.” Investopedia’s recent article, “6 Signs You Are Ready to Retire Early” gives you... Continue reading
Posted 6 days ago at King & Wood, P.A.
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“Being well-prepared for retirement is wonderful, but there is no fail-safe plan. Things can unravel, due to many inherent post-retirement risks.” Knowing the risks that may be found in retirement and the ways in which they can harm financial security is critical to making important modifications in a retirement plan.... Continue reading
Posted 7 days ago at King & Wood, P.A.
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“An irrevocable life insurance trust (ILIT) can provide peace of mind, as you start your estate planning process. If you have a sizable estate or young beneficiaries, an ILIT can provide control over a life insurance policy that a last will and testament may not.” The word “irrevocable” in an... Continue reading
Posted Aug 14, 2019 at King & Wood, P.A.
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“While the House was busy passing its defense spending bill last week, other members of Congress were introducing other legislation aimed at helping veterans.” radio.com’s article “Congress introduces bills to increase veteran benefits, refund home loan fees, help women veterans,” lists all of the legislation that’s been introduced in Congress... Continue reading
Posted Aug 9, 2019 at King & Wood, P.A.
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“Estate planning can be tricky, which is why many people turn to attorneys to get the job done right.” Drafting a will is an essential part of estate planning. Even though it’s vitally important, a recent survey from AARP revealed that two out of five Americans over the age of... Continue reading
Posted Aug 8, 2019 at King & Wood, P.A.
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“Some things don’t disappear even when you die, including credit card debt.” Although you can’t take your gold MasterCard and black American Express cards with you, the remaining balance you owe can be collected from your estate. The good news is that your heirs are not responsible for paying the... Continue reading
Posted Aug 7, 2019 at King & Wood, P.A.
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“When you use a life estate, how does it work? What are the restrictions and who pays the property taxes and other expenses for the home?” Life estates are used for a number of estate planning purposes. However, the most frequent strategy is to use a life estate where a... Continue reading
Posted Aug 6, 2019 at King & Wood, P.A.
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“There are mechanisms that you can put in place through a trust to help your children become financially responsible with their inheritance.” Young people like to keep things simple. Millennials don’t want their parents’ furniture or antiques. They want to be able to move easily, without a lot of headaches.... Continue reading
Posted Aug 5, 2019 at King & Wood, P.A.
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“For any type of LTC insurance, it may make sense to buy when you are in your 50s or 60s.” Long-term care policies are available from insurance companies. Federal employees can also obtain them through the federal FLTCIP program. LTC (long-term care) policies offer a wide variety of features. Some... Continue reading
Posted Aug 2, 2019 at King & Wood, P.A.
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“’I’d like to move to a nursing home or assisted living,’ said no older adult ever. In fact, a recent study by AARP found that nine of 10 older Americans preferred to live in their homes as long as possible. The aging-in-place movement seeks to let seniors do just that,... Continue reading
Posted Aug 1, 2019 at King & Wood, P.A.
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“The National Funeral Directors Association says 62.5% of people believe that it's important to talk about funeral preparations. However, only around 21.4 % have made arrangements for themselves.” You’ve heard about death and taxes. While having a plan for your death may not be a big priority, creating a plan... Continue reading
Posted Jul 31, 2019 at King & Wood, P.A.
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“It's just been revealed that Gloria Vanderbilt's estate is surprisingly small and that the heiress and designer left her New York City apartment to her eldest son, Leopold ‘Stan’ Stokowski, and her remaining money to her youngest son, CNN anchor Anderson Cooper.” There are some new details about the estate... Continue reading
Posted Jul 30, 2019 at King & Wood, P.A.
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“The word “estate” conjures images of great wealth, which may be one of the reasons so many people don’t develop estate plans. Afterall, they’re not rich, so why make the effort?” However, if you have a family, you can probably benefit from estate planning, regardless of your asset level. The... Continue reading
Posted Jul 29, 2019 at King & Wood, P.A.
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“Sometimes you have to hold the reins tight, especially when it comes to money. A spendthrift trust does exactly that.” Newsday’s recent article, “What to consider when creating a 'spendthrift' trust,” explains that a spendthrift trust protects people from themselves. It can be a great protection for those with an... Continue reading
Posted Jul 24, 2019 at King & Wood, P.A.
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“Before Ashley Carlson’s father died of cancer in 2016, her only experience navigating the real estate world was finding a place to rent in San Francisco. As executor of his will, Carlson had to clean out and sell his home and a cabin in the mountains—both a couple of hours... Continue reading
Posted Jul 24, 2019 at King & Wood, P.A.
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“T-bonds are indeed safe and dependable as investments go. Unlike equities, these instruments pay a steady rate of interest throughout the bond term, and the interest payments are exempt from both state and federal taxation. What's more, T-bonds are backed by the full faith and credit of the U.S. federal... Continue reading
Posted Jul 23, 2019 at King & Wood, P.A.
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“The key to avoiding bitter conflict among heirs, is to have candid discussions well before the reading of the will.” A few years after her death in 2014, Joan Rivers’ family put hundreds of her personal items up for auction at Christie’s in New York. As The Financial Times reported... Continue reading
Posted Jul 22, 2019 at King & Wood, P.A.
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“District Attorney Summer Stephan announced an outreach campaign designed to increase awareness of financial elder abuse and remind employees of San Diego-area financial institutions of their duties as legally mandated reporters of such crimes.” Finance professionals who serve senior citizens “are some of our best eyes and ears for spotting... Continue reading
Posted Jul 19, 2019 at King & Wood, P.A.
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“After years of strong growth, total charitable giving rose just 0.7% in 2018, according to a new report on philanthropy by Giving USA. When adjusted for inflation, total giving declined 1.7%.” People typically don’t donate to charity because of tax benefits, but without it they’re likely to give less. CNBC’s... Continue reading
Posted Jul 18, 2019 at King & Wood, P.A.
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“Your obligations to your family or loved ones do not stop, even if you have already passed on. If your family, especially your children, are still heavily dependent on you, you can still provide for them through proper estate planning, even if you are no longer present.” Delaying your estate... Continue reading
Posted Jul 17, 2019 at King & Wood, P.A.
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King & Wood, P.A. was founded on July 16, 2004. Today we celebrate our fifteenth anniversary. We are thankful for the many families and businesses who have allowed us to serve them through the years. We are thankful for our wonderful staff, whose professionalism and good humor allow us the... Continue reading
Posted Jul 16, 2019 at King & Wood, P.A.
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“Irrevocable trusts appear, by definition, to be unchangeable and inflexible. But are they?” Irrevocable trusts aren’t as irrevocable as their name implies, according to Barron’s recent article, “Are Irrevocable Trusts True to Their Name?” The article says that, for both new and existing trusts, there are ways to build in... Continue reading
Posted Jul 12, 2019 at King & Wood, P.A.