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Legacy Counsellors, P.C.
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It’s always a good idea to name an executor and a secondary executor, if the primary cannot or decides not to serve. More than that can create some estate and family problems. Let’s say you have three highly competent children, and they are all near you. Does it make sense... Continue reading
Posted 2 days ago at Legacy Counsellors, P.C.
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A conservative investment approach puts investors at risk. Not only will there be lost market growth, but by not keeping up with inflation, the account owner may find themselves without enough funds for retirement. Sometimes playing it safe can be too safe. The most popular fund in federal employees’ Thrift... Continue reading
Posted 3 days ago at Legacy Counsellors, P.C.
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It’s a nice problem to have, but it’s still a problem: when should your children learn that they are going to inherit wealth, and how much do they need to know? The concern is that learning about a big inheritance will take away any ambition or desire to work hard.... Continue reading
Posted 4 days ago at Legacy Counsellors, P.C.
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A recurring problem in Pennsylvania, is people who charge veterans to apply for their benefits. There are no fees and no veteran should have to pay for their VA services. With some 800,000 veterans in Pennsylvania, the issue of military vets being charged for help with applying for benefits has... Continue reading
Posted Jun 14, 2019 at Legacy Counsellors, P.C.
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The bill will change the age when account owners must start taking their Required Minimum Distributions, and it would make it easier for workers to save for retirement while repaying student loans. Legislation was reintroduced by Senators Ben Cardin and Rob Portman that will raise the RMD age to 75.... Continue reading
Posted Jun 13, 2019 at Legacy Counsellors, P.C.
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In an amazing gesture of generosity, Robert F. Smith announced that he will pay off the student loans for the 2019 class of Morehouse College, making graduation weekend extra special. For the nearly 400 graduates of Morehouse College in Atlanta, Billionaire Robert F. Smith was an inspirational commencement speaker. His... Continue reading
Posted Jun 12, 2019 at Legacy Counsellors, P.C.
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The high cost of healthcare is a real concern for people with chronic or fatal diseases who have healthy spouses. How can they protect their spouses from being impoverished by the cost of their care? The high cost of health care for one spouse could leave the surviving spouse facing... Continue reading
Posted Jun 11, 2019 at Legacy Counsellors, P.C.
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So you got your numbers mixed up, or your brokerage firm made a mistake. You didn’t take out enough when you did your annual Required Minimum Distribution from your IRA. What you do next is important. Everyone makes mistakes, and that includes taking out the wrong amount for your annual... Continue reading
Posted Jun 10, 2019 at Legacy Counsellors, P.C.
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IRA rules have never been simple, and they’ve gotten more complex as time as has gone by. Making a mistake can be expensive, with income tax and penalties potentially consuming a large part of the IRA you worked so hard to build. Be careful, and work with an experienced advisor.... Continue reading
Posted Jun 7, 2019 at Legacy Counsellors, P.C.
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Americans are a generous people, and 2018 showed clear proof of this. Distributions from IRAs increased, and using the Qualified Charitable Distribution (QCD) was at the heart of much of the giving. Giving from an IRA, also known as an IRA charitable rollover gift or QCD, took a leap of... Continue reading
Posted Jun 6, 2019 at Legacy Counsellors, P.C.
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A comprehensive estate plan addresses several issues that come up at the end of life. In addition to distributing assets through a will, an estate plan should include a medical power of attorney. A medical power of attorney gives a trusted family member or close friend the legal right to... Continue reading
Posted Jun 5, 2019 at Legacy Counsellors, P.C.
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By our nature, we are good at avoiding the unpleasant. We don’t like to consider our own passing, which is an uncomfortable thing to think about. However, that isn’t enough of a reason to skip out on responsibilities to the next generation. Way back in the Stone Age, say evolutionary... Continue reading
Posted Jun 4, 2019 at Legacy Counsellors, P.C.
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Our social patterns are changing, with millennials deciding to get married later in life. How different are they from boomers, when it comes to retirement savings? This deep dive explains. Interesting research from the well-regarded Boston College’s Center for Retirement Research has taken a long-term and in-depth look at what... Continue reading
Posted May 31, 2019 at Legacy Counsellors, P.C.
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There are several different types of dementia. A new type of this disease has been revealed that may actually be more common than Alzheimer’s, at least among older adults. This newly discovered form of dementia often has the same symptoms of Alzheimer’s disease, but progresses more slowly and has a... Continue reading
Posted May 30, 2019 at Legacy Counsellors, P.C.
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The headlines indicate that the concerns of seniors and personal finance are in the spotlight on Capitol Hill. Will the bills become law, and what will their impacts be? The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 is making its way through the legislative process, with... Continue reading
Posted May 29, 2019 at Legacy Counsellors, P.C.
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There are many who don’t believe in pre- or post-nuptial agreements. That’s all well and fine, until a divorce is imminent, and emotions take over what should be a legal and financial discussion. Would a baby-nup really help new parents? Social changes always spark debate, and changes in parenting are... Continue reading
Posted May 28, 2019 at Legacy Counsellors, P.C.
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Having a living will and a power of attorney for healthcare will allow a designated person to make decisions on your behalf, when you are unable to communicate your wishes. This may be more important for a single person than someone with a spouse. What would happen if a single... Continue reading
Posted May 22, 2019 at Legacy Counsellors, P.C.
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See if you remember this: you started at your new job with a meeting with HR. You signed a lot of paperwork, agreeing with corporate policies and acknowledging receipt of the company handbook. You also named a person or persons to be your beneficiary on a few different employee benefit... Continue reading
Posted May 21, 2019 at Legacy Counsellors, P.C.
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We hear a lot about the importance of having the right mix of large and small caps, domestic and international, bonds and other investments, to create a strong and stable investment portfolio. The same thing is true, when it comes to tax diversification in your retirement accounts. When most Americans... Continue reading
Posted May 20, 2019 at Legacy Counsellors, P.C.
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If you want a simple way to pass a part of your estate to a spouse, one way to do it is through the use of Transfer on Death (TOD) accounts. Many spouses share a checking and savings account. Both write checks and make deposits and withdrawals, without requiring either’s... Continue reading
Posted May 16, 2019 at Legacy Counsellors, P.C.
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With less room for error, it makes sense that someone with a modest home and retirement savings needs estate planning to protect their families. When a billionaire loses half of his wealth in a divorce, they’re still wealthy. But when a middle-class person hasn’t planned for estate distribution or long-term... Continue reading
Posted May 15, 2019 at Legacy Counsellors, P.C.
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We never know when tragedy will strike, an accident occurs, or a diagnosis of a serious illness is given. Having an estate plan, including these specific documents, is part of being a responsible adult and preparing for whatever the future may bring. If having a checklist makes you more likely... Continue reading
Posted May 14, 2019 at Legacy Counsellors, P.C.
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Where many succession plans go off the rails, is when they focus solely on the economics of the business. That may work fine for a corporation, but for a family business, the dynamics and relationships of the family members must be taken into consideration, when planning for succession. It’s hard... Continue reading
Posted May 9, 2019 at Legacy Counsellors, P.C.
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Both banks and financial advisors are starting to take a more pro-active role in preventing financial abuse. It's common sense, since they are often the first to see questionable transactions. Don’t be surprised if your next visit to a financial advisor or a personal banker includes a conversation about providing... Continue reading
Posted May 8, 2019 at Legacy Counsellors, P.C.
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The statistics on baby boomer’s retirement savings are not encouraging. The same generation that was famous for picture-perfect childhoods, may be facing some tough realities as they age. About half of the baby boomers are already in retirement. Those are the people born between 1946 and 1964, ages 55 to... Continue reading
Posted May 7, 2019 at Legacy Counsellors, P.C.