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Kiernan Waters
Annapolis
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The typical example is an ex-spouse getting all your retirement savings. However, what if you have a child with an opioid addition, you die, and he or she inherits hundreds of thousands of dollars—that vanish in less than a year? The assets that you own can be passed to your... Continue reading
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These are common questions discussed when planning retirements: Social Security, women and retirement, and couples adjusting to retirement together. While every article about when to start taking Social Security benefits focuses on delaying as long as possible, until age 70, to maximize the monthly payment you receive, there are a... Continue reading
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The IRA is the backbone of many people’s retirement savings plans, and the Roth IRA is a particular favorite. A Roth lets you take withdrawals tax free at any time and tax-free withdrawals of earnings on contributions after a five-year holding period, as long as you are at least 59... Continue reading
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Too many people don’t understand the importance of estate planning as a means of protecting themselves and their families, while they are living. There’s more to estate planning than meets the eye! What happens when an adult is injured in a terrible accident and is in a coma? If the... Continue reading
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Most of us don’t realize how important it is to save and plan for retirement, until we’re around the corner from that big change. Sometimes you can catch up, and sometimes you have to delay retiring. It truly does take a lifetime to prepare for retirement. That is, if you... Continue reading
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An unintended consequence of the Trump tax cuts basically eliminating the federal estate tax, is that several states that tied their state estate tax to the federal estate tax are running into problems. States that used the federal estate tax to set their own estate tax rates have found that... Continue reading
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It makes sense that the people who come in contact with the elderly about their health and property be required to report any kind of elder abuse. After all, they are on the front lines where abuse often occurs. Ohio has expanded the number of professionals who are now required... Continue reading
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If it seems like every time you start to understand Social Security, there’s something else to learn, you’re right. However, this is an important part of your retirement income, so it’s important to understand. The Social Security earnings test is a way that the agency determines the limit of the... Continue reading
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Most of us consider naming a friend or relative with a background in finance or law to be a trustee for our family, but there is an alternative that is important to consider. A corporate trustee will have a very different approach to managing a trust, and depending on your... Continue reading
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A healthy life where you retain all your faculties and enjoy yourself, is definitely preferred to decades of dementia. We don’t get to choose, but we can plan. As Baby Boomers continue to change the face of aging, and so many embrace the idea of genetic testing, many are confronted... Continue reading
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It’s great that overall our life expectancies have increased, but with longer lives, comes a greater risk of bad choices and financial elder abuse. There are steps you can take to protect those you love. As we age, so does our brain. Even high functioning retirees, who have no outward... Continue reading
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With less than half of Americans having an estate plan in place, we are in the same boat as celebrities, like Aretha Franklin or Prince. While our estates may not match their assets, the messes left behind are just as painful to family members. A recent survey from caring.com found... Continue reading
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Whether or not to roll a 401(k) into an IRA when you are changing jobs or retiring early, does not have a simple yes/no answer. There are a number of factors to consider. If your retirement plan includes retiring before you reach age 59 ½, you may not want to... Continue reading
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You might think that pastors, who lead congregations in occasions of birth and death, would be a little more aware than the rest of us of the events of life, and by extension, the need for an estate plan. However, a recent survey shows otherwise. A survey of Southern Baptist... Continue reading
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When you inherit a home from your parents, there are several tax issues that need to be addressed. They differ by state. You’ll need to understand the details, so you don’t end up with a tax surprise. When a home is transferred from a parent to a child, there is... Continue reading
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The cost of raising a child with special needs is easily twice that of an average child, and college costs are higher as well. Families with special needs children need to plan their child’s future carefully in many regards, and financial concerns are, by necessity, a big part of planning.... Continue reading
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Talk about a train wreck waiting to happen: beneficiary designations from three or four decades ago can really create a problem for your heirs—or those you thought were your heirs. Most people fill out beneficiary forms when they start a new job, open an investment account and open bank accounts.... Continue reading
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Tuition refunds, K-12 education costs and rollovers to ABLE accounts for disability-related expenses, will now reflect recent tax law changes. New regulations that reflect changes from the 2015 Protecting Americans From Tax Hikes (PATH) Act, and the 2017 tax overhaul will be issued by The Internal Revenue Service (IRS) and... Continue reading
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She says her father was suffering from Alzheimer’s disease, and that’s why he cut her out of the will. However, she also hadn’t seen or spoken to him for more than two decades. There’s a big estate battle brewing in Britain, where the 61-year-old daughter of Reg Grundy, Kim Robin... Continue reading
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There’s a saying about people who don’t have an estate plan created. They have a will, it’s just not the one that they want. Decisions are made by the state, and that includes who raises their kids. If you’ve got young children under the age 18, says CNBC in a... Continue reading
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Kentucky law affirmed that money remaining in a POD account after one of the owners died, belongs to the survivor. That’s the whole point of a Payable On Death account. Known as a POD or a Totten trust, a Payable on Death account is a way to own accounts, usually... Continue reading
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Even when planning for competency issues is in place, there can still be problems. When a highly-intelligent public figure makes decisions his kids thinks are wrong, who is right? The case of Buzz Aldrin, who is taking his son and daughter to court on charges of fraud, conspiracy and exploitation... Continue reading
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The estate of one of America’s best loved country singers is facing a struggle, since the interim administrator of the estate is asking the court for the legal muscle he needs to hire accountants and other professionals. Stanley B. Schneider, Glen Campbell’s publicist, has filed a motion in Davidson Probate... Continue reading
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If taxes and cost of living are important factors for you, here’s a look at states where you should only retire with a good reason, like family ties. You’ve read plenty of surveys about the best places to retire, but have you ever looked at the worst ones? Think Advisor... Continue reading
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The ability of the state to set laws regarding estate taxes has been exercised by Maryland, which has put its own estate law in place, separate and apart from the IRS. The state legislature of Maryland has passed a law following the new tax reform that will limit the state’s... Continue reading