There are now 13.61 million American households with assets over $1 million, excluding their homes and retirement funds. Dr. Larry Samuel of the consulting group Culture Planning breaks them down into five basic groups: Thrillionaires. These millionaires live on the edge, consuming conspicuously. They’re more likely to be found rolling the dice in Las Vegas than taking a family vacation. While they’re not impulsive, they take calculated risks. Think: … [Read more...] about How Do Millionaires Do It?
Just When You Thought You Understood the 10-Year Rule, Think Again
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year rule for distributions. The 10-year rule was thought to operate much like the 5-year rule that existed before the passage of the SECURE Act. Recently issued proposed Treasury Regulations dispute that … [Read more...] about Just When You Thought You Understood the 10-Year Rule, Think Again
Application of the Updated Life Expectancy Tables
Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue Service. The Internal Revenue Service recently updated those tables which will significantly impact certain taxpayers. Read on to learn more. … [Read more...] about Application of the Updated Life Expectancy Tables
A Trust Can Help Protect You from a Financial Crisis
Compliments of the McGee Law Firm, Attorney Brandon McGee Recently, there has been tremendous turmoil in financial markets and financial institutions. This leads many to ask whether their accounts are safe. Now, more than ever, it is important to protect yourself and your loved ones from the uncertainties in the world. You can start with your financial institution assets. There are several different systems of protection in place, depending on the type of asset and institution. Here is … [Read more...] about A Trust Can Help Protect You from a Financial Crisis
Your Team is on Your Side
Compliments of the McGee Law Firm, Attorney Brandon McGee Estate Planning is like a team sport. In these turbulent economic times, sometimes it may seem like you are going it all alone. However, you’ll find that bringing together a team of qualified professionals will bring you peace of mind as you work towards your goals. Before doing anything else, you must first select the members of your team to help you achieve your goals. This team consists of the following professionals, depending … [Read more...] about Your Team is on Your Side
Preserving Your Independence
Compliments of the McGee Law Firm, Attorney Brandon McGee As we get older, it often seems that time accelerates. It seems the children were in diapers just yesterday. But, now they’ve left home and they have kids of their own. Where does the time go? Aging is a normal part of life. The infant becomes a toddler. Later the teenager becomes an adult (thankfully). Unfortunately, as we age later in life, we are no longer as able-bodied as when we were teenagers. Gradually, we all get … [Read more...] about Preserving Your Independence
Retirement Planning Questions to Answer
Halfway through the year, it’s critical that you review your current financial situation and goals. A big part of this is a detailed review of your retirement planning to date. Even if you think everything is going as planned in regards to your retirement planning, you’ll never know for sure until you review your approach and determine if you need to make any adjustments. It’s critical to answer a variety of questions such as: Are you on track to save as much money as you need by your … [Read more...] about Retirement Planning Questions to Answer
Planning After a Breakup
Compliments of the McGee Law Firm, Attorney Brandon McGee Nobody plans to break up. When a couple marries, they dream of their lives together and the special times they will share. They think of the shared holidays and the family that will grow from their love. Their lives become intertwined emotionally, financially, and legally. But, as John Steinbeck said, “even the best laid plans of mice and men often go awry.” When the arguing becomes too frequent, the emotional bond between them … [Read more...] about Planning After a Breakup
Retirement Planning Never Stops
When you’re young, you begin to realize that the money moves you make will one day impact you in retirement. And once you reach retirement age, you’ll realize the importance of adjusting your approach to ensure that you have enough money to last the rest of your life. In other words, retirement planning never stops. Even after you hang up your work boots, you still need to plan for the future. Here are five important steps to take as you plan for your retirement, regardless of your age or … [Read more...] about Retirement Planning Never Stops
