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Tag Archives: Financial Planning

What To Do After Your Spouse Dies: A Checklist

The wife of a friend of mine passed away recently. He’s going through the grief and loneliness you’d expect after being married 53 years. And now he has a new challenge, one I’ve seen with so many other widows and widowers—dealing with the long list of legal and financial items that come up after the death of a spouse. The grief of losing a loved one obscures many of the mundane tasks required to settle your spouse’s estate. Here’s a checklist of what to do after a spouse dies.   Don’t...

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The Estate Planning Excuses Game Show

Welcome to the show, where you, as part of the studio audience get to hear some of the most common reasons why people don’t plan for the distribution of assets after they’re gone. Listen closely, so you don’t make the same excuses. Okay, maybe that’s a little over-the-top, but not creating an estate plan, even a basic one, opens the door to all sorts of problems you probably would like to avoid. But people come up with all sorts of reasons why they can’t or won’t take the time to create an...

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IRA Required Minimum Distributions Get Smaller – By a Little

It’s a tiny little gift from the IRS, but it’s still a gift. Beginning January 1, 2022, Required Minimum Distributions on IRAs, qualified retirement plans, and annuities will be less. It’s your reward for living longer. RMDs have to be taken by people turning age 72 after 2019. Older taxpayers were required to begin RMDs the year after they turned 70 ½. How much they were required to take was based on life expectancy tables that had been in place at the IRS for a long time. But people are...

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What Will Your 2021 Be ‘About?’

Ponder in 2021. What will your New Year be about? I had a friend in elementary school who would answer every question with a question.  He was the eternal QWAQ (question with a question) enigma. Only recently, I realized what a genius he was. Hey, Tommy, how are you feeling today? About?  It made me crazy. About. About? Is that an answer?  Then I thought of the word within the context of 2020 to anchor myself for 2021. Perhaps some readers will appreciate the perspective. Stay with me. What’s...

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Nine-Steps To STRONG 2021 Fiscal Fitness

January is the time to make your fiscal fitness resolutions for 2021. Most promises we make to ourselves will be a memory by February. Want a fiscal fitness head start and get 2021 going STRONG on the right foot? Here are 9-steps: #1: A thorough portfolio review with an objective financial partner is timely. Have you ignored your long-term asset allocation or the mix of stocks, bonds, and cash? With the major stock indices close to new highs, your allocation specifically to stocks may have...

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Worried About Taxes? Consider These Ideas.

If you’re worried about taxes (and who isn’t?), consider these ideas for 2020 and beyond. Daily, I communicate with professionals, mentors, and people who inspire me. Every year my tax specialist, who prefers to remain anonymous, shares an informative newsletter with friends and clients. She’s a master at her craft, and I’m fortunate to be able to tap her expertise. Below are several of her reminders I selected for RIA readers because who isn’t worried about taxes? Keep In Mind The Following...

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Take Advantage of These COVID Estate Planning Opportunities by the End of 2020

May you live in interesting times. Although that sounds like an ancient blessing, it’s believed to be a Chinese curse casting instability and uncertainty on the person who hears it. Blessing or curse, it’s a great description of the year we’ve just come through, and in spite of all the turmoil, there are some things you can do before the end of 2020 to take advantage of all the madness. Strauss Attorneys PLLC has come up with a list of estate planning insights, cautions, and opportunities for...

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