Kiplinger

Can your children or other loved ones be trusted to have unfettered control over substantial assets and cash?

Does Your Estate Plan Protect Your Loved Ones From Themselves?

NBC News

Up to $9 trillion is expected to be passed along to spouses and partners in the coming years as part of what’s being called “the horizontal wealth transfer,” according to a new report. Over the next 20 to 30 years, aging baby boomers and older generations are...

Women are set to inherit trillions of dollars in the great 'horizontal wealth transfer'

The Motley Fool

A living trust might seem like something you don't need, but it could benefit you and your heirs in a number of surprising ways.

3 Reasons to Seriously Consider Using a Living Trust to Pass an Inheritance to Your Family

A historic transfer of wealth is now in motion as trillions of dollars held by older generations are moved down the line. And according to a new report, one under-explored facet of the transfer is just how much money is about to move “horizontally.”. In its 2024 Global Wealth...

$83,000,000,000,000 Transfer of Wealth Kicks Off – With Trillions Shifting To Spouses Before Being Surrendered To Next Generation: Report

The IRS has issued final regulations on inherited IRAs under the SECURE Act. The rules require most non-spouse beneficiaries to deplete inherited retirement accounts within ten years and take annual Required Minimum Distributions (RMDs). This marks a significant change from the previous lifetime “stretch” withdrawal option. The 10-year...

IRS issues new RMD rules for IRAs

Becoming a self-made millionaire later in life requires persistence, tenacity and an ample dose of confidence. But mostly, it’s about taking the right steps. Find Out: 7 Reasons You Should Consider a Financial Advisor — Even If You’re Not Wealthy. GOBankingRates spoke with self-made millionaires Josh Miller,...

I’m a Self-Made Millionaire: 13 Steps I Took To Become Rich in My 50s

Here's how average Americans can save money on estate plans and related attorney fees. Ensuring your end-of-life wishes are fulfilled doesn't have to cost a fortune.

How to Save Money on Estate Planning

SmartAsset

When faced with the death of a parent, many find themselves asking whether they can claim their parent’s retirement funds. Accessing your father’s retirement funds can depend on various factors such as the type of retirement account he held and whether you are a named beneficiary. Typically, accounts like IRAs or 401(k)s allow for beneficiary […] The post My Dad Passed Away. How Can I Access His Retirement Funds? appeared first on SmartReads by SmartAsset.

My Dad Passed Away. How Can I Access His Retirement Funds?

A bypass, or AB, trust splits into two trusts when one spouse in a married couple dies, cutting the estate taxes for beneficiaries.

How to Fix a Trust Dilemma to Prevent a Tax Bomb

Deciding who you want to inherit your wealth, as well as when and how, is a crucial first step in estate planning. Here are the four beneficiaries to keep in mind.

Who Will Be the Beneficiaries of Your Wealth?

People who don’t have a defined contribution plan, like a 401(k), are more likely to run out of money in retirement than those who do. More than two-thirds of workers have access to retirement plans, but only a little over half participate. If you don’t have a workplace retirement...

You're More Likely To Run Out of Money in Retirement If You Don't Have One of These

Real estate professional tax status allows qualifying individuals to deduct losses from real estate activities against their ordinary income. This can potentially help reduce your overall tax liability. This tax status is specifically intended for real estate professionals, allowing them to maximize tax deductions related to their real estate activities. So if you spend more […] The post Benefits of Obtaining the Real Estate Professional Tax Status appeared first on SmartReads by SmartAsset.

Benefits of Obtaining the Real Estate Professional Tax Status

Retirement Daily

Don't withdraw everything. Learn how to access specific 401(k) funds.

Minimize Taxes on In-Service 401(k) Withdrawals

Colorado State

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David Heitz

A bill quietly introduced this spring in the Colorado legislature to decriminalize the possession of drug paraphernalia obtained by harm reductionists has become law. As low-key as the legislation was introduced, the bill was signed into law without fanfare June 6. It garnered little to no media attention.

Colorado legalizes needles, pipes for meth and crack if obtained by harm reduction group

Retirees in these states could receive financial relief on the state level, but federal rules still apply.

It's True: These 13 States Don't Tax Retirement Income

While Roth IRAs are loaded with perks, they make it all too easy to get your money out ahead of retirement. I like the forced savings that comes with a traditional IRA. HSAs offer the same tax-free gains and withdrawals as a Roth IRA -- only with one key additional benefit.

I Used to Think a Roth IRA Was the Best Retirement Savings Plan. Here Are 2 Options I Now Like Better.

GOBankingRates

When it comes to investing in cars that go the extra mile, money expert Seth Godwin recommends only two brands that are durable enough to pass down to kids and grandkids. "Generational wealth is built...

These 2 Cars Build Generational Wealth, According to Personal Finance Expert Seth Godwin

Let's be honest, not everyone would choose to work 40 hours a week if they could work 20 hours and still build wealth and live a comfortable life. Discover: How To Earn $750 a Week in Passive Income...

Financial Author Anthony O’Neal: 4 Ways To Build Wealth Outside of a 9-to-5 Job

Confused about estimated taxes? See how withholding can simplify your retirement.

Estimated Taxes vs. Withholding: What Retirees Need to Know

New Jersey State

Morristown Minute

A new initiative aims to provide housing for vulnerable Medicaid members, enhancing community wellness and support. MORRIS COUNTY, N.J. - In a significant move to tackle housing instability among Medicaid recipients, New Jersey's Human Services Commissioner Sarah Adelman, along with Community Affairs Commissioner Jacquelyn A. Suárez, today announced the availability of $95 million in funding for developers. This initiative, part of the Healthy Homes program, is designed to create affordable housing opportunities for NJ FamilyCare members who are either homeless, at risk of homelessness, or currently living in institutional settings.

$95 Million for Healthy Homes: Housing for Medicaid Members

NewsBreak

What Are the Roles of Wills and Trusts In Estate Planning?

Estate planning is a crucial aspect of managing and distributing one’s assets effectively and according to one’s wishes. Wills and trusts are two primary tools that...

What Are the Roles of Wills and Trusts In Estate Planning?

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