Posts by Ashley Kilroy
Taxes
How the 10-Year RMD Rules Work for Inherited IRAs
Inheriting an IRA as a beneficiary can increase your financial security. But, because an inherited IRA usually imposes a 10-year distribution schedule, the account may also create larger tax implications than expected. However, exceptions to this timeline are available. Here’s how distributions work and how to prepare yourself for anticipated taxes. A financial advisor can… read more…
Estate Planning
How to Avoid Probate in Minnesota
Probate can put your beneficiaries through a dragged-out process that could cost money, make your estate public and produce more anxiety. If you want to protect your estate from probate in Minnesota, and streamline asset distribution for your heirs, here are a few things you can do. An financial advisor can help you create an… read more…
Taxes
Strategies for Protecting Income From Taxes
While you can’t avoid taxes, the IRS allows you to lower your tax burden by combining tax deductions and credits. Here are nine common tax-saving strategies to protect your wealth. A financial advisor can help optimize your investment portfolio to lower your taxes. Aim For Long-Term Capital Gains Long-term capital gains are profits from the… read more…
Taxes
Can You Have Two Primary Residences If Married Filing Jointly?
Getting married and having multiple homes are blessings to enjoy – unfortunately, a tax exemption for two primary residences isn’t among the benefits of such a situation. While it would be wonderful if two people filing taxes meant twice the benefits and exemptions, U.S. tax laws require married couples filing jointly to claim just one… read more…
Retirement
How Long a 401(k) Rollover Takes
Starting a new job is an exciting prospect – both for your career and your retirement plan. And taking your 401(k) with you means transferring the funds to a new account, such as another 401(k) or an IRA. However, penalties loom for transfers that take longer than 60 days. The timing of a 401(k) rollover… read more…
Retirement
Differences to Consider Between Retirement and Estate Planning
While retirement can feel like crossing the finish line financially, it opens up a new realm of responsibilities and concerns. Hard work can help you save for your golden years. However, accounting for twists and turns from healthcare and inflation to unintended tax consequences, requires thorough planning. Similarly, passing on wealth the specific way you… read more…
Insurance
Pros and Cons of Having Multiple Health Insurance Plans
While the phrase “two are better than one” applies to many situations, two health insurance plans can be a burden, depending on your situation. However, two plans can also help you access needed care and save money on annual medical costs. Whether driven by specific needs, life circumstances, or a desire for comprehensive coverage, individuals… read more…
Estate Planning
How to Avoid Probate in Washington State
Probate is a legal process that validates the will of a deceased person. It makes an inventory of assets, settles debts and distributes property under court supervision. Understanding how this process works in Washington state can help you navigate through potential challenges that can be time-consuming, stressful and expensive. Fortunately, you can use different strategies… read more…
Taxes
Do You Have to Pay Taxes on Grant Money?
Dreams come in all shapes and sizes – and price tags. From getting a degree to launching your own business, accomplishing your goals sometimes takes more than a leap of faith. Fortunately, grants are available to financially fuel your path to achieving your dreams. However, the grant money can be taxable depending on the grant’s… read more…
Estate Planning
How to Avoid Probate in Illinois
The loss of a family member is a deeply personal and challenging experience. And the probate process can create further emotional turmoil, not to mention additional financial costs. Understanding how probate works in Illinois and the potential challenges that could arise is crucial for individuals who want to create a straightforward estate plan for their… read more…
Taxes
How to Avoid the Social Security Tax Torpedo
While retirees may be chagrined to discover that taxes don’t end when they leave the workforce, an unseen threat looms behind the U.S. tax code. The Social Security tax torpedo is as destructive as it sounds, blowing up the budgets of unsuspecting retired folks eagerly awaiting their first Social Security check. Having a clear understanding… read more…
Retirement
How Much High-Income Earners Have Saved for Retirement
If you’ve got more money, you’ve got more retirement options. High-income earners have substantial resources at their disposal, presenting the potential for massive gains and crushing losses. However, practical strategies and careful financial decisions can help you retire as a multi-millionaire. High-income earners often have different retirement needs than others. Here’s how much high-income earners… read more…
Estate Planning
How to Avoid Probate in Texas
Having a probate court wade through your estate can be time-consuming, stressful, and expensive. It can also be a public spectacle if disputes develop. Fortunately, there are numerous strategies to sidestep probate, preserve assets and ensure a smooth transfer to loved ones. If you live in Texas, you can implement five key tools to avoid… read more…
Estate Planning
How to Avoid Probate in Ohio
Probate is a critical legal process for handling someone’s assets when they pass away. The court oversees the allocation of assets, consuming time and resources. While this process serves as a vital framework for estate management, alternative estate planning options enable your estate to bypass probate. Doing so is advantageous because probate can experience delays… read more…
Retirement
8 Reasons Annuities Might Be a Bad Investment for You
You pay $1 million upfront and receive $5,000 a month after retiring. Simple, right? Unfortunately, annuities are rife with complexities that can prevent a clear understanding of their benefits and potential pitfalls. This insurance product is often considered a safe investment, but annuities have their own risks. Here’s why they might be a bad investment… read more…
Taxes
How to Convert Rental Property to a Primary Residence
Converting a rental property into a primary residence is a significant financial move with potential tax implications that necessitate careful planning. By leveraging tools like Section 121 of the IRS code and 1031 exchanges, homeowners can navigate the complexities of this process. However, understanding the intricacies of these laws is crucial. Here’s how to convert… read more…
Retirement
How Unretiring and Going Back to Work Impacts Your Retirement
For many retirees, reentering the workforce can provide relief from inflation and structure the week in a productive way. However, doing so presents a host of considerations, particularly concerning their Social Security benefits. Understanding the intricacies of this process is crucial to make informed decisions. Here are the key aspects of unretiring, including the impact… read more…
Investing
Different Types of Portfolio Rebalancing Strategies
The art of successful investing lies not only in making astute initial choices but also in the finesse of portfolio maintenance. Portfolio rebalancing is an investment strategy that aims to adjust your asset allocation based on current performance and goals. Here are common strategies that you can use to keep your investments on track. Consider… read more…
Retirement
10 Steps to Get Ready for Retirement in 10 Years or Less
While retirement might as well have existed on another planet when you were in your 20s and 30s, being 10 years or less away from retirement can be as daunting as it is exciting. As this new reality comes to the front of your mind, the things you need to consider – from health insurance… read more…
Financial Advisor
Lifestyle Trends and Problems Facing Ultra-High-Net-Worth Individuals
In decades past, millionaire status was well-known, and the subject of innumerable songs, TV shows, and movies. However, a million dollars is almost a modest sum by today’s standards, and an exclusive echelon known as ultra-high-net-worth individuals (UHNWIs) has wealth extending to the tens of millions. Yet, being a UHNWI entails more than just opulence.… read more…
Estate Planning
Living Trust vs. Will in California: Differences and How to Choose
Today’s choices shape the future for children, great-grandchildren and future descendants. For Californians, navigating the landscape of living trusts and wills is paramount in ensuring a seamless asset transition and safeguarding family members’ well-being. Each of these legal instruments carries advantages and considerations, offering distinct avenues toward realizing your legacy. Read on to equip yourself… read more…
Financial Advisor
Differences Between Mass Affluent and High-Net-Worth Individuals
While ‘millionaire’ might not be as weighty of a title as it was decades ago, seven figures of wealth is a significant accomplishment that indicates success and stability. Mass affluent individuals, with their robust yet accessible wealth, form a vital economic backbone in the United States, while high-net-worth individuals (HNWIs) exert more influence across markets.… read more…
Estate Planning
How to Build Wealth With an Inheritance
Money passed down to the next generation comes with feelings of gratefulness, loss and responsibility. In addition, receiving an inheritance worth hundreds of thousands of dollars can be jarring. It offers an extraordinary opportunity to secure your financial future, but doing so requires knowledge and discipline. From assessing your current financial standing to deploying savvy… read more…
Mortgage
What Are Real Estate Transfer Taxes?
Whether you’re a savvy real estate investor or a homeowner selling the house you raised your children in, you’re likely counting on the impending sale to generate ample profits. However, although you might have 100% equity or put in the blood, sweat and tears for the necessary renovations, your net gain might be lower than… read more…
Checking Account
How a CD Loan Works
In volatile markets, certificates of deposit (CDs) stand as a beacon of stability and opportunity through their unique blend of security and growth potential. However, surprise expenses can come up, leaving you wishing you could withdraw your funds before the term expires. Fortunately, CD loans are available at some banks and credit unions, allowing you… read more…