Many of us are covered by one or more types of defined contribution retirement plans, such as a 401(k), 403(b), 457, or any of a number of other plans. What many of these plans have in common is that they are referred to as Cash Or Deferred Arrangements (CODA), as designated by the IRS. These plans are also often referred to as Qualified Retirement Plans (QRPs). Each type of plan has certain characteristics that are a little different from other plans, but most of them have the common characteristic of deductibility from current income and deferred taxation on growth. (Note …Read More
I just got back from a memorial service for a good friend of mine that I had known since high school. Unfortunately he left behind an estate planning nightmare. I gave my friend many financial planning tips over the years and he did everything I suggested so he could to make sure his business, and finances would be in order in case something happened to him.
So- what went wrong if he did everything right?
Our culture supports us working with family and friends and those that we trust when we are put in positions of having to make important …Read More
Someone once told me they knew of a couple who said that they were going to enjoy their retirement and spend their money so that their children would not have much to fight over after they passed away. That is one way to handle your finances, although there are no guarantees that leaving little money would keep the peace. Another approach could involve outlining clear plans for your finances and relaying these plans to your children, emphasizing your faith in their ability to be mature regarding your decisions. If you are interested in estate planning, both to ensure you …Read More