Author - jim@blankenshipfinancial.com (Jim Blankenship)

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IRS warns of gift card scam
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529 Plan Beneficiaries
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Are Social Security Benefits Changing in 2021?
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Noise
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Can A Grandchild Get Social Security Benefits?

IRS warns of gift card scam

 

Recently there has been a new scam going around, with a twist – the caller, impersonating an IRS agent, requests payment in the form of gift cards. The IRS recently released a Tax Tip (2019-167) regarding this scam and what you should do about it. The complete Tip is listed below.

Taxpayers should watch out for gift card scam

Taxpayers should always be on the lookout for scams. Thieves want to trick people in order to steal their personal information, scam them out of money, or talk them into engaging in questionable behavior with their taxes. Scam …

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529 Plan Beneficiaries

Owners (usually parents) of 529 plans set them up for the purpose of funding future college education expenses for beneficiaries (usually their children). However, 529 plans allow for beneficiaries other than the owner’s children. Beneficiaries may be changed on 529 plans at the owner’s discretion.

Who qualifies as a beneficiary for a 529 plan? According to IRS Publication 970, the following may be beneficiaries of 529 plans:

  • The account owner.
  • Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them.
  • Brother, sister, stepbrother, or stepsister.
  • Father or mother or ancestor of either.
  • Stepfather or stepmother.
  • Son
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Are Social Security Benefits Changing in 2021?

Chances are you’ve seen an advertisement or some sort of article talking about how Social Security benefits will be changing in 2021. Usually these articles have a very dramatic headline, such as “After 2021, you’ll never be able to get as much benefits from Social Security! Act Now!” – followed by information to attend a seminar or contact a firm to help you out.

I understand a lot of folks are concerned about this, but I believe it’s misguided concern brought about by sensationalists who have something to sell. The truth is that the much ballyhoo’d changes in 2021 have …

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Noise

Every day we are bombarded with information. It can be difficult to wade through this sea of data and pick out the material that means anything to us. Of course, it doesn’t help that the existence of 24-hour news channels, social media outlets, and the scuttlebutt around the water cooler make it difficult to avoid.

So how do we filter all the noise and get only the information we really need? I’ll offer a few suggestions that have worked for me. Perhaps they can help you.

Turn off the news. This was one of the biggest mood lifters and time …

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Can A Grandchild Get Social Security Benefits?

In today’s complicated world, there are many cases where a grandparent is the primary person responsible for a minor grandchild. The reasons are far and wide; regardless, many times the primary support for a minor child comes from an grandparent. If the grandparent in question is receiving Social Security benefits, can a grandchild also get Social Security?

After all, we know that the minor child of a parent who is receiving Social Security benefits may be eligible for child’s benefits, so why would it be any different with a grandparent?

The primary difference is in the relationship. The Social Security …

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