Fee-Only Financial Planning Advice

Estate Planning Includes Disability Planning

Oct 19 2021

The very human desire to not think about uncomfortable things is understandable. However, when it comes to estate planning, people not only have to consider death, in some cases, they also have to think about a different kind of life. Your estate and estate planning documents are as subject to change as anything else in your life. And if you did not consider the possibility of living with a disability in your estate plan, you can alter it.

Disability planning is a part of estate planning because it is important to have sufficient resources should you become incapacitated in any …

How to Bypass Mandatory Withholding on a 401(k) Distribution

Oct 18 2021

Just ferinstance, let’s say you need to take a withdrawal from your 401(k) plan – and you’re eligible, either by way of your plan allowing in-plan distributions or the fact that you’re already retired (but you still have the money in your former employer’s 401(k) plan). But here’s the rub: when you take a distribution from a 401(k) plan, the IRS requires that the plan administrator withhold 20% from the distribution. If it’s a significant amount being withheld, it can be a long time before next April when you file your tax return to get the withholding refunded (as long …

Medicare Open Enrollment for 2022 Begins October 15

Oct 13 2021

Medicare beneficiaries can make new choices and pick plans that work best for them during the annual Medicare Open Enrollment Period. Each year, Medicare plan costs and coverage typically change. In addition, your health-care needs may have changed over the past year. The Open Enrollment Period — which begins on October 15 and runs through December 7 — is your opportunity to switch your current Medicare health and prescription drug plans to ones that better suit your needs. During this period, you can:

Switch from Original Medicare to a Medicare Advantage Plan
Switch from a Medicare Advantage Plan to Original

Financial Abuse Affects Teens

Oct 05 2021

This post discusses the sensitive topic of domestic violence. October is National Domestic Violence Awareness Month. Domestic violence can take different forms and show up in different populations. One of these populations is teenagers. On the eve of the start of October, CNBC published ” Nearly one-third of tees relationships show sings of financial abuse study finds“. Some examples of financial abuse in teen relationships are:

stopping someone from going to school or work
directing someone how to spend (or not spend) their money
pressuring someone to lend money
using gifts or money to control behavior

The study mentioned… Read More

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