After spending decades working hard, saving money, and planning, most people look forward to retirement. Once retired you may feel tempted to cut loose a bit and forget about tax planning, but one of the keys to a successful retirement…
Watch Vincent J. Russo Legal Correspondent on Catholic Faith Network’s CFN Live! Vincent appeared on CFN Live on January 26th to discuss "The Nuts and Bolts of IRAs - Part Two" Colleen: Funding IRAs (Individual Retirement Accounts) is a good…
Watch Vincent J. Russo Legal Correspondent on Catholic Faith Network’s CFN Live! Vincent appeared on CFN Live on January 12th to discuss "The Nuts and Bolts of IRAs - Part One" Colleen: Funding IRAs (Individual Retirement Accounts) is a good…
If you inherit a traditional IRA after the enactment of the SECURE Act, or expect to inherit an IRA in the future, you should consider having a plan in place for withdrawals to avoid a big tax bill. Tax Liability…
The Setting Every Community Up for Retirement Enhancement Act (more commonly referred to as the SECURE Act) has received a lot of buzz in the estate and retirement planning communities lately thanks to the significant changes it has made to…
A reverse mortgage is a mortgage loan, usually secured over residential real property, which enables the borrower to access the equity value of the property. Specifically, it is a financial agreement in which a homeowner relinquishes equity in their home…
Retirement accounts are commonly one of our clients’ largest assets. These retirement accounts represent the fruit of a lifetime of labor, years of tax-deferred appreciation, and what many hope will be a lasting legacy that will help their children/beneficiaries in…
What is the IRA Charitable Rollover and how does it work? The Individual Retirement Account (“IRA”) Charitable Rollover is a “Qualified Charitable Distribution” which allows the IRA owner, who is 70 ½ or older, to make tax free gifts of…
Couples in their 60s may be found discussing upcoming vacations, their children and potential home improvements. However, there is one vital subject that is often ignored: their future retirement. Failing to discuss important details of retirement such as, where and…
People often say that you only need an estate plan if you have a lot of money and/or a lot of assets. That statement is not necessarily true.
Reason 1: An estate plan is also important for medical and simple financial decisions, especially for a spouse in the event of disability or incapacity. It makes the entire process a lot more stress-free and simple for the spouse.
If something happens to me, my spouse will inherit everything I have anyway, so why do I need to make an estate plan?