Am I Better Off Investing Earlier in My IRA?
If you’re under age 50, you can contribute up to $6,000 across one or more IRAs for tax year 2020. If you’re age 50 or older, the limit is slightly higher ($7,000).
How Much Does New Budget Cut from Medicaid and Medicare?
President Donald Trump’s proposed fiscal year 2021 budget projects that taxpayers would save $920 billion for Medicaid and $756 billion for Medicare over 10 years. However, there’s a catch: All the policies it proposes need to be implemented to achieve those savings. Many of those policies, however, are either tied up in court or facing other opposition.
Special Needs Guardianship Can Be a Challenge
Guardianship can be a challenging topic for many families. Guardianship needs to be separated into two distinct time periods: while parents are still alive and after parents die.
An Introduction to ABLE Accounts
An Introduction to ABLE Accounts When Congress passed the Achieving a Better Life Experience (ABLE) Act in 2014, it was a game-changer for families with special needs. For the first time there was a tax-advantaged way to put money aside for…
What Exactly Is the Estate Tax?
The estate tax in the United States is a tax on your right to transfer property to other individuals upon your death, according to the IRS. In other words, when you die, the U.S. government might be entitled to a portion of your assets before the remainder can be passed to your heirs. Not all inherited assets are subject to the estate tax. In fact, the U.S. estate tax only affects the wealthiest households.
How Can Long-Distance Caregivers Help Loved Ones?
More than 1 in 10 family caregivers live at least an hour away from their aging or ailing family member, and many are tending to a loved one from a distance of hundreds of miles.
Does My Mom Have to Pay My Dad’s Credit Card Debt after He Dies?
My father recently passed away and we discovered he had a large credit card debt on a card in his name. My mother wasn’t aware of it. All assets are in both of their names. Is my mother liable for the credit card debt?
How is a Guardianship Determined?
Although various degrees of control may accompany a limited guardianship, our discussion here applies to a general guardianship, which includes full control of an individual’s person and property.
The High Cost of Medicare Mistakes
She recently enrolled in traditional (Parts A, B, and D) Medicare and was hit with huge Part B and Part D monthly premiums. She had no idea why it was so high. After many letters, calls, and meetings with Social Security, she still had no idea.
Extra Social Security Benefits for Divorced People
While it's not the best idea to expect your benefits alone to support you in retirement (after all, Social Security is only designed to replace around 40% of your pre-retirement income), some retirees have no other option but to depend on their monthly checks to cover the majority of their expenses.