Update estate plan in light of new tax law
The new tax law has led some people to assume they can delete estate planning from their to-do lists. But that is a dangerous assumption. Yes, the new tax law roughly doubles the federal estate-tax exemption, to about $11.2 million per person — meaning the vast majority of people will not be subject to federal estate tax. But before you take your estate planner off speed dial,... READ MORE
E-mails from the IRS and other tax scams
Question: I received an e-mail claiming to be from the IRS, asking for my bank account information to deposit my refund. I’m almost positive it’s a scam. How can I find out for sure, and how can I report it if it is fraudulent? Answer: It’s a scam — and one that’s common around tax season. The IRS doesn’t initiate contact with taxpayers by phone or e-mail. Most people know ... READ MORE
Why to consider long-term care insurance
I often suggest long-term care insurance to my clients, and I almost always hear this objection: “It’s too expensive.” Yes, long-term care insurance is not cheap, but medical insurance and Medicare typically do not cover that particular type of care, and it is incredibly expensive. The 2017 Genworth Cost of Care Survey lists the national median cost for a private room in a... READ MORE
A ‘new friend’ may signal a big problem
Your elderly mother has a new best friend who accompanies her everywhere. She has always been frugal, but now lavishes pricey gifts on her new pal. And although you used to speak with her every few days, she never seems to answer your calls anymore. Are these simply the signs of a senior living it up in her later years? Or is something sinister happening? Those are the difficult... READ MORE
An indispensable guide to Social Security
There is no question that Social Security issues are important to the American public. It is not unusual for me to receive more than 100 responses from readers when I write a Social Security-related column. Regular readers know that I frequently reference Andy Landis as a source. He has just updated his book, Social Security: The Inside Story (http://www.andylandis.biz), which I consider ... READ MORE
Family financial facts wives need to know
As a financial adviser for nearly 20 years, I’ve met and consoled several women who were devastated by the loss of their husband or the end of their marriage. While the emotional impact of no longer having their lifelong mate is hard enough, their mental anguish is often exaggerated by fear of the financial unknown. My heart goes out to these women. I’ve found that the women who... READ MORE
Bitcoin and blockchain. Why all the hype?
I can’t tell you the number of phone calls I’ve fielded about bitcoin in recent months. The shocking rise of cryptocurrencies last year triggered a wave of media attention on this new form of money as an investment. Even my kids have asked me about it, and are investing themselves. For early adopters of cryptocurrency, 2017 was a good year. Bitcoin started that year at about $1,000... READ MORE
How to negotiate a car if you hate haggling
A short stint as a car salesman taught me that dealers are pros who negotiate all day for a living — and they always have the home field advantage. Later, while buying dozens of test vehicles for an automotive website, I was on the other side of negotiations, and experienced the tricks dealers use to pressure buyers. I’ve found that simple, non-confrontational negotiating tactics... READ MORE
Will doing your own estate plan cost heirs?
Estate planning mistakes can be expensive to fix — that is, when they can be fixed at all. That’s the thought that haunts New York attorney Mari Galvin, whether she’s creating an estate plan for a client or confronting the aftermath when people didn’t properly plan. “People think, ‘Oh, I have a simple life,’ but you have to understand (that if) you make a mistake and you ... READ MORE
No pension? How to make your money last
Delay retirement until age 70. Invest in stocks, not bonds. And draw down your retirement account savings in line with IRS rules on required minimum distributions (RMDs), which start at 3.6 percent a year at age 70 1/2. That’s the safest recipe for retirement planning, according to a new analysis (“How to Pensionize any IRA or 401(k)”) from the Stanford Center on Longevity at... READ MORE
Money 2024
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