Saturday November 26, 2022
News
Passing Unequal Shares in Your Will
Because children often look at their inheritance as a representation of their parents' love, most parents leave children equal shares of their estate. However, there are a number of good reasons why a parent might leave unequal shares. These reasons consider the needs of children, the potential large financial success of one child, a benefit previously given to a child that will be balanced in the estate, estrangement from a child or a blended family.
You will want to discuss carefully these circumstances with your attorney and other...MORE
IRA Required Minimum Distributions by December 31
Each year the Internal Revenue Service reminds taxpayers over age 72 to take their required minimum distribution (RMD) by December 31.
One exception to this applies to IRA owners who turned age 72 in 2022. These individuals may delay their first RMD until April 1, 2023. However, if their first RMD is delayed, a second RMD will be required by December 31, 2023.
RMDs are generally required for most qualified retirement plans and apply to three types of IRA: Individual Retirement Arrangements (IRAs), Simplified Employee Pension Plans (SEPs) and Savings Match Plans for Employees (SIMPLE) IRAs.
RMDs also apply to 401(k), 403(b) and 457(b) plans. An exception to the RMD requirement is a Roth IRA - there are no...MORE
Financial Scams on the Rise
What are the most common scams today? My parent has fallen victim to scams over the years and could use some help on how to avoid fraudulent schemes.
While many scams today are universal, some types...MORE
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