When you ask any reputable and experienced financial advisor “How long will an inheritance last?” you will likely receive a response along the lines of two to four years. Indeed, what you just read is true, and multiple studies support it. Whether someone inherits $5,000, $50,000, or $500,000, the majority of it will be gone … Read more
Have you started to regret when you decided to begin receiving Social Security benefits? There are a number of factors that could make you reconsider, such as: In short, the answer to the question is yes. Can you pause Social Security and resume later? But there are some caveats. We’ll go over the two choices … Read more
My spouse and I frequently discuss the values we wish to instill in our kids and how we can support them throughout life while also preparing them to be financially responsible adults. Our desire to create wealth for future generations is one topic that comes up frequently. Building generational wealth is a powerful tool that … Read more
Choosing between investing in a 401(k) or picking individual stocks can be a significant decision with long-term financial implications. Both options offer unique advantages and disadvantages, making it crucial to understand their differences and align them with your individual goals and risk tolerance. 401(k) Plans: Tax Advantages and Employer Matching 401(k) plans are employer-sponsored retirement … Read more
The IRS has already delivered millions of third-round payments. Here are some reasons why your third stimulus check might not arrive at all, if you’re still waiting for your money. If your response is “no,” you may have to wait a little longer to receive your payment. Have you received your third stimulus check yet? … Read more
The Roth IRA, a popular retirement savings vehicle, offers several advantages, including tax-free withdrawals in retirement. However, these tax benefits come with certain conditions, including the 5-year rule. This rule dictates when you can withdraw your earnings from a Roth IRA without incurring taxes or penalties. This guide delves into the intricacies of the 5-year … Read more
Is it possible to reinvested your required minimum distributions (RMDs) from a traditional IRA in a Roth IRA if you are eligible for one based on your income and don’t need them for living expenses? This is due to the fact that you can fund your individual retirement account (IRA) with any available cash source; … Read more
Yes, you can take your NHS pension at 60 and continue working in the NHS. This option is called partial retirement, and it allows you to claim your pension benefits while still contributing to the 2015 NHS Pension Scheme. Here’s what you need to know about partial retirement: Eligibility: You must be aged 55 or … Read more
The following piece first published in Planning Partners Press, a free newsletter distributed to financial professionals in the Triangle by Carolina Family Estate Planning. One of the most frequently asked questions concerning the management of trusts and estates is “it depends.” Income tax applies to the beneficiaries and possibly the trusts themselves. Distributions of principal … Read more
You have the right to obtain a copy of the trust documents once you become a beneficiary of an irrevocable trust (for example, after your loved one passes away and their revocable trust becomes irrevocable). The trust document will outline your rights and the trustee’s responsibilities, along with any additional legal duties they may have, … Read more