Two retired married couples, long-time friends, Bob & Carol, Ted & Alice, experienced very similar health care crises. They responded differently with radically different results. Bob’s wife, Carol, sustained a massive stroke, rendering her severely paralyzed. After a brief hospitalization, Carol transferred to Dirty Pines Nursing and Rehabilitation Center for short-term rehab. Thirty days later,
While a Last Will & Testament is one of the most important estate planning documents you can have, there are things that it won’t cover. A Will is just one part of a comprehensive estate plan. What is a Last Will & Testament? A Last Will and Testament is a legally binding statement directing who will
Many people continue to work beyond retirement age, either by choice or out of necessity. If you are receiving Social Security, you need to be aware of how working can affect your benefit payments. The Social Security Administration (SSA) sets certain limits on how much you can earn in income if you are receiving Social
Answer: Federal And State Tax Laws Encourage Charitable Giving. Consider Doing One Or More Of The Following: Include a charitable organization in your Will. This can be via a cash bequest (specific dollar amount) or perhaps a fractional share of your estate. You can make a restricted gift, for example, to the chemistry department of
Takeaways While ABLE accounts offer tax advantages for individuals with disabilities, they come with some limitations. These include spending restrictions, annual and cumulative contribution caps, potential Medicaid payback, and age eligibility rules. Nevertheless, establishing one, especially in Pennsylvania, is probably a good idea for most if not all persons with disabilities. But it’s not a
Takeaways Starting in 2026, employees aged 50 and older who earn over $145,000 must make 401(k) catch-up contributions on an after-tax (Roth) basis, losing the immediate pretax deduction. Affected high earners should check if their employer offers a Roth 401(k) option and review their overall retirement and tax strategy to maximize savings despite the rule
Takeaways Social Security provides spousal benefits to eligible spouses of retired or disabled workers, potentially up to half of the worker’s full retirement benefit. Survivor benefits are available to family members, including spouses, children, and dependent parents, after a worker’s death, offering financial protection similar to life insurance. Social Security is best known as a
Takeaways Estate planning is crucial for everyone, regardless of age or wealth, to protect your family, money, property, and wishes. Many common myths about estate planning can lead to significant problems. Consult a professional and regularly update your plan to ensure your wishes are honored and loved ones are protected. Many people delay estate planning
Takeaways Federal estate taxes are not a universal burden. They are only applicable if your combined assets, which include both gifts made during your lifetime and assets transferred at the time of your death, exceed a high threshold ($13.99 million, as of 2025). This means that most estates will not be subject to federal estate
Takeaways Many high-net-worth families make the costly mistake of not filing an estate tax return when the first spouse dies, even when no taxes are due. If they fail to file IRS Form 706, the surviving spouse loses the valuable benefit of estate tax portability, which allows them to inherit any unused portion of the
