Tips Reducing Debt

Friendly Scammers Preying on Seniors

Nobody enjoys being up to their eyeballs in debt. I mean let's face it life is hard enough without having to worry about how you're going to pay bills that seem to keep piling up all around you. If you're feeling this way I can assure you it's not just you. Sadly millions of people suffer from having to pay a large financial obligation due to an enormous amount of debt they have accumulated over time. Just doing a quick search on Google shows that there are over 16,000,000 million web pages that use the term debt reduction which explains

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How to Make Backdoor Roth IRA Contributions

How to Make Backdoor Roth IRA contributions

Many investors are enticed by the long term benefits of a Roth IRA. Unfortunately for those who do participate in an employer sponsored retirement account, such as a 401k, and earn a high annual income (over $116,000 for single filers and $183,000 if you are married, filing jointly), you are unable to make a Roth contribution. How to Make Backdoor Roth IRA contributions Fortunately, there are ways around this. There are steps outlined below that can be taken, which would allow a high income earner to move after tax funds into their Roth IRA. This is only possible because there are

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Real Estate Documents Your Children Need After You Die

Real Estate Documents Your Children Need After You Die

5 Real Estate Documents Your Children Will Need After You Pass Away Planning ahead for what happens at the end-of-life shouldn't involve frantic last minute searches for information that someone in your family will need, and want, after you are gone.  It's so much easier if you take some time now to plan ahead. Real Estate Documents Your Children Need After You Die One of the biggest items to plan for is what happens to your real estate. Unless you want to send your loved ones on a wild goose chase looking for documents, keys, and other assorted valuable information that

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Money Perils Facing Widows

Tips for those grieving and those who wish to help

A fascinating, unsettling survey shows that many widows run into serious financial difficulties after their husbands die — and the problems go far beyond not having enough money to live on. Money Perils Facing Widows Mathew Greenwald & Associates’ Survey of Recent Widows raises red flags that all couples over 50 should know and deal with before it’s too late for them. That’s particularly true if the husband handles most of the household’s investments and financial planning. Money Perils Facing Widows What the Survey Discovered The survey, conducted for the Women’s Institute for a Secure Retirement (WISER) and funded by the American Council of Life Insurers, interviewed

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General Estate Planning Tax Issues

General Estate Planning Tax Issues

Estate planning is that unique time when death and taxes come together. The game plan for many people is to give more of their money to their heirs when they pass and less of it to the government. Here’s a simple overview so you can be in the know. General Estate Planning Tax Issues The federal government assesses a tax on the assets or things you own that are transferred to others. If the transfer occurs while you’re alive, any tax applicable is called a gift tax. If it happens after your death, it’s called an estate tax, which is where

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Why Have An Estate Plan?

Why Have An Estate Plan?

A recent study showed that in today's economy, more and more people see estate planning as "discretionary" - something that can be put off until times are better. Unfortunately, disaster doesn't know the difference between a bullish or bearish stock market, an employed versus unemployed person, or a younger individual versus an older individual. Simply put, the benefits of having a current, up-to-date estate plan far outweigh what happens if you don’t. Let's start with addressing what an estate plan does. An estate plan helps to document your preferences and instructions with regard to your financial affairs and more in

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Last Will and Testament Importance

Last Will and Testament Importance

Did you know that only 35% of Americans have a Last Will and Testament, and only 29% have financial or healthcare power of attorney documents?  Some reasons offered by the study for not having these important documents are listed below: Last Will and Testament Importance 1 in 5 people (20%) thought that their assets would automatically transfer to their spouse or family Another 20% thought it was too expensive 11% didn’t believe it was necessary 9% thought it just took too much time Dying Without a Will Each state has its own laws that govern what happens to your property and your

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Importance of Advance Directives

Stop wondering about what advance directives and living wills can do for you. Instead, seek out the answers for the very obvious questions that have been bugging you for so long now. And there's no better way to start this quest than with good old definitions. Importance of Advance Directives What are Advance Directives and Living Wills? An advance directive instructs your attending physician about the type of care/treatment you would like to receive if you ever become unable to formulate decisions for yourself. Hospital personnel may talk to you about this stuff. Of course, you would certainly be approached with

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5 Reasons to Meet a Financial Advisor

5 Reasons to Meet a Financial Advisor

5 Reasons to Meet a Financial Advisor Are you planning and preparing for your retirement?  If you are, you may have some questions.  After all, soon-to-be retirees want and should have all of their bases covered.  Of course, you can find retirement advice online or seek answers from those you know.  There are, however, a number of benefits to meeting with a professional financial advisor.  In fact, five reasons why are outlined below. 5 Reasons to Meet a Financial Advisor 1 - Knowledge and Expertise While anyone can claim to be a financial advisor, a small amount of research or recommendations

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