Many of my clients are lifelong excellent savers and rule-followers. They do what’s suggested and keep doing it. For that reason, many of my clients have a LOT of tax-deferred money set aside that can’t be touched until age 59.5 (there are exceptions, but they are a hassle). This is a bummer: because they have…
Normally I shy away from discussing accounts that seem to come from a political gambit or whim. However, talking to my Friend in Finance, Cameron Morgan, made me think I should learn and share a bit about the new 530a (aka Trump) accounts. These accounts could be a solution to the question I often get…
Sure, Grey Divorce gets a ton of headlines, but what about Grey Marriage? It’s not unusual for people who are in a later-in-life serious relationship to ask me if they should get married for tax reasons. Not the most romantic of proposal set-ups (Sandra Bullock and Bill Pullman star in While You Were Filing Your…
I was recently delighted to hear of the retirement of one of my fave estate planning attorneys. I’m so happy for her to reach this milestone. Then, I heard from her successor that some of the attorney’s clients were really angry about her retirement. My delight was diminished. Yes, change is hard. It’s not fun…
Never let it be said that an old dog can’t be taught new tricks! Old Dog = Me. I learned something mind-blowing from Michael Kitces at a conference in August that backtracks on a “rule” I have followed for years. In my month-long September rant about RMDs and not freaking out about them, I said…
I think that personal financial planning is Ground Zero for FOMO (fear of missing out) for those of us over a certain age. Those of us who need FOMO spelled out. 😊 Everyone’s worries are valid, but many times they are overblown or don’t even apply. But some things we worry about are going to…
You’ve made it this far in the RMD Series. And you’re tired of my telling you to just not worry about RMDs. That’s fair. There are legitimate concerns that one might want to plan to avoid. Tax brackets could go higher during your retirement. Estate rules could get even harsher for inherited tax-deferred accounts Your…
Props to Ed Slott, Jeffrey Levine, and Bob Carlson. They sure do get the word out to the public with their RMD analysis. And, I’ll just say it, scare tactics. Witness the blitz of books, blogs, and podcasts about the IRA Tax Bomb, the Minimum Distribution Monsoon, Withdrawal Flash Flood Warnings, and Estate Tax Explosive…
I attended a Red Rocks concert a few years ago where the artist, after doing an excellent cover of a Tom Petty song, declared to the crowd, “As they say in Hollywood, if it’s worth doing once, it’s worth doing again.” At which point he launched into a cover of another Tom Petty Song. And…
If you’ve ever met with a financial advisor, you’ve probably heard something like, “Your plan has an 85% chance of success.” That sounds pretty reassuring—but what does it actually mean? The answer usually comes from a Monte Carlo simulation. Monte Carlo software is a way to test thousands of possible futures instead of pretending anyone…
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