When you serve in the military for at least 20 years you are entitled to a retirement pension. Recognizing the fact that you will have this ongoing stream of income to go along with your Social Security benefit can make retirement planning a pleasure. Service members who want to take advantage of the opportunity to receive a retirement pension have a couple of different options available to them with regard to a long-term career path. You can spend your entire working career in the … [Read more...] about Is Retired Military Spouse Protected?
Financial Planning
I Received a Gift – Is It Taxable Income?
Indianapolis estate planning attorneys are often asked questions about the tax ramifications of giving and receiving gifts. If you receive a cash gift from someone is this income considered to be taxable under IRS regulations? The answer to this question is no with an asterisk of sorts. You don't have to claim the face value of a cash gift. But if you were to receive an appreciable asset such as a certificate of deposit you would be liable for the earnings above and beyond the … [Read more...] about I Received a Gift – Is It Taxable Income?
Effective Long-Term Planning Requires Awareness & Flexibility
Long-term planning should be viewed holistically. One phase of your life leads into another and everything culminates with your eventual passing. So retirement planning and estate planning are naturally intertwined into a long-term financial plan. No sports teams is going to take to the field or the court without any type of a game plan. The game of life is much more serious than any single sporting event, but unfortunately far too many people go through life without … [Read more...] about Effective Long-Term Planning Requires Awareness & Flexibility
Indiana Inheritance Tax Being Phased Out
Indianapolis estate planning attorneys often talk about the federal estate tax. However, depending on the state within which you reside you may be faced with death taxes on the state level as well as the federal level. At the present time we do not have an estate tax here in Indiana. We do however have a state inheritance tax but it is being phased out over a 10 year period. What is the difference between an estate tax and an inheritance tax? An estate tax is levied on … [Read more...] about Indiana Inheritance Tax Being Phased Out
Hard Copy Social Security Checks Being Discontinued
When it comes to retirement planning Social Security is certainly going to be an important component for most people. It is however a good idea to recognize the limitations of the program. There are those who feel as though they don't have to plan ahead to accumulate resources for retirement because they will be receiving a Social Security benefit. While you may well qualify for the program it is important to recognize the fact that it is not possible for most people to live … [Read more...] about Hard Copy Social Security Checks Being Discontinued
How Does Work Impact Social Security Benefits?
As studies continually show that a significant percentage of baby boomers are not financially prepared for retirement many people are coming to the realization that they will have to continue to work when they become senior citizens. With this in mind retirement planning lawyers are often asked questions regarding how earning a paycheck may impact your Social Security benefits. To address the question you must first understand when you become eligible for Social Security. The age at … [Read more...] about How Does Work Impact Social Security Benefits?
Retirees: Beware of Property Tax Liens
Retirement planning involves doing some careful calculations. You don't want to work with ballpark figures because you may well be quite vulnerable financially during your twilight years. It is very likely that you will not be in a position to go out looking for a new career opportunity should you find yourself in financial need when you are 75 years of age or older. With the above having been stated you should be very cognizant of the impact that property taxes may have on your … [Read more...] about Retirees: Beware of Property Tax Liens
Proper Planning to Provide Long-Term Financial Underpinning
For some people receiving an inheritance is the only life event that is likely to take place that will provide a significant influx of financial resources. But at the same time, this is going to mean that a parent or grandparent that was always there in a pinch will no longer be around to assist if financial difficulties were to arise. As you are engaged in your estate planning efforts you may take the above to heart. What if a loved one was to burn through his or her inheritance … [Read more...] about Proper Planning to Provide Long-Term Financial Underpinning
Greater Resources, Greater Risks
Estate planning for high net worth families involves responding to some specific challenges. The first thing to brace yourself for is the federal estate tax. This tax could consume a significant percentage of your legacy if you don't take the appropriate steps. And in reality over a number of generations the federal death levy could conceivably consume the vast majority of the assets that you leave behind over time. If the resources are significant enough and succeeding … [Read more...] about Greater Resources, Greater Risks
The Truth About Joint Accounts
The only way to be sure that you are doing things properly when you are making preparations for the latter stages of your life and your eventual death is to sit down and discuss everything with an inheritance planning expert. If you just follow the advice of a friend or take certain actions on your own you may be making mistakes that come back to haunt you (or your family) later on. Along these lines there are those who decide to use joint accounts as a way to provide access to their … [Read more...] about The Truth About Joint Accounts
