Where does the time go? The year 2019 came and went, and we’re already two months into 2020! If you’re like many Americans, you’re busy gathering your tax documents to begin filing your tax return for last year. But before you finalize everything make sure you’re taking advantage of all that 2019 has to offer. There are still some tax moves you can make for last year, and make sure you’re capitalizing on every deduction you can!
Some of the scariest things about enrolling in Medicare is that it's incredibly complex; you may only have one chance to make decisions for life; and it can be extremely costly if you make a mistake. It's no surprise many retirees are left wondering what decisions they should make when the Medicare enrollment paperwork arrives in the mail. To make things more complex, if you're still working or are in an unmarried relationship there are more special rules that may apply to you.
Does it seem like technology continually advances at a breakneck pace? What was once novel and revolutionary one day (remember music CDs?) becomes outdated and archaic the next (when was the last time you listened to a CD?). Does it also appear that newer, more powerful technology is more affordable than ever before? TVs, Laptops, and even Echo Dots continue to increase their functionality, utility, and processing power at ever more affordable prices. If this is something you've witnessed it's not an illusion and you're not dreaming. It is a well-documented phenomenon called Moore's Law and this discovery explains much of the rapid advancement of technology we've all seen.
Buying a home is an enormous financial decision. How much should you put for a down payment? How long should the loan be for? What is the interest rate? The list goes on and on. A home purchase is a complex financial decision for married couples, and more so for unmarried couples. If you're in a situation where you're considering buying a home before saying "I do", here are a few considerations before you pull the trigger.
A fear for many who fund 529 accounts is that they won't use it all for college expenses. This may cause some to avoid saving altogether or save in a less tax-preferred way. While avoiding over-funding a 529 is an important financial planning goal, if you do end up saving more than needed there are options to access the money to reduce or avoid taxes and penalties.
Since the SECURE Act became law in December 2019, there has been a lot of talk in the press that the “Stretch IRA era is over”. The “Stretch” referring to the ability of the beneficiary of an IRA to stretch out Required Minimum Distributions (RMDs) from the IRA over the beneficiary’s lifetime. It is true that the SECURE Act has changed the rules for some beneficiaries of IRAs who now have only 10 years to fully distribute the funds inside inherited IRAs. But there are notable exceptions that impact LGBTQ estate planning when it comes to choosing beneficiaries.