Preparing for Potential Tax Law Changes By: Stacey Nickens The Biden Administration has proposed some changes to estate and tax law that could impact high-net-worth individuals. While these tax code proposals will likely be altered as they pass through Congress, wealthy individuals can still take steps this year to help mitigate tax impacts down the [...]
6 Things Medicare Won't Cover By: Stacey Nickens Facing unexpected medical costs in retirement can be a significant financial challenge. With that in mind, it's important to understand the procedures and services that aren't covered by Medicare Part A or Part B. Part A is hospital insurance that covers impatient stays at hospitals and [...]
Unenrolling from Monthly Child Tax Credit Payments By: Stacey Nickens In July, the IRS began sending out advanced payments of the 2021 Child Tax Credit. You may be interested in opting out of these advanced payments for a number of reasons. Because these are advanced payments of a credit, every dollar you receive this [...]
Selecting Beneficiaries for Retirement Accounts By: Stacey Nickens When you think of estate planning, you may think of wills, trusts, and powers of attorney. However, these documents don't determine who receives the assets held within your retirement accounts and insurance policies. To ensure those assets are passed to the correct people, you need to [...]
3 Types of Scams that Target Senior Citizens By: Stacey Nickens Scams harm people of all ages, but fraudsters especially target retirees or those close to retirement. The elderly are targeted by scammers for a number of reasons. First and foremost, older individuals tend to have more money. People who are 50 or older [...]
Reducing Risk While Beating Inflation By: Stacey Nickens Some investors get nauseous riding the roller coaster that is the stock market. Especially as individuals near retirement, risking loss of principal can feel less and less appetizing. These investors may flock to "safer" investments that experience less volatility but also offer lower returns. However, these [...]
3 Ways To Maintain Your Pandemic Savings Habits By: Stacey Nickens The pandemic was a devastating and challenging experience for our country, but quarantine restrictions may have helped you build healthier financial habits. Instead of eating out, you may have cooked more dinners at home. Instead of dropping money on expensive vacations, you may [...]
May Stock Market Recap By: Stacey Nickens Just as April showers have brought about the growth of May flowers, so has reopening and COVID vaccine distribution brought about the growth of the American economy. In May, we saw additional evidence that the United States is showing strong economy growth, exhibiting many of the metrics [...]
Opting Out of Monthly Child Tax Credit Payments By: Stacey Nickens On July 15, the IRS will begin sending out monthly child tax credit payments to eligible parents. However, what should you do if you would rather receive your child tax credit payment in a lump sum payment? You will be able to opt [...]
IRS Begins Issuing Unemployment Income Exclusion Refunds By: Stacey Nickens The IRS announced that they will begin issuing refunds to taxpayers who paid taxes on their 2020 unemployment benefits. The American Rescue Plan Act legislated that up to $10,200 in unemployment compensation per individual could be excluded from taxable income. However, by the time [...]
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