One of the most common questions I get for clients establishing 529 Plans is which state's plan
Just before students begin applying to colleges this fall, we answer more questions on how to pay for college, including using 529s—the tax-advantaged higher-education savings accounts that invest in mutual funds. How can I determine which state’s 529 plan is right for me? Every state offers a 529 plan, which allows investors (typically the parents) to contribute after-tax money that will grow tax-free and can be withdrawn later without any federal taxes or penalties when it’
Why Retirees Should at Least Consider a Financial Adviser
Some clients manage to do a great job accumulating wealth without assistance during their working years, but they should still consider a meeting with a financial adviser before jumping into retirement. My question is about financial advisers. Specifically: Do I need one? I know that such help is important, but paying 1% of my assets annually, which appears to be the going rate, seems steep. My wife and I have adequate retirement savings, our mortgage is paid off, we have vir
How a Will Treating Children Differently Can Still Be Fair
CHILDREN crave equal attention from their parents. So when it comes to inheritance, which can seem like a final accounting of that love, anything but an equal split can be tough to grasp. But is there ever a time when inheritance should be uneven? And if so, can uneven still be fair? The answer to both questions is yes. But how parents leave inheritances that are unequal but fair, or at least understandable, to their children and how those children deal with it can be challen
Can your 529 plan last forever
When you think you know about a 529, you learn that you might not have even considered the possibilities....like the idea of your 529 lasting forever. Readers again wrote in with questions on how to maximize college savings, including on how best to use “529” accounts, the federal tax-advantaged college-expenses accounts that invest in mutual funds. We asked experts to help answer their questions.Can a 529 last indefinitely, for multiple generations of a family? What are the
Don't just sit there: Never a dull moment at today’s 55-and-up communities
For many clients, the thought of transitioning out of the home they've owned for decades and into a new community is terrifying. Perhaps they should consider the upside of such a decision as outlined here When the live band cranks out Lynyrd Skynyrd tunes, dance parties feature line dancing instead of waltzes, and the weekly piano bar singalong is more likely to include songs by Elton John than Cole Porter, you know you’re in the new version of a community for people 55 and u
How to determine if you need a property manager for your rental apartment
Many of my clients are fortunate enough to inherit a piece of real estate which inevitably brings up the question of whether they're suited to becoming a landlord. Before jumping in, consider this. Q: I am planning to buy a fourplex and am planning on using an on-call handyman instead of property management, which is typically expensive. Since this is my first project, I want to know your thoughts and if you have had any experience in this aspect of being a landlord. A: It’s
Where to Get Clear Social Security Answers
One of the most confusing topics that I hear about from clients relates to the ins and outs of social security. Look here for some insight into learning some straight forward answers on this topic. Please recommend a resource that clearly and plainly explains the various options for Social Security benefits. I turned 62 in October 2016. We receive more questions about Social Security than almost any other topic. And that’s strangely reassuring. It makes me think that people,
14 documents every new parent needs
While my typical clients trend older, I do think it's important for new parents to consider their estate planning. Here's a good summary of paperwork for new parents to have in place. A couple of years into my daughter’s life, I woke one night with a jolt. Had we named a guardian for her in case we both died? I couldn’t remember, so I scrawled myself a middle-of-the-night note. When I checked in the morning, sure enough, although I’m a consumer reporter and my husband is a fi
I often recommend that clients use an estate liquidator to help them deal with the piles of stuff we
While I think this is a great idea and am happy to offer referrals who have done great work for my clients in the past, this is a warning to those who find such people on their own. TIM AND TAMARA DAVIS say they have firsthand experience with the dark side of estate sales, that fixture of weekend life in affluent suburban towns around the country. The brother and sister said they realized after their mother died that she had been shielding them from knowing the extent of thei
New couples should definitely consider an evaluation of their financial situation and goals with a f
For couples planning to get married, a meeting with a financial professional is an increasingly important step along the way, advisers say. It’s a “function of the fact that people are accumulating assets before marriage, getting married later in life, and seeing more and more people getting divorced,” says Lawrence D. Mandelker, a trusts and estates attorney with Seyfarth Shaw LLP in New York who has been referring more clients to financial advisers for these services. Finan
