“We know lots of friends who are considering moving from a high-tax state, such as New York, to a state with low or no state income taxes. They think they will end up with more money, although they are torn because they may also be moving away from family and friends just to escape state…
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Responsibilities of an estate executor
“An executor is responsible for sorting out finances such as assets, liabilities, taxes, etc. of the deceased and distributing the assets to the heirs. An executor is not required to be legal or financial expert but takes on a fiduciary duty by maintaining highest degree of trust, impartiality, good faith, diligence and honesty” explains Komal Matwani,…
Widow Brain: What To Expect After Your Spouse Dies & 9 Ideas to Help
Elliott Appel provides the following perspective and advice: “Losing a spouse and becoming a widow is a life changing and emotional experience. Emotions come and go: anger, fear, sadness, grief, loneliness, pain, shock, guilt, worry, and more. Brain fog, or “widow brain” can appear, causing even more frustration. Let me begin by saying everyone experiences…
7 Steps to Estimating Your In-Retirement Cash Flow Needs
Like many of my posts I’m sharing links to excellent advice from other writers. Christine Benz from Morningstar offers suggestions on how to plan for spending needs in retirement. “Ultimately, it may be difficult to forecast your actual income-replacement needs with a great deal of precision. Even as you attempt to anticipate every in-retirement expense…
Understanding federal income taxes and marginal tax rates
There is a tremendous misunderstanding about marginal income tax rates which are the highest rate at which your income is taxed. Income is taxed at increments by the IRS. Below is an example for a single person. Rates are different for married persons filing jointly and heads of households. the purpose of this example is…
College Planning Guide for Students With Learning Disabilities
“Learning disabilities present unique challenges when you’re planning to attend college. The National Center for Learning Disabilities conducted a survey in 2016 of 800 parents, and 72% said it was hard finding information about college disability services. For these students, getting the right information and support to excel in college requires a persistent strategy.” “In…
IRA Contribution Calculator
Individual Retirement Accounts (IRAs) are a great way to supplement employer-sponsored retirement accounts or for self-employed persons who are responsible for their retirement planning. “Choosing the right retirement account can be complicated—but it doesn’t necessarily have to be. Our IRA Contribution Calculator will take you through what you need to know to make an informed…
Affordable Care Act Update
This post is quoted directly from Boston College historian Heather Cox Richardson from Letters from an American <heathercoxrichardson@substack.com>Date: April 5, 2022 Obama signed the ACA into law in 2010. Today, 31 million Americans have healthcare coverage thanks to it. They can’t be denied coverage because of preexisting conditions. The ACA has lowered prescription drug costs…
Medical Bills and Debt Collection
$88 billion of outstanding medical bills are currently in collections – affecting one in five Americans. My own academic research at Utah State University and that of University of Utah Economics Ph.D. Levi Pace revealed that medical bills were a major cause of personal bankruptcy filings in Utah. Similar research in other states confirm our…
Medicare Eligibility for People With Disabilities
Many people think of Medicare as a program for people who are 65 and older. While this is true, some may not know that a younger person with a disability can also qualify for Medicare coverage. Not every disability is a qualifying one, so it’s important to understand if you meet the requirements before you…