Buying a Second Home: What to Consider

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

At some point, many people consider buying a second home.

This new property might be your vacation getaway or an addition to your investment portfolio. But, just like buying your first home, such a large purchase requires careful consideration.

These four questions can help guide you as you weigh the potential benefits and challenges of purchasing another house.

How and When to Take Your RMD

From: www.morningstar.com

There is no one best time to take the required minimum distribution.

As an age-72-or-older IRA owner, you have options regarding when to take your annual “required minimum distribution” (or RMD). You can take it early in the year, take it in monthly or other periodic instalments, or wait until the last minute. Which is best?

Surprise–there is no one “best” time to take…

Preparing for an Estate Planning Consultation: 10 Items to Consider Before Meeting with Your Attorney

From: www.natlawreview.com

Are you working on getting your affairs in order? Before you meet with an estate planning attorney, it’s important to be as prepared as possible.

See David’s LinkedIn post here.

While most initial meetings with an estate planning attorney will result in some questions you likely have never considered, there are many ways…

Why Portfolio Diversification Still Works

From: www.morningstar.com

Correlations often tend to increase during periods of market stress, making portfolio diversification tough to find when investors need it most. This pattern held true in early 2020 as many major asset classes (except high-quality bonds and cash) moved in tandem during the coronavirus-driven market downturn. And over the past 20 years, correlations have edged up for several asset classes, including…

Thinking About a Part-Time Job in Retirement? 30 Ideas to Try

Retirement comes with a wealth of positive benefits, including time, freedom and extra energy to try new things. But for some, all that extra time can cause feelings of boredom or anxiousness. This isn’t uncommon considering the fulfillment of a full time career or tending to a family are suddenly gone, and can end up resulting in a lost sense of purpose.

While retirement…

Retirement Milestones for Your 50s

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

You may have heard that it’s a good idea to save about five to six times your salary by age 50 and seven times your salary by age 55.

While there are no one-size-fits-all rules to follow, a nest egg of this size, along with Social Security, allows many people to maintain their current lifestyle throughout retirement.

No matter how…

Giving and Receiving Wealth: What to Know

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

As baby boomers move into and through retirement, they will pass on substantial wealth to younger generations.

This financial shift will impact each generation (and each family) differently, but we’re likely to see a few common themes and trends emerge.

Are you wondering about the ins and outs of transferring wealth thoughtfully? Here are a few details to…

Can a Trust Transfer an IRA to a Trust Beneficiary?

From: www.morningstar.com

Here’s a question I get at least once a week: “I’m dealing with a trust that holds an inherited IRA. Can the trustee transfer that IRA out to the individual beneficiary(ies) of the trust?” The unspoken part of the question is, “….without triggering an income tax?”

The simple answer is yes, in most cases a trustee can transfer an inherited…

4 Ideas for Protecting Your Assets

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

What lies ahead?

It’s impossible to predict the future, but that doesn’t mean you have to feel caught off guard during times of uncertainty.

In particular, when it comes to safeguarding your wealth, there are steps you can take to help protect your assets and find peace of mind.

Here are a few good practices to be aware of.

Do you want to sell your investment properties?

Many property investors want to sell their units after discovering highly favorable market conditions. Selling the properties isn’t usually an exit from investing altogether. Instead, you can put the profits to work and invest in new properties.

Sometimes the conditions are not favorable, yet you still see the need for selling your assets. For instance, you could notice that particular rental units are driving down the performance of…