Looking Ahead: What to Consider for 2021

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

At the start of a new year, it often feels natural to go into planning mode and make sure your financial house is in order.

But, the ongoing pandemic and a changing political landscape may make uncertainty a common theme for 2021.

How can you plan ahead no matter what this year may bring? Here are a few…

5 Financial Mistakes Anyone Could Make

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

As you know, planning for the future and keeping your finances on track require regular vigilance and fine-tuning.

But when life gets busy, it’s surprisingly easy to forget about the basics. That’s why even the wealthiest among us can end up picking up less-than-ideal habits.

No matter your situation, it’s a good idea to keep these potential missteps in…

Estate planning is something that all of us will have to face at some point in our lives. It’s a long process with a lot of planning, documenting, and computing.

Unfortunately, taking stock of your assets also includes thinking about taxes and other fees. Inheritance taxes and estate taxes can burn holes in your savings that you plan to pass down to your family. And while your local government is more than capable of…

4 Types of Legal Documents to Prepare

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

One part of planning your legacy and making your wishes known involves doing some digital and physical organizing.

Do you have all your key legal documents in an easily accessible but secure place?

Here’s what to have on hand and what to keep in mind as you put your essential information in order.

1. Records

We manage much of…

Managing Surprises and Sticking to Goals

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

Without expenses like travel and dining out, many people have spent less and saved more over the last few months.

Others are experiencing a sudden drop in income due to job loss or early retirement.

With the timeline of the pandemic still unclear, now may be a good time to take another look at your financial goals. How can…

5 Financial Considerations of Divorce

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

No one wants to think about examining and dividing their finances, but divorce happens.

In particular, an increase in “grey divorce” (divorce involving couples over 50 years old) is something you may have heard about. The longer a couple is together, the more complicated the financial aspects of separation can become.

In the case that there is no prenuptial agreement…

Discussing Financial Milestones as a Parent

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

It can sometimes feel awkward or challenging to talk about money and the future, especially with your children.

But if you want to help minimize stress for everyone, you may want to prioritize certain conversations.

Whether your kids are adults, teens or younger, here are a few big financial topics to keep in mind as you work to set…

By Sharon Wagner

Retired and want to work part-time? A job keeps the golden years interesting and helps older adults stretch their retirement savings. However, most retirees don’t want to head back to the office full-time. Instead, they’re looking for a part-time encore career that stimulates their mind, pads their pocketbook, and leaves plenty of free time for enjoying their senior years. But does flexible, well-paid, and interesting work for seniors really exist? You bet!…

Getting Remarried? Avoid These 4 Estate-Planning Pitfalls

From: www.barrons.com

With a rise in “gray divorces” in recent years, it’s only natural that remarriage has become more prevalent among seniors. But people tend to be lax about updating their estate plan.

It’s easy to have an estate plan fall out of date following a remarriage, says Steph Wagner, director of Women & Wealth at Northern Trust, but the…

State Rainy Day Funds and the COVID-19 Crisis

From: taxfoundation.org

Key Findings

• State revenue stabilization funds, often called rainy day funds, are better funded now than they were at the start of the Great Recession and can be a valuable tool as states face a sharp pandemic-linked economic contraction.
• The median rainy day fund balance is 8 percent of state general fund expenditures, but several states have little or no…
  
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