Step-Children and Your Estate

Posted by Ronald J. FicheraAug 04, 20220 Comments

Will your step-children get any of your property when you die? This has been an issue for decades and the law has been somewhat confusing and complicated regarding Estate Planning and step-children. See references below at 1 and 2. In 1991, the General Assembly repealed Chapter 17 and added the...

Difference Between Income Tax and Capital Gains Tax

Posted by Ronald J. FicheraJul 29, 20220 Comments

What is Income Tax? Income tax is a direct tax imposed by the government upon its citizens on the income or profits earned by them within their jurisdiction. The tax law states every taxpayer must file an income tax return for each financial year to determine their tax obligations. Income tax is...

A Contractor vs. An Employee

Posted by Ronald J. FicheraJul 19, 20220 Comments

New government rules will affect the classification. And now is the time to get ready. If your business, like mine, uses independent contractors, then new rules in the works at the Department of Labor may change how we classify these workers. Many of us may be required to classify these contra...

How to Structure Your Day When Working from Home

Posted by Ronald J. FicheraJul 16, 20220 Comments

When you're working remotely, you have the freedom to do your job when and where you want to, away from the distractions and productivity drains of an office. However, working from home comes with its own challenges. Here are a few suggestions to help you structure your day as a remote worke...

Can You Save Too Much in Your 401(k)?

Posted by Ronald J. FicheraJul 16, 20220 Comments

Over-investing in your 401(k) can lead to a taxing retirement. It's one of the biggest mistakes investors tend to make, and it's avoidable. When people meet a doctor at a party, they ask about a pain or a rash. When they meet a financial professional, they'll...

Avoiding the IRA Beneficiary Tax Trap

Posted by Ronald J. FicheraJul 16, 20220 Comments

Be careful who inherits your IRA, and be smart about how they are allowed to do it. It could save them a potentially 40% tax hit. People often don't make the time to check their beneficiaries, but if you own any retirement savings accounts, such as an Individual Retiremen...

When Do Living Trusts Make Sense?

Posted by Ronald J. FicheraApr 12, 20220 Comments

A trust can solve a lot of problems. But like all tools, it can also be misused. If you're putting together an estate plan, you have no doubt heard about the benefits of a living trust. Assets placed in a trust won't go through probate, a time-consuming and potentially cost...

What Assets Should Be Included in Your Trust?

Posted by Ronald J. FicheraMar 07, 20220 Comments

A revocable living trust is a great tool to help your assets pass smoothly to your beneficiaries, and it can significantly reduce the headaches of probate. However, while some assets belong in a trust, others cannot (or should not) go into one. One of the largest financial planning misconcepti...

A Plan for Your Furry Loved One After You're Gone

Posted by Ronald J. FicheraMar 06, 20220 Comments

An owner's illness or death is a common reason for a pet being given up. However, here are some steps you can take to ensure your beloved companion is cared for if something happens to you. Pets are cherished family members, but it's the rare owner who considers what will happen to a four-legg...

2021 Wills and Estate Planning Study

Posted by Ronald J. FicheraMar 05, 20220 Comments

What You Should Know: The number of young adults with a will increased by 63% since 2020. In 2021, 18-34 year-olds are, for the first time, more likely to have a will than 35 – 54 year-olds.  Despite COVID-19, the overall percentage of Americans with a will has not significantly changed. ...

13 Financial Moves to Make After Losing a Spouse

Posted by Ronald J. FicheraMar 05, 20220 Comments

Nothing upends your world like the death of a spouse, leaving you at a loss for what to do next. Nothing upends your world like the death of a spouse, leaving you at a loss for what to do next. When death comes before you realize your retirement plans, it can be particularly devastating. Of t...

The Financial Effects of Losing a Spouse

Posted by Ronald J. FicheraMar 04, 20220 Comments

Even amid grief, it's important to reassess your finances. With the loss of your spouse's income, you may find yourself in a lower tax bracket or that you qualify for new deductions or credits. The death of a spouse is one of the most difficult things imaginable. Besides the emotional toll, su...

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