What to Do When Someone Dies: A Checklist

Posted by Ronald J. FicheraMar 15, 20230 Comments

It's easy to overlook an important task after a loved one passes away. Follow this checklist to help make a challenging time less confusing. In addition to the emotional toll of losing a loved one, what to do when someone dies, from phone calls to paperwork, can be overwhelming and not what anyo...

Filing a Deceased Person's Final Income Tax Return

Posted by Ronald J. FicheraMar 15, 20230 Comments

Unfortunately, death doesn't relieve one's obligation to file a final federal income tax return. Benjamin Franklin coined the famous saying that “in this world, nothing is certain but death and taxes.” But what about when death and taxes coincide, such as when someone dies during the year and ha...

6 Ways to Use Your Tax Refund

Posted by Ronald J. FicheraMar 02, 20230 Comments

You've just received your tax refund, and you're wondering how to best spend it. You might be tempted to treat yourself to a shopping spree, but there are better ways to use your refund! If you need assistance with financial planning for your household, you can turn to the Ronald J. Fichera Law...

Retirement: What Happens If a Spouse Dies?

Posted by Ronald J. FicheraFeb 17, 20230 Comments

"Retirement accounts with ill-conceived beneficiary designations could potentially cost your family tens of thousands or even hundreds of thousands of dollars if done wrong," according to Dan Stewart, president of Revere Asset Management. Social Security benefits have an automatic ...

Do Retirement Accounts Go Through Probate?

Posted by Ronald J. FicheraFeb 12, 20230 Comments

They can—unless you designate your beneficiaries properly Probate is a legal process that authenticates and validates someone's will. The process involves the review of a deceased individual's assets and determines their heirs. While probate isn't always necessary, it generally ki...

What's My Social Security Full Retirement Age?

Posted by Ronald J. FicheraFeb 05, 20230 Comments

Waiting until your full retirement age to collect Social Security can have a big financial payoff. The year you were born determines when you become eligible for your full Social Security retirement benefit. Use our calculator to determine your full retirement age. If you wait until your fu...

What's the Standard Deduction for 2022 vs. 2023?

Posted by Ronald J. FicheraJan 30, 20230 Comments

Most Americans claim the standard deduction on their federal tax return instead of itemized deductions. How much can you claim on your 2022 and 2023 returns? You have a choice between taking the standard deduction or claiming itemized deductions each year when filling out your federal income t...

11 Best Things to Keep in a Safe Deposit Box

Posted by Ronald J. FicheraDec 29, 20220 Comments

These valuables and documents, along with some items you hold dear, should be stored securely at your bank. With digital records and cloud storage becoming the norm, the bricks-and-mortar safe deposit box might seem outmoded.    But don't rush to declare the safe deposit box a relic of the pa...

What Happens to Your Crypto Assets When You Die?

Posted by Ronald J. FicheraDec 29, 20220 Comments

Bitcoin, NFTs, Dogecoin – all forms of cryptocurrencies have gained buzz with investors. But unless you have a specific plan for them in your will, your crypto assets could disappear forever when you die. The popularity of cryptocurrency has exploded and imploded in recent months. For those wh...

What Are the Income Tax Brackets for 2022 vs. 2023?

Posted by Ronald J. FicheraDec 14, 20220 Comments

Depending on your taxable income, you can end up in one of seven different federal income tax brackets – each with its own marginal tax rate. When it comes to federal income tax rates and brackets, the tax rates themselves aren't changing from 2022 to 2023. The same seven tax rates in effect f...

Capital Gains Tax: Year-End Review

Posted by Ronald J. FicheraDec 14, 20220 Comments

Now's the time to revisit the capital gains tax rules you need to know for year-end planning. Capital gains tax applies to many types of investment transactions and, therefore, is an important piece of the overall tax picture for millions of Americans – especially at this time of the year when...

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