What information does my employer have to give me regarding my 401(k) plan?

June 30, 2024 No Comments

A: Any employer who offers a 401(k) plan is required to provide, free of charge, each plan participant with a copy of the summary plan description, a copy of the summary annual report and an annual statement of the participant’s account. In addition, every participant

What is a family Limited Liability Company (LLC)?

June 30, 2024 No Comments

A: A family limited liability company (LLC) is formed by family members to conduct business in a state that permits such form of incorporation. The family LLC is a popular method to protect the assets of a family against claims by creditors, divide income among

What is estate planning?

June 30, 2024 No Comments

A: Estate planning involves making plans for the transfer of your estate after death. Your estate is all the property that you own. It can include cash, clothes, jewelry, cars, houses, land, retirement, investment and savings accounts, etc. Estate planning usually has several objectives and

What is the average cost of a making a will?

June 30, 2024 No Comments

A: The fee for having a basic will written can be as little as $150, but it can cost $1,000 or more if complicated or additional estate planning documents are required. A do-it-yourself will creation kit can be purchased online or in stores for less,

What is the difference between a revocable trust and a living trust?

June 30, 2024 No Comments

A: A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. Trusts Explained A trust is a separate legal entity a person sets up to manage his assets. Once

What is the difference between early retirement and full retirement as it applies to Social Security retirement benefits?

June 30, 2024 No Comments

A: If you were born in 1929 or later, you’ll need forty Social Security credits to be eligible for Social Security retirement benefits. You can earn up to four credits per year, which means that you will need to work at least ten years to

What is the difference between portfolio management and financial planning?

June 30, 2024 No Comments

A: Utilizing the expertise of a financial professional can be beneficial to an individual wanting to reach an investment goal or other financial objective. However, it is important to know which types of services are provided by the financial professional. Although it is common to

What are the tax consequences of a Roth IRA?

June 30, 2024 No Comments

A: The tax treatment of a Roth IRA distribution depends on whether the distribution is qualified. Qualified distributions from Roth IRAs are tax and penalty free, but non-qualified distributions may be subject to tax and an early-distribution penalty (known as an excise tax). Generally speaking,

What is the difference between revocable and irrevocable intervivos trusts?

June 30, 2024 No Comments

A: Within estate planning, individuals have a myriad of options for maintaining control over assets beyond the grave. A tool often used in estate plans to control the flow of assets is an inter vivos trust, more commonly referred to as a living trust. An

What are the top Social Security scams targeted at the elderly?

June 30, 2024 No Comments

A: Elderly recipients of Social Security benefits are a highly targeted group for online con artists. Some scams operate over the phone, typically through callers impersonating Social Security Administration (SSA) employees who solicit personal information from senior citizens. Other scams originate online using email or

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