Did you know that you can freeze your credit? Credit freezes are an important precaution against identity theft. Here’s a look at what credit freezes are and 5 specific reasons to freeze your credit. What Is a Credit Freeze Credit freezes can be performed at the 3 major credit bureaus (Equifax, Transunion, and Experian). They […]
Although you’re eligible for Medicare at 65, there are circumstances in which you might not want to apply, particularly if you’re working for a larger employer or contributing to a health savings account (HSA). However, you may face penalties if you don’t sign up at the right time, so it’s important to know when you can […]
The Department of Veterans Affairs (VA) has put in place new rules that make it more difficult to qualify for long-term care benefits. The rules, similar to those already in force for Medicaid, establish an asset limit, a look-back period, and asset transfer penalties for claimants applying for pen- sion benefits that require a showing […]
As the population ages, elder financial abuse is a mounting problem, and vulnerable seniors can become victims of scammers who convince them to empty their investment accounts. Now, new rules have been put in place to protect seniors with brokerage accounts from financial scams. According to the Financial Industry Regulatory Authority (FINRA), the organization that […]
The tax law signed in 2017 doubled the federal estate tax exemption, meaning the vast majority of estates won’t have to pay federal estate tax. But that doesn’t mean you should ignore its impact on your estate plan. The law doubled the federal estate tax exemption to $11.18 million for individuals and $22.36 million for […]
Identity theft is a big problem these days. Security breaches at major companies highlight just how easily others may be able to obtain a range of personal information. Although we often think of identity theft related to banking information or credit cards, it can go far beyond that. Your social security identity can be at […]
Once you reach age 62 you may start collecting social security. However, if you plan to continue working while collecting social security, it is extremely important to understand how that may impact your benefits and tax liability. Below is a brief overview that may help. Impact of Working on Benefits Early Retirement Collecting social security […]
Grandchildren are one of the biggest joys of life, especially as you enter your senior years. Providing financial support to your grandchildren can be very rewarding and may be included in your Massachusetts estate plan. The key is selecting the right means of doing so. Here are a few options and considerations for gifting money […]
As the name implies, generation skipping taxes (GST) apply to gifts and inheritances to grandchildren, great-grandchildren, and unrelated persons who are 37.5 years or more younger than the gifter. The word “skip” applies to the fact that one is skipping immediate children (or immediate next generation). The federal tax amount is quite steep at 35%. […]
If you are 62 or older, reverse mortgages are not the only means of accessing the equity in your home. Other solutions may be worth consideration, depending on your needs and circumstances. Here are a few alternatives to reverse mortgages. A Home Equity Loan A home equity loan allows you to borrow up to a […]