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States Brace for Baby Boomer Retirement Age Challenges

Posted on: November 13th, 2018
There are demographic and cultural shifts occurring in the United States. The baby boomer generation continues to “gray” the country and is changing the way individual states set budgets and health care policies. More attention will be paid to the needs of the post age 50 generation(s) . Changing attitudes towards working past the age of 65 has taken root in this country and “retirement age” does not necessarily mean a senior is leaving the workforce. ...

Caution: Creditors Now Have Easy Access to Inherited IRAs

Posted on: October 30th, 2018
Do you have IRAs or other retirement accounts that you plan to leave to your loved ones? If so, proceed with caution. As opposed to when you own the retirement accounts, inherited retirement accounts do not have asset protection, meaning they can be seized by creditors. ...

Help for Seniors Who Fall Victim to Abuse

Posted on: October 16th, 2018
In October 2017, President Trump signed into law the Elder Abuse Prevention and Prosecution Act. This bill was designed to combat the growing epidemic of the elderly being taken advantage of financially and abused physically. A study conducted by the National Council on Aging indicates that approximately 1 in 10 Americans aged 60 or older have experienced some form of elder abuse. Although, this number is likely higher according to another study which estimates only 1 in 14 elder abuse cases are reported. Financial abuse is more likely to be reported than emotional or physical abuse. The costs of elder abuse are steep. Elders who are victims of abuse have a 300% higher risk of death when compared to those who have not been abused. Elder financial abuse costs senior citizens an estimated $36.5 billion per year. ...

Kids and Investors Are Not The Only Options

Posted on: October 4th, 2018
Retiring from your business can be a tough decision. To ensure that what you have built continues on, there needs to be a plan for succession. For some people, they have spent years grooming a child or other family member to take over, wanting the business to stay in the family. Others look to sell to a third party for a quick way out that will also give them a nest egg for their next phase of life. However, there is a third option--transferring the business to your employees. If you like the idea of transferring your business to long-time faithful employees who have contributed greatly to the company’s success over the years, below are a couple of options for you to consider. ...

Passing Along a Benefit, Not a Burden

Posted on: September 18th, 2018
Most business owners have their estate planning prepared because they are worried about what will happen to their business after they are dead. However, proper estate planning has the added benefit of allowing you to make plans for what will happen if you are incapacitated or needing to be away from your business for an extended period of time....

Retirement Planning for Business Owners

Posted on: August 22nd, 2018
For many employees, saving for retirement is usually a matter of simply participating in their employer’s 401(k) plan and perhaps opening an IRA for some extra savings. But, when you’re the owner of a business, planning for retirement requires proactivity and strategy. It’s not just the dizzying array of choices for retirement accounts, there’s also planning for the business itself. Who will run the business after your retirement? Additionally, your estate plan must integrate into your retirement and business transition strategy....
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