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Trust Implementation Checklist
If you have successfully worked with an estate planning attorney to create a living trust, then congratulations! You have completed a complex task that many avoid. Unfortunately, your job is not done when you have a fancy trust binder sitting on your shelf. The trust must also be funded, and that involves retitling your assets, contacting the banks and brokers to change the ownership of your assets into the name of the trust. Since the whole process can be confusing, we h
Steve Coker, CFP
Sep 263 min read
Understanding Medicare Enrollment
This week I came across a 75-year-old retiree who had not yet signed up for Medicare. Since Medicare enrollment begins at age 65, this was a big miss! Not only does enrolling late result in higher premiums, the failure to enroll in Medicare can leave retirees dangerously lacking in insurance coverage. One common reason for this error is the deferral of Social Security Retirement benefits, as some mistakenly believe that if they defer taking Social Security Retirement benef
Steve Coker, CFP
Sep 112 min read
529 Plans: More Flexible Than You May Think
For families who want to help children or grandchildren with future education costs, a 529 education savings plan can be one of the most useful planning tools available. In addition to helping families save systematically, 529 plans offer significant tax advantages and, under recent tax-law changes, considerably more flexibility than they once did. The primary benefit of a 529 plan is tax-free investment growth. Contributions are made with after-tax dollars, but earnings are
Steve Coker, CFP
Aug 292 min read
Should I take my pension as a lump sum?
If you are trying to decide whether to take your pension as a lump sum or as monthly payments, then let’s start by saying ‘congratulations’. Few employers still offer pensions and you are fortunate to have this benefit as you face retirement. Pension payouts can be significant, so it is important to consider your options carefully. In this article we’ll walk through some of the common options for your pension payout to help you determine which is best for your situation.
Steve Coker, CFP
Aug 214 min read
Social Security Survivors Benefit
When the unthinkable happens and one spouse dies, Social Security provides a benefit, commonly referred to as the widow’s benefit, to the survivor. Why is the survivor benefit referred to as ‘widow’s’ benefit? Simply put, approximately 80% of the individuals receiving survivor benefits are women. Decisions about how long to work and when to claim Social Security Survivor benefits can have a significant impact on the life of the survivor. If you find yourself in this situa
Steve Coker, CFP
Aug 143 min read
