by Kathryn A. Flanigan | Nov 5, 2013 | Uncategorized
Have you just been given power of attorney? Has your elderly parent added you to their financial accounts so you can help with paying the bills? If so, you are now a fiduciary, with legal and ethical responsibilities to act in the best interest of the person who gave...
by Kathryn A. Flanigan | Nov 5, 2013 | Uncategorized
The Treasury Department has issued new rules on health spending accounts (HSAs) that allow rollovers of up to $500 from year to year, effective immediately.According to the Treasury, more than 14 million Americans use HSAs , which allow employees to contribute up to...
by Kathryn A. Flanigan | Nov 5, 2013 | Uncategorized
While inheritances are not considered income for federal tax purposes, any earnings that may come from that inheritance will be taxable, including dividends on inherited stocks or mutual funds. Your inheritance may also be subject to taxes on any gains from selling...
by Kathryn A. Flanigan | Nov 5, 2013 | Uncategorized
California is one of nine community property states, which requires special planning when it comes to a married couple’s federal tax return. Here are five tax tips for California residents:Know the law. California law governs what married couples can consider to...
by Kathryn A. Flanigan | Nov 5, 2013 | Uncategorized
The IRS has released its retirement plan limitations for 2014, and while the contribution limits remain the same as 2013, the income phase-out ranges have increased.Here are the contribution limits for 2014:401(k), 403(b) and 457 plans: maximum contribution of $17,500...
by Kathryn A. Flanigan | Oct 22, 2013 | Uncategorized
When we reach our 30s, most of us are settling into our careers, starting families and thinking more seriously about our financial futures. Here are 7 savvy money tips that will help 30-somethings plan for a good financial future, including retirement:1. Have an...
by Kathryn A. Flanigan | Oct 22, 2013 | Estate Planning
Have you agreed to be an administrator of someone’s estate? If so, you have hopefully learned about what the estate administration process involves and how critical your roles is in the proper administration of an estate. What you may not know is what to do...
by Kathryn A. Flanigan | Oct 22, 2013 | Uncategorized
As we age and near retirement, the financial decisions we make tend to have repercussions that can linger long into retirement. If you are even a decade or more away from retirement, committing any of these five money mistakes can come back to haunt you:1. Too much...
by Kathryn A. Flanigan | Oct 22, 2013 | Uncategorized
Financial abuse of the elderly is a growing problem in America, and family members – especially those who live a long distance from an elderly loved one – need to be aware of both the symptoms of financial abuse and the remedies available.Here are some...
by Kathryn A. Flanigan | Oct 22, 2013 | Uncategorized
A recent study by the National Center for Family and Marriage Research found that the divorce rate for Americans over the age of 50 has more than doubled in the last 20 years. Divorcing in later life brings a whole new set of challenges, chief among them the...
