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There is some good news for your retirement planning. If you have an employer-sponsored 401(k) retirement plan, or any of a number of similar plans, you’ll be able to increase your annual contribution this year by $1000, as part of the federal government’s scheduled inflation adjustment. The limit increase means work-based retirement plans can reach[…]

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Let’s discuss Spousal Lifetime Access Trusts, otherwise known as SLATs. Establishing one can be complex and designing one to meet your particular needs will most certainly require an estate planning expert, but doing so could be quite beneficial for your financial future. A Spousal Lifetime Access Trust  is an irrevocable trust that can own permanent[…]

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Annuities are often a popular investment vehicle to supplement retirees’ Social Security benefits, guaranteeing a lifetime income stream. Considering that only about 35 percent of retirees have a pension, having an annuity can provide a sense of security and confidence that you won’t outlive your money. Annuities are insurance products, so, naturally, they are sold[…]

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While 529 College Plans have been around for more than two decades, helping people save for their children’s tuition, it’s less well-known that the plans can be used for sidestepping certain taxes. First off, let’s explain just what a 529 plan is and who can open one. Anyone 18 or over can open a 529[…]

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It’s no secret that going to college is a serious expense and although the tax deduction for college tuition and fees ended on December 31, 2020, there are still possible tax breaks available for some, including the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). The AOTC allows for a reduction in[…]

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