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Home Equity Conversion Mortgages – Important Changes!

HECM’s are not your grandfather’s reverse mortgage, but rules are changing for this increasingly popular financial tool!

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401(k) Loans: What You Need To Know

Employer-sponsored retirement plans, specifically 401(k)s, are easy and efficient tools for helping employees save for their golden years. However, if you’re an employee and you need to tap some cash now, it’s tempting to ask yourself: “How can I access this money?” The short answer: It’s fairly easy to do so, but there some important […]

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401(k) Rollover Opportunities and Pitfalls

Key Takeaways Consider all of the pros and cons of a rollover before making a move. Very high 401(k) fees may be a good reason to roll your account over to an IRA. Use “trustee to trustee” rollovers to avoid inadvertent tax traps. Suppose you’re about to receive a distribution from your 401(k) plan, and […]

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Is Airbnb a Source of Tax-Free Income for Property Owners? It Depends.

The rising popularity of online home sharing sites such as Airbnb, Homeaway and FlipKey have made vacations and other out-of-town trips more affordable than ever for travelers. If your home-town is hosting a major concert, sporting event or world leader’s visit like the Pope’s recent stop in Philadelphia, owners can rent out their residences at […]

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Think You Can’t Contribute to a Roth? Think again: Advantages of a 401(k) Roth Option

Key Takeaways The Roth option in 401(k) retirement plans eliminate IRS income limits applied to Roth IRAs. Participants in plans offering the Roth 401(k) option can split their contributions between both traditional and Roth accounts–thus, building two buckets of money to fund their nest egg. There are no income limits for Roth 401(k) accounts, and […]

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5 Things to Know About Executors

Key Takeaways This is a great honor, but also a big job Your duties as executor may be in conflict with the family’s wishes Organizational skills are very important  1. What is an executor? An executor is a personal representative who acts on your behalf after you die. You nominate or designate an executor in […]

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The Conversion Issue: Tax Me Now or Tax Me Later! (Part 2)

Key Takeaways Roth conversions could be a great option to potentially decrease taxes and pass on tax free assets to heirs. Roth conversions can also be beneficial if you have assets in tax-deferred accounts and expect a significant drop in your tax bracket before age 70 ½. A re-characterization provides you with a “do over” […]

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