When saving for retirement, you’re probably aware of the benefits of using tax-preferred accounts such as 401(k)s and IRAs. But you may not be aware of another type of tax-preferred account that may prove very useful, not only during your working years but also in retirement: the health savings account (HSA). Continue reading “Hidden Gem: HSAs in Retirement”
Coronavirus Aid, Relief and Economic Security Act
Stay tuned right here for more information, on this unprecendented relief act, one that will allow you to defer your RMDs and for those under 59 1/2, take a hardship distribution from their retirement savings, without penalty.
U.S. savings bonds were once so popular — and so often tucked away — that an estimated $25 billion in matured savings bonds have never been claimed. These bonds have been caught in a prolonged legal battle between the federal government and states that want to take control of the bonds on behalf of their residents.1 Continue reading “Where to Look for Lost Property”
What is debt and how is it classified for divorce purposes?
Like property, debt is classified as marital or separate. In general, both spouses are responsible for any debts incurred during the marriage. It doesn’t matter which party actually spent the money. When the property is divided at the time of divorce, it’s often the case that the person who gets the asset also gets the responsibility for paying any indebtedness secured by that asset. Even if your spouse agrees to take over the debt, joint obligors on a loan will remain jointly responsible. That is, the creditors can seek payment from either of you. Continue reading “Divorce and Debt”