In late 2019, Congress passed the SECURE Act, which changed the rules regarding retirement savings accounts and more specially, when to take out Required Minimal Distributions (RMDs) from inherited traditional retirement accounts. Following the bill, if you were to inherit a traditional retirement account in or after the year 2020, non-spousal heirs would be required […]
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Empower Your Child’s Future: Discussing Potential Inheritance Today
Having conversations about money, inheritance, and monetary responsibility with your children is crucial, regardless of your socioeconomic status. It’s understandable that these discussions can feel uncomfortable, but they’re essential for preparing your children for the future and ensuring they can manage any inheritance responsibly. It’s important to help your children understand the lifestyle they’ve been […]
Read MoreThe Effects of MAGI On Your Tax Returns
You may be familiar with the term “AGI” or Adjusted Gross Income. It is what’s used to calculate what taxes you owe. You derive your AGI from your gross income minus your “above-the-line” deductions, such as student loan interest and IRA contributions. While straightforward, this number should be taken with a grain of salt. The […]
Read MoreWealth and Well-Being: Expert Coaching for High-Functioning Depression
Wealth, especially inherited wealth, brings with it not just financial stability but a complex set of psychological pressures that are often hidden beneath the surface. For those who inherit significant wealth, the psychological impact can be profound, leading to a specific form of depression known as high-functioning depression. Pressure to Perform & Fear of Failure […]
Read MoreBook Review: “The Money Kings” by Daniel Schulman
Review By: Myra Salzer I picked up this book out of curiosity. Maybe by reading it, I would glean from it why the banking industry was always associated with Jews. I also thought I might learn a little about my Jewish background since I was raised in a completely non-secular environment. Of course, I heard […]
Read MoreBook Review: “Stolen Focus – Why You Can’t Pay Attention – and How to Think Deeply Again” by Johann Hari
Review By: Myra Salzer The title almost says it all. I appreciate how Hari sticks to the topic. As you would expect, much attention was given to smartphone distractions. Real science was applied rather than the oft worried “people in the know” who claim it is toxic to our brains. It turns out (though with […]
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