Fiduciary. For a word that’s been around since 1631, it sure has done a good job of escaping understanding.
But by consulting another dictionary, one might finally understand what all the hype is about. Dictionary.com defines fiduciary this way: “a person to whom property or power is entrusted for the benefit of another.” That’s better.
Read more at smartasset
Rolling back Michigan's retirement tax triggers plenty of questions, confusion
The reality, like many things when it comes to taxes, is that many Michigan retirees could be stumped when they end up staring at complex retirement-related tax calculations for their 2023 state income tax returns next year and afterward.
Read more at Detroit Free Press
Is my money safe? What you need to know about bank failures
Yes, if your money is in a U.S. bank insured by the Federal Deposit Insurance Corp. and you have less than $250,000 there. If the bank fails, you’ll get your money back.
Nearly all banks are FDIC insured. You can look for the FDIC logo at bank teller windows or on the entrance to your bank branch.
Read more at Associated Press
How, and when, the new federal law changes the game for retirement savings
The key provisions of SECURE 2.0 aim to bolster Americans’ opportunities to save for retirement and to draw income from those funds later in life.
Read more at AARP
Future Returns: Turning Low Stock Prices Into a Plus for Estate Planning
A bear market in stocks may be painful, but it can create the right circumstances for estate planning.
Read more at Barrons
The Biggest Mistakes People Make With Their Wills
Everybody knows they should have a will, and not having one can leave heirs with a big mess. But just having a will isn’t enough. Big mistakes are common
Read more at The Wall Street Journal
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A cosigner has no rights over your property unless you include their name in the deed. If you co-own the property with the cosigner, you need to review your agreement or contract to determine what happens when the cosigner dies.
Read more at LegalReader.com
At the moment, it appears any immediate changes are on hold. But that doesn’t mean wealthy families can be complacent. In fact, they should be even more motivated.
Read more at Forbes
