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I'm trustee of 2 trusts set up by my parents for the benefit of my 2 children. The trusts own life insurance which have gained in value of about $50,000 per policy. Each child is under 40 and as the cost of insurance is increasing they would like me to consider surrendering these policies. A friend told me there may be not only ordinary income tax, but perhaps a...
Submitted Apr 21, 2016
I will turn 66 later this year. My wife is 65 and filed to begin taking her SS when she turned 64. Can I file and suspend my SS now prior to April 30. And If I file and suspend can my wife claim the spousal benefit as it would be greater than her SS.
Submitted Apr 23, 2016
I have an old 401K at a previous employer. It was suggested to me by my bank (Wellsfargo) that I should consider rolling it to them. My previous company sold/moved my old 401k from Vanguard to AON. I know nothing about this company. How does it compare to Vanguard, Fidelity and TRowe? I do not have a financial advisor, but I feel like I need some financial...
Submitted Apr 13, 2016
I have a 26 year old son who has learning disabilities. His father and I are divorced. My son lives with his father, and he supports him 100%. In the event that his father passes away, is there an insurance that would support my son 100%?
Submitted Apr 22, 2016
Hello, my name is Joyce Shiffrin, and I will explain the purpose of my sending you this e-mail: I have been receiving S.S.I., Food Stamps and Medicaid for over 18 years. However, I do hope sometime in the future to become an author of children's as well as adult fiction/non-fiction books. My question to you, therefore, is this: If/When I become an author, will my...
Submitted Apr 14, 2016
Is K-1 income from a Virginia estate taxable in Massachusetts if none of the income is from Massachusetts sources?
Submitted Mar 22, 2016
My husband is 77, and retired. I am 62 and have returned to work for awhile. Am I a good candidate to delay my Social Security and then receive spousal benefits?
Submitted Apr 12, 2016
Is there any way to avoid taxes on premature withdrawals on traditional ira and is mileage deductible for split shift employment?
Submitted Apr 11, 2016
I'm to retire next May, 2017 (will be 70). In October I will get a small (I'm sure) raise. When it's raise time, I always put away $50 - either into my savings (have about $12k) or my retirement account (no matching here - will have about $250k). What would be your advice, since I won't be able to save or contribute after I retire? Put it in savings or retirement...
Submitted Apr 1, 2016