Category Archives: Financial Planning

Burt Reynolds’ Will: a Model Estate Plan

Prime time television in the 1980s was largely built around dudes in cool vehicles who saved the day every week in their assigned time slot. Michael Knight and Kitt (Knightrider), Stringfellow Hawke and his supersonic stealth helicopter (Airwolf), and Thomas Magnum and his Ferrari (Magnum P.I.) filled my formative years and taught me all about life’s important lessons. When it came to the coolness factor, none of these guys could hold a candle to Burt Reynolds and his ‘79 Trans Am (you know, the black one with the giant gold screaming chicken/firebird on the hood).   Read more »

The Oregon 529 Plan Manager Change: What does it mean for you?

Savers with Oregon 529 plans may have recently received a postcard with information about a new plan manager, Sumday Administration LLC. The 529 plan manager is a financial services firm that handles all of the transactions and investments within the plan. Oregon 529 Plan account holders won’t see any major changes as a result of the switch, but there are a few key dates to keep in mind: Read more »

The Queen of Soul Had No Last Will: What will that mean for Aretha’s estate and what could it mean for yours?

Aretha Franklin, the “Queen of Soul” who collected 18 Grammy Awards and sang at concerts for three presidents (Carter, Clinton, and Obama), recently died at the age of 76. Ms. Franklin was twice divorced and is survived by four sons. These sons were named as interested parties in a filing with the probate court in Oakland County, Michigan in mid-August. The court filing indicated that Ms. Franklin, like many Americans, died intestate — without a Last Will. Read more »

Practical Planning: Understanding 401(k) Loans

A recent survey of millennials has been making the rounds on news sites, with particular attention focused on 401(k) loans used to finance home purchases. The survey found that two in ten Millennials who plan to buy a home expect to dip into retirement accounts to fund their purchase and that three in ten who are currently homeowners have already done so.

Although 401(k) loans have some advantages, there are also several important factors to keep in mind before borrowing from your future. Read more »

The Estate of Anthony Bourdain: Probate = Public

The recent tragic death of celebrity chef Anthony Bourdain was followed by a number of news stories that have become commonplace in this day and age of internet “reporting” on celebrities stories about the celebrity’s net worth based on documents filed in the probate court and not thoroughly researched. In Mr. Bourdain’s case, the headlines noted that the chef, whose net worth was recently estimated to be over $15 million, was only worth $1.2 million when he died.  Read more »

The Marital Penalty in the Tax Code

The U.S. Tax Code has included subtle penalties (and occasional benefits) for married couples for as long as there have been tax tables, phase-outs, and deductions — sometimes two people are better off filing as separate taxpayers, while sometimes couples get a little bit of a break when they tie the knot. The penalties are hidden in various places throughout the tax code and are most easily spotted when looking at the tax brackets a married couple filing jointly uses versus the same two incomes applied to the single filing table.  Read more »