Author Archives: MediaSmack

Watch Out for These Hidden Taxes in Your Retirement Plan

If you have started to further develop your retirement plans, you may have noticed that your taxes in retirement can be a lot more complicated than your working taxes. Social Security checks are not always taxed, which will depend on your income. Tax rates will depend on additional state taxes, as well as any other investments you might have. What Taxes Should I Look Out for in My Retirement Plan? Combined income taxes. How your Social Security benefit is taxed will depend on your combined income. This is also known as your adjusted gross income, plus any non-taxable interest and…

The Difference Between Will-Based and Trust-Based Estate Plans

Chances are that your estate plan is going to involve a variety of different documents, but generally speaking, estate plans are centered around one of two different documents: a Will or a Revocable Living Trust. These documents, while similar, can have vastly different uses. Will-based estate plans use the Will as the primary set of instructions that your chosen representative (or executor) must follow to distribute your assets after death. However, because Wills only take effect after a person’s death, they do not allow for any disability planning while the subject is still alive. This means that, if you utilize…