When investors take more risk with their investments, they generally have the potential for, but not a guarantee of, a higher average return. For example, stocks (and stock mutual funds), which are very volatile in the short term, have historically produced the highest average annual returns of any asset class over the long term. By comparison, cash-equivalent assets, such as money market mutual funds and certificates of deposit, have less risk of loss of principal but generally pay relatively low …
Tax law provides most taxpayers with a three-year window of opportunity for claiming a tax refund. If no return is filed to claim a refund within three years, the money becomes the property of the U.S. Treasury. The three-year limit begins on the date that the tax return was originally due.
For example, for 2016 returns due on the tax filing date in April 2017, the window of opportunity ends three years later in April 2020. The law requires that …
Check with an estate planning attorney or the county office that administers probate proceedings (often called a Surrogate) in the area where the deceased person lived. Most regulations regarding estate planning issues are state-specific. Many states do not have a legal requirement to have an obituary printed in a local newspaper.
If someone decides that he or she doesn’t want a printed obituary, or if the deceased person’s survivors decide not to have one, there is no state law that …
Since the mid-1980s, there has been a trend away from defined benefit pensions toward less costly defined contribution plans, especially 401(k)s. A major reason is that defined contribution plans are not linked to a specific benefit formula based on age and years of service. Workers simply receive the amount that they have been able to save with employer matching (if any), plus or minus investment earnings. Thus, the risk of workers’ longevity is not something that employers offering a defined …
Which records to keep and how long during one’s lifetime depends on the type of record being considered.
See this page for guidelines: Organize Your Important Papers.
In regard to estate issues after someone’s lifetime, you should keep the estate financial records 7 to 10 years or more from the time the estate was settled (not the date of death). It is necessary to keep records for this length of time because, if income on the estate was underreported …
Three years from the year that the estate was settled would be sufficient for federal income tax returns. This is the same minimum time frame that is suggested to keep documentation for federal tax returns when tax filers are alive. If you want to be on the safe side, you can extend this up to six years, which is the time frame in which the IRS can initiate an inquiry if it suspects that someone did not pay their fair …
Unit pricing regulations usually require the posting of unit price per pound, ounce, etc., on supermarket shelves for each consumer commodity, along with the sales price, so that consumers can compare value more easily. A careful review of unit pricing regulation shows no mention of a retail outlet’s size. Rather, it seems that each state has authority to decide what unit pricing regulation it desires, if any, and regulatory differences between states are expressed in various categories of products, but …
A natural disaster can strike anywhere, any time. Natural disasters often leave in their wake damage and destruction that have long-term impacts on the financial well-being of survivors. If you or a loved one has been affected by a natural disaster, it’s important to know that financial recovery takes time. There are no easy fixes and no guarantees.
This Recovery After Disaster: The Family Financial Toolkit discusses strategies and provides tools …
You are referring to the “still working exception” for the required minimum distribution (RMD) from tax-deferred retirement savings plans. This exception applies to employer-sponsored retirement savings plans such as 401(k)s and 403(b)s. If you have one of these plans, you can delay the beginning date of your RMD to April 1 of the year following the later: the year you turn 70½ years of age or the year you retire, unless you own more than 5% of the company. The …
