How To Create an Extraordinary Retirement
If you’re like most people who are a few years away from retirement, you may be fixated on the financial aspects of this next life chapter. This emphasis on finances is often centered around questions such as “When can I retire” or “Do I have enough to retire?” However, our many years of experience as […]
The Importance of Internal Business Succession Planning
In the world of business, partnerships are common. Many entrepreneurs enter into business ventures with partners who may differ in age, vision, or long-term commitment. Over time, one partner may decide to leave due to retirement, shifting interests, or unforeseen circumstances. This makes business succession planning essential to ensure a smooth transition, protect business continuity, […]
The Questions Every Estate Plan Needs To Answer
If you already have an estate plan in place, it does not always guarantee it addresses all of your current needs and intentions. Life is fluid. Circumstances change, often unexpectedly, making it important to protect yourself and those you love. This is why we encourage you to review your estate plan at least every five […]
Are You 70 ½ or Older and Charitably Inclined?
If this describes you, and own tax-deferred retirement accounts, then there’s a tax-savings opportunity to explore for conducting your charitable giving. This opportunity is called the Qualified Charitable Distribution or QCD. How a Qualified Charitable Distribution or QCD Works Essentially taxpayers 70 ½ or older are allowed to transfer assets from their IRA accounts directly […]
What To Look for When Hiring an Accountant or Accounting Firm
We are often asked by business owners about what to look for when hiring an accountant or accounting firm. Our feeling is that there is no one-size-fits-all approach when selecting an accountant or accounting firm. However, understanding what to ask during the hiring process can help you evaluate their capabilities and identify potential blind spots. […]
Common Money Mistakes To Avoid in Divorce
At MPPL Financial, we help clients during the divorce process. With a Certified Divorce Financial Analyst® on our team, we witness firsthand how emotionally draining and mentally exhausting it is for most people. Many describe the divorce process as a time of feeling frozen, numb, or moving in slow motion. If you’re contemplating a divorce, […]
Grandparent-Owned 529 College Savings Plans: More Powerful Than Ever
There’s good news for students who have financially generous grandparents. Beginning in the 2024-2025 academic year, grandparent-owned 529 college savings plans will no longer be a headache for students seeking federal financial aid. Previously, distributions from such plans negatively impacted the student’s eligibility to receive needs-based financial aid, with the potential to reduce aid by […]
A Six-Point Medicare Part D Checklist To Get the Best Prescription Drug Coverage
Contrary to what many retirees may think, selecting a Medicare Part D (prescription drug) plan is not a one-time decision. With the high cost of prescription drugs, it’s important for all existing Medicare enrollees to carefully review Medicare Part D coverage annually to ensure their existing plan continues to be the best option for their […]
Why Pre-Retirees Need To Understand How Medicare Works
Many people approaching retirement incorrectly believe that their health care costs will be fully covered once they reach 65, the magical year they become eligible to enroll in Medicare. After all, it’s not surprising that pre-retirees think that because they paid the 1.45% Medicare tax on their annual earnings over the course of their working […]
Why Inherited IRAs Deserve Your Attention
Many are surprised to discover that the SECURE Act of 2019 accelerated the tax burden for those who would become IRA beneficiaries in 2020 and beyond. It is also upending estate plans for many retirement account owners who plan on leaving these accounts to non-spouse heirs. The Setting Every Community Up for Retirement Enhancement Act […]