SmartReads

Retirees often believe that an inheritance won’t affect their Social Security taxes because the money they receive generally isn’t taxable. Withdrawing or earning taxable returns from that money, however, could increase your income and make a larger portion of your benefits taxable. Here’s how a $400,000 inheritance could lead to a higher tax bill and… read more…

Minimum wage laws expanded during the Great Depression to support a basic standard of living, but their value today depends on local costs. A relatively high minimum wage may still fall far short in an expensive state, while a lower minimum wage may cover a larger share of basic expenses in areas where costs are… read more…

Financial advisors use behavioral finance in client planning to better understand how emotions, cognitive biases and personal habits influence financial decisions. By recognizing behavioral tendencies such as loss aversion, overconfidence and recency bias, advisors can better understand why clients make certain financial decisions and tailor their recommendations accordingly. Financial advisors use behavioral finance in client… read more…

You might think that moving your home, investments and savings into a trust will automatically protect those assets from creditors and estate taxes. Whether they are protected depends on the type of trust you choose. A revocable trust lets you keep control of your assets, while an irrevocable trust generally limits that control but may… read more…