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Lee Huffman

Posts by Lee Huffman

SmartAsset: Roth 403b vs. Roth IRA

Roth 403b vs. Roth IRA: Key differences

When Roth IRAs were introduced in 1998, they provided the opportunity to create tax-free income in retirement. A few years later, Roth 401(k) and Roth 403(b) accounts were created to allow company retirement accounts to provide tax-free income. When you’re… read more…

Retirement Bucket Strategy

What Is the Retirement Bucket Strategy?

The main goal of most investors is to garner enough money in the market to fund their retirement years. Yet, many investors are unsure of how to properly pull money out of their accounts once they’re actually in retirement. The… read more…

Inheritance documents

How to Invest Your Inheritance

When a loved one passes away, you may receive an inheritance. This money is a token of the person’s appreciation for you and often represents a lifetime of savings. When you’ve received a large sum of money, there is a… read more…

Two trust officials conclude a deal
Estate Planning

Understanding How Disclaimer Trusts Work

When a spouse dies, the surviving spouse typically inherits all of the deceased spouse’s assets. However, this may not be the best approach based on the size of your estate or your tax situation. By using a disclaimer trust, the… read more…

Medicaid documents

How to Avoid Medicaid 5-year Lookback Penalties

Medicaid is one of the government safety nets that helps seniors pay for their care. Long-term care is a necessity for many seniors as they age and can be very expensive. Medicaid helps to pay for long-term care, but it… read more…

SmartAsset: Can You Get a Debit Card for a Savings Account?
Checking Account

Can You Get a Debit Card for a Savings Account?

When you have money in the bank, there are many different ways to withdraw money to make purchases. One of the most convenient options is using a debit card at checkout. However, not all bank accounts offer debit cards. Most… read more…

SmartAsset: Is Assisted Living Tax Deductible?

Is Assisted Living Tax Deductible?

As people age, it can be more challenging to live by yourself and handle your basic needs. Assisted living facilities and care workers provide additional help for seniors to live independently in a safe environment. Paying for assisted living can… read more…

SmartAsset: How Is Pass-Through Income Taxed?

How Is Pass-Through Income Taxed?

When you own or invest in a business, you may receive distributions from its profits. Depending on how the business is structured, the company may not have paid taxes on these profits before distributing them to you. These businesses are… read more…

SmartAsset: what is child support used for
Personal Finance

What Is Child Support Used For?

When parents get divorced, child support ensures that both parents contribute financially to the care of their children. Child support payments can be negotiated between parents, but the courts step in when they cannot agree on the right amount. Here’s… read more…

are moving expenses tax deductible

Are Moving Expenses Tax-Deductible?

When you move from one home to another, these expenses can add up quickly. For many households, moving costs can be thousands of dollars, even if you do most of the work yourself, and hiring a moving company can increase… read more…

no closing cost refinance

How the No-Closing-Cost Refinance Works

When you buy a home or refinance your mortgage, closing costs can run thousands of dollars. However, there is a way to eliminate the out-of-pocket cost when getting a new mortgage. With a no-closing-cost refinance, your interest rate increases by… read more…

postnuptial agreement
Personal Finance

Pros and Cons of a Postnuptial Agreement

Getting married is a special time in the lives of many people. However, not all marriages end up in wedded bliss. To protect themselves in case of a divorce, some couples create a prenuptial agreement that spells out financial obligations… read more…

SmartAsset: How Much Interest Does $250,000 Pay?
Checking Account

How Much Interest Does $250,000 Pay?

Growing your retirement savings is an important goal for most investors. When you reach $250,000 in your account, it helps to understand how much income you can earn from your savings. While many people use the 4% Rule to determine… read more…

SmartAsset: Using a Vacation Savings Account for Your Next Trip
Checking Account

Using a Vacation Savings Account for Your Next Trip

Vacations can put a dent in your family’s budget. Between airfare, accommodations, activities, food and souvenirs, the costs really add up. Rather than go into debt to pay for the trip, a better approach is to create a vacation savings… read more…

Happy senior man

Average Cost of Medicare Supplemental Insurance

When you reach retirement age, Medicare insurance offers basic medical insurance protection for your health needs. However, this coverage is basic and does not cover all of the costs for covered medical services and supplies. Medicare supplemental insurance policies are… read more…

can you write checks from a savings account
Checking Account

Can You Write Checks From a Savings Account?

Many investors use savings accounts to earn interest on money that they don’t need right away. However, sometimes they want to use their money to make a payment. Unfortunately, you cannot write checks from a savings account. Here’s what you… read more…

how to avoid capital gains tax on stocks

How to Avoid Capital Gains Tax on Stocks

Capital gains taxes are a tax on the profits you make on investments, which you might owe if you are investing through a taxable brokerage account. The good news is that there are strategies investors can use to eliminate or… read more…

how to avoid paying taxes on a lawsuit settlement

How to Avoid Paying Taxes on a Lawsuit Settlement

Winning or settling your lawsuit can be exhilarating. After you’ve received the settlement money and paid attorney fees, most people assume that the rest is theirs to keep. However, some settlements are subject to taxes. And, unfortunately, many people don’t… read more…

An American ranching family
Estate Planning

Don’t Sleep on This Difference: Family Trust vs. Living Trust

One of the common estate planning tips for investors is to get a trust to protect their assets. However, that advice is hardly specific enough. There are many types of trusts, and each has its unique pros and cons. In… read more…

etrade vs td ameritrade vs schwab

E*Trade vs. TD Ameritrade vs. Schwab

Three of the most popular brokerages for online investors are E*Trade, TD Ameritrade and Schwab. They are some of the largest financial services companies with stellar reputations and strong financial backing. These online brokerages offer commission-free trading, valuable tools to… read more…

Mental accounting
Financial Advisor

Using Mental Accounting in Finance

Investors value money differently based on their experiences, goals and beliefs. This process is known as mental accounting, and it often affects how we budget and spend our money. Mental accounting can also affect our investment decisions, leading us to… read more…

Last will and testament
Estate Planning

Income in Respect of a Decedent (IRD)

When a loved one passes away, it can be an emotional experience. Unfortunately, handling the deceased’s finances can add to this stress. While most people know that you need to file a final tax return for the deceased, most people… read more…

financial advisor before buying a house
Financial Advisor

Do You Need a Financial Advisor Before Buying a House?

Buying a home is one of the biggest financial decisions that a person can make. Not only can it involve taking on a big mortgage, but the monthly expenses can also affect your budget and ability to save for your… read more…

when should you get life insurance
Life Insurance

When Should You Get Life Insurance?

Life insurance provides a financial cushion to soften the blow when someone passes away. The decision of when should you get life insurance is a personal question, but generally it is when others depend on your income. Learn more about… read more…

real estate portfolio management

The Role of a Real Estate Portfolio Manager

Many investors want to invest in real estate, but they don’t want the responsibility of owning individual properties. To invest in real estate without the headaches, you can invest in a portfolio of properties with professional management. Real estate portfolio… read more…