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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…