What are the IRS income tax filing requirements for retirees this tax season? I didn’t have to file last year, but I picked up a little income from a part-time job in 2014 and I’m wondering whether I need to file this year. Whether or not you are required to file a federal income tax return this year will depend on how much you earned (gross income), the source of that income, your filing status and your age. Your gross income includes all the income you receive that is not exempt from tax, excluding your Social Security benefits, unless you are married and filing separately. Continue reading
Parents and children often have a different perspective on saving and spending. Parents of retirement age today were born during the Great Depression or during the 1940s and have a strong desire to save and invest in order to increase economic security.
Some of their children may have a different perspective. Because their children did not grow up during adverse economic times, they tend to consume more and save less. Understandably, many of these parents hope that their children could have greater economic security during retirement. Continue reading
Published October 24, 2014 by The United Methodist Foundation of the Tennessee and Memphis Conferences
Business Owner passed away on April 5, 1976, with an estate of $2.5 billion. Many people appeared claiming, “I am Business Owner’s heir” and submitted wills with themselves as beneficiaries. The court finally determined seven years later that none of the wills were valid and split the estate among 22 of the decedent’s cousins. The costs and fees to lawyers during administration of Business Owner’s estate were in the millions of dollars. Continue reading