Remember to update your beneficiaries when you divorce

A recent Massachusetts case serves as yet another reminder that when you divorce, it’s important to review all your insurance policies, bank accounts, retirement funds and investment portfolios. It’s also important that you and your soon-to-be ex-spouse are each represented by separate counsel. In this case a man took out a life insurance policy when he was still married to his ex-wife. He named his wife as its beneficiary. The couple got divorced after having two

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Wife’s stake in business subject to ‘marketability discount’

One of the most contentious issues that can arise in a divorce is the status of a family business, particularly where a husband and wife hold unequal stakes. A recent South Carolina case shows that having a minority stake can be a disadvantage both in making business decisions and in a divorce. In that case, the husband owned 75 percent of the business and the wife owned the other 25 percent. During their divorce, a dispute

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An inheritance is coming. Should you get a prenup?

When many people hear the term “prenuptial agreement,” they think of celebrities and tycoons like Beyonce and Jay Z, Kim Kardashian and Kanye West and Mark Zuckerberg. After all, high-wealth individuals have more to lose if they get divorced. Still, there are plenty of reasons for “normal” people to consider entering into a prenuptial agreement (a contract you enter into with your spouse that details exactly what will happen in the event of a divorce) when

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Modifying your support agreement during a pandemic

The coronavirus pandemic has wreaked havoc on millions of Americans’ financial situations. Layoffs, reduced hours, furloughs and business closings have changed people’s economic outlook. It’s also made it hard for people paying child support to meet their obligations and equally hard for child support recipients to cover their expenses. If this sounds like your situation, you should talk to a family law attorney because you may have options. Your first option is to talk openly and

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How relocating can impact your divorce

It’s very common for someone who’s getting divorced to think about moving to a different state. Maybe they live far away from their parents, childhood friends and extended family and want to go somewhere with a support system. Or maybe they’ve gone “home” for a while during a separation and decided to stay, or finally feel free to pursue their dream job and their best opportunities lie elsewhere. Whatever the reason, you should realize that different

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Retirement Savings Tips for Small Business Owners

As an owner of a small business, you’ve proven that you’re a self-starter by operating a successful private enterprise. Of equal importance is applying your skills towards saving for your future. Here are some of the most popular tax-advantaged retirement vehicles for small business owners in 2020 and some tips on saving for retirement. Options if you’re not currently enrolled in a plan For small business owners not currently enrolled in a retirement plan, here are

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Steer Clear of Money-Making Scams While You’re Stuck at Home

Scammers are targeting people looking to make money while stuck at home. While there are plenty of legitimate opportunities to earn extra cash, the Federal Trade Commission (FTC) says to steer clear from the following money-making scams: At-Home Medical Billing Businesses. Many medical billing business opportunities are worthless. Their promoters don’t tell the truth about earnings potential and fail to provide key information. Envelope-Stuffing Schemes. Offers that promise quick and easy income from stuffing envelopes at

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How to Walk the Tightrope When Raising Prices

Raising prices can be fraught with risk during good economic times. So what happens if you try to raise prices during bad economic times? As Hamlet would say, “Ah, there’s the rub.” If you raise prices, you risk losing clients to competitors. If you don’t, decreasing revenue or rising costs can capsize your company. So what’s a small business supposed to do? The Art of Pricing Raising (and, sometimes, even lowering) prices can be a balancing

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Social Security Benefits Increase in 2021

Estimated average Social Security retirement benefits starting January 2021 All retired workers in 2020 $1,523/mo All retired workers in 2021 $1,543/mo Did you know? You can increase your Social Security retirement benefits by 5-8% when you delay applying until you’re age 70. 1.6% cost of living adjustment for Social Security retirement benefits and SSI payments begins with the December 2020 benefits (payable in January 2021). The 2021 maximum Social Security retirement benefits a worker retiring at

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Saving Too Much Can Sometimes Be Expensive

When it comes to money topics, you’re always hearing how to save more. But even with the best of intentions, you can run into trouble when you try to save too much. Here are four ways that savings can get in your way and how you can correct them. Savings that turns into spending. Buying something on sale to save money is still spending. Focus on the amount of money you have to part with, instead

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