Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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Do I need to file a tax return? The answer depends on your filing status, your age and the type of income you earn. Each person is allowed to earn a certain amount of income before they are required to file a tax return. For 2024 tax returns, individuals are not allowed a personal exemption deduction but are still entitled to a standard deduction of $14,600 for a single file. Hence, an individual can have $14,600 of taxable income before being taxed if under age 65. If age is 65 or over, an...
Question: My husband died recently and I need to transfer the property into my name. How do I do that if my name is not on the deed? I thought since I am the surviving spouse I can just transfer the property into my name. Answer: Remember, this information is not legal advice. Please consult an attorney if you need direction on what procedure to use in your case. Fortunately, there is a simple solution. But it does require a court order. According to "How To Probate and Estate in California" by...
As we step into 2025, homeowners, potential buyers and investors are keenly observing the trajectory of mortgage interest rates, which play a pivotal role in the housing market's dynamics. Industry forecasts for this year present a nuanced picture, reflecting the complexities of economic policies, inflation rates and global market influences. Rates to hover above 6%: According to multiple sources, including financial institutions and housing market analysts, the 30-year fixed mortgage rates are...
Once you retire, you'll likely need to draw on a variety of financial sources – and one of the most important ones may be your 401(k). And for 2025, you can put even more money into your plan than ever. You can invest in your 401(k) in one of two ways, depending on your employer's plan. With a traditional 401(k), you contribute pre-tax dollars, which can lower your taxable income, and your money can grow tax deferred. If you have a Roth 401(k) option, you can contribute after-tax dollars, w...
It's been an interesting year with important tax changes that will impact you. Here are some of the changes and issues you need to know about. Tax return due dates: • Individuals must file returns by April 15, 2025 for the 2024 tax year. • Partnerships must file returns by the 15th day of the third month following the close of the taxable year (March 15 for calendar-year taxpayers); • C corporation returns are generally due by the 15th day of the fourth month following the close of the taxab...
Allow me to introduce myself, your local Realtor®️ with Miramar International, and Realtor®️ of the Year. As a life-long Kern County resident and real estate professional in Tehachapi, I have witnessed firsthand the transformative changes our community has undergone in recent years. From the picturesque mountains to the charming small-town atmosphere, Tehachapi has always been a desirable destination for those seeking a higher quality of life. As we look toward the year 2025, I am exc...
With a payable on death account (POD) or paid on death account (POD), or simply adding someone as a beneficiary (banks use these terms interchangeably), you name a beneficiary who gets the account when you die – no probate, no hassle. The person you name has no rights to the money until you die, so you can spend it all or change the beneficiary whenever you want. A payable on death account is created when you make an agreement with your financial institution – usually your bank. The bank has...
In life, you often get second chances - and the same is true with investing. To illustrate: You might not have been able to contribute to a Roth IRA during your working years due to your income level, but you may get that opportunity as you near retirement, or even when you are retired - through a Roth conversion. Why is a Roth IRA desirable for some people? Here are the key benefits: • Tax-free withdrawals - You put in after-tax dollars to a Roth IRA, so you can withdraw your contributions a...
When comparing financial stability in the U.S., the difference between homeowners and renters is striking. Homeownership isn't just about having a place to call your own, it's a proven path to wealth. A look at the numbers reveals why this divide matters and what it could mean for your financial future. The wealth gap between homeowners and renters has never been more pronounced. Today, the median net worth of a homeowner is $396,000, compared to a renter's $10,400. This is a staggering 38-fold...
If you are reading this article, I am assuming you are at least thinking about an estate plan. So, let's continue! What are the benefits of a Living Trust? A trust does not get filed with the court. A will does. Transferring your biggest assets into a trust makes it a whole lot easier for your heirs, I should say kids, to manage your assets upon your death. The person you name as the successor trustee can manage your assets if you become incapacitated. It can also be highly customized to fit...
Every moment seems especially uncertain when you are living it. It is always an illusion. In the shadow of several elections and a couple of wars, with central banks pivoting and equity markets on an unusually long bull run, late 2024 may feel especially dangerous. One way to remember that risk is just the water we swim in is to enumerate and describe our uncertainties. It makes them feel tractable. What follows are my three big questions, and my guesses at their answers. I choose the word...
In most walks of life, you'd probably be pleased if you could accomplish two goals with one action. That's exactly what happens when you can turn some of your retirement funds into charitable gifts that support a worthy organization while also realizing tax benefits. Here's a little background: If you haven't already withdrawn from your traditional IRA, you must do so once you reach 73, or 75 if you were born in 1960 or later. If you don't take these withdrawals - called required minimum distrib...
A Cashout Refinance is a financial strategy that homeowners can utilize to tap into the equity they have built in their homes, providing an opportunity to reclaim financial freedom. By refinancing your existing mortgage, you can replace the current loan with a new one, borrowing more than the outstanding balance with the goal of receiving a lump sum of cash. A Cashout Refinance may be able to help you: 1. Consolidate high interest debts: Homeowners burdened with multiple high interest debts,...
The cost is the worst part of a probate. When property passes through full probate, the estate will incur attorney's fees, court costs and potentially other expenses, all of which can be quite substantial depending on the size and nature of your estate. Attorney fees are generally set by state law and are usually based on the market value of the assets in the estate being probated, exclusive of any debts or loans associated with the asset. If you own real estate in California or your estate...
Medicare's annual open enrollment period is underway, running through Dec. 7. This time of year is an important opportunity for Medicare beneficiaries to take a look at their current plans and make sure they're still the best fit. If everything works well with your current plan, you don't need to make any changes. Still, it's always a smart idea to review your options and make sure your doctors and medications are covered. I know firsthand that sorting through Medicare can be a bit overwhelming....
It is hard to believe it is fall again in Tehachapi. Soon it will be Thanksgiving and then Christmas! Have you been thinking about Estate Planning? I know it can be a difficult topic...but your children will be happy you have thought ahead to make it easier for them to take care of your estate without a probate. What is better, a will or a trust? A trust will streamline the process of transferring an estate after you die while avoiding a lengthy and potentially costly period of probate (in...
Social Security is complex, and the details are often misunderstood even by those who are already receiving benefits. It's important to understand some of the basic rules and options and how they might affect your financial future. Full retirement age (FRA) Once you reach full retirement age, you can claim your full Social Security retirement benefit, also called your primary insurance amount or PIA. FRA ranges from 66 to 67, depending on your birth year (see chart). Claiming early The earliest...
Q: My husband died recently and I need the transfer the property into my name. How do I do that if my name is not on the deed? I thought since I am the surviving spouse I can just transfer the property into my name. A: Remember, this information is not legal advice. Please consult an attorney if you need direction on what procedure to use in your case. Fortunately there is a simple solution. But it does require a court order. According to "How To Probate and Estate in California" by NOLO, any...
At different times, inflation may be high or low, but, except in those rare periods of deflation, it's always with us. During your working years, when you may receive boosts in your salary, you at least have the potential to keep up with inflation - but what happens when you retire? As a retiree, what can you do to cope with the rising cost of living? Here are a few suggestions: • Keep some growth potential in your investment portfolio. During your retirement years, you may want to move your p...
Truth #1: a reverse mortgage is a loan A reverse mortgage offers a way to take equity out of your home and continue to own and live in the home. The lender will make some of your equity available to you either as cash, payouts or as a line of credit. In exchange, at the end of the loan, you will owe the lender the amount you borrowed with interest. Reverse mortgage borrowers may continue living in their homes without making monthly mortgage payments as long as they also continue to uphold the...
Although it is a difficult conversation, I always encourage families to discuss end of life decisions, even if they are a young family. The truth is, tomorrow is not promised to anyone of any age. Informing loved ones of your wishes, even if it's only verbal, can alleviate a great deal of stress on them should you pass unexpectedly. Too often I have sat with families who have no clue what their loved one wished for in their end-of-life decisions. This, on many occasions, has led to squabbling...
It is hard to believe it is fall again in Tehachapi. Soon it will be Thanksgiving and then Christmas! Have you been thinking about Estate Planning? I know it can be a difficult topic...but your children will be happy you have thought ahead to make it easier to take care of your estate without a probate. What is better, a will, or a trust? A trust will streamline the process of transferring an estate after you die while avoiding a lengthy and potentially costly period of probate (in California...
On the road to retirement, be on the lookout for hazards that can hamper your progress. Here are five potential risks that can slow you down. Traveling aimlessly Embarking on an adventure without a destination can be exciting, but not when it comes to retirement. Before starting any investing journey, the first step is setting a realistic goal. You'll need to consider a number of factors - your desired lifestyle, salary/income, health, future Social Security benefits, any traditional pension...
Example: My mother just passed away. She had a Living Trust. I need to distribute the assets. After the grantor of a living trust dies, there are several things that must be done, either by the successor trustee or the surviving trustee (usually the spouse). The process is called Trust Administration. 1. Obtain several copies of the death certificate. 2. Prepare and record documents that establish the authority of the current trustee. In California, typically you would file an Affidavit Death...
We all hope to enjoy long, healthy lives, retaining the ability to think clearly and make our own decisions. But life doesn't always work out that way - which is why you need to prepare for a potential incapacity that could affect your independence and possibly create financial problems for your family. So, in thinking about incapacity planning, you may want to consider the following arrangements: • Health care power of attorney – When you establish a health care power of attorney, you name some...
