Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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Read part one in the Jan. 6 issue of The Loop newspaper. After the effective date of the law, its implementation requires the following list of governmental restrictions: A. It limits estate recovery to long-term care services for costs, such as nursing homes. B. California will no longer recover for basic health care services. C. It limits recovery to probate estates, meaning living trusts will not be subject to recovery. It also means that if you are using a Last Will and Testament as the...
As your electric bill continues to grow, we can get you a new roof and solar panels for the same monthly price, with back up batteries! That’s right, no more high electric bills, no more peak hours and a new roof that will last 30-50 years, plus solar panels with back up batteries that you own. Zero down and financing as low as 3.99%. Go to www.getsolartoday.energy for your free custom report. Scroll down to click on the three easy steps that will explain the process and how easy it is to save money. Call owner Darren Sauro with Get Solar T...
When you plan to retire at a certain age, you can follow a strategy that incorporates your investment moves, your health insurance and other factors. But what happens if you're forced to retire earlier than you anticipated? Unfortunately, this situation is not that uncommon. About 40% of Americans say they have been forced into retirement, according to a recent survey from Edward Jones and Morning Consult, a research firm. If this were to happen to you because of a layoff, company downsizing or...
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 for the 2023 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 taxable year...
If you've recently received an inheritance, you may be facing many important decisions. Receiving an inheritance might promote spending without planning, but don't make any hasty decisions. Here are some suggestions that could help you manage your inheritance. Identify a team of trusted professionals Tax laws can be complicated, so you might want to consult with professionals who are familiar with assets that transfer at death. These professionals may include an attorney, an accountant, and a fi...
A Trust can save you hundreds of thousands of dollars by avoiding MediCal benefit "chargeback" or recovery against your home for benefits paid to skilled nursing homes. If you have an elderly person in your life and they live in a nursing home, it's not uncommon to pay $5,000/month. If they don't have much cash, even if they have a house, MediCal (public benefit program) will pay that rent for them as long as they live. Before 2017, law offices used to prepare documents they called "House...
Who knows where the time goes? We've reached the end of another year, so it's appropriate to reflect on the nature of time and how it affects us. And time certainly is a key element in the pursuit of your financial goals. As an investor, time can be your greatest ally. If you hold some investments for the long term, you could achieve an impressive cumulative growth in value. Furthermore, if you keep adding shares to these investments, possibly through a dividend reinvestment plan, you could atta...
Merry Christmas and Happy Holidays from local business owner Darren Sauro at Get Solar Today. Christmas presents are usually for our kids but the joke always was, “even if I don’t get presents, you’re lucky to have a roof over your head.” As your electric bill continues to get higher, we can get you a new roof and solar panels for the same monthly price. Treat yourself this Christmas with a new roof and solar for $0 down at 3.99%. That’s right, no more high electric bills, no more peak hours and a new 30-50 year roof plus solar panels th...
I know I'm a nag. I nag because it's so important to plan now for your family when you die. It's not that we plan to fail, we fail to plan. So what happens to your children when they inherit the family home that is in a trust? A step-up in basis resets the cost basis of an inherited asset to its market value on the decedent's date of death. Example with a trust: Dad dies and has a house that is owned by a revocable trust. He bought the house for $100,000 in 1970 and transferred it to his trust....
The Corporate Transparency Act (CTA) is a piece of legislation aimed at increasing corporate transparency and preventing money laundering and other illicit financial activities. It was passed as part of the National Defense Authorization Act (NDAA) for Fiscal Year 2021 and signed into law on January 1, 2021. Key provisions of the Corporate Transparency Act include: 1. Beneficial Ownership Reporting: Under the CTA, certain corporations, limited liability companies (LLCs), and other similar...
My wife 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. 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 property...
Real estate investment trusts (REITs) can offer a consistent income stream that is typically higher than Treasury yields and other stock dividends (see chart). A qualified REIT must pay at least 90% of its taxable income each year as shareholder dividends, and unlike many companies, REITs generally do not retain earnings, which is why they provide higher dividend yields than most other stock investments. You can buy shares in individual REITs, just as you might buy shares in any publicly traded...
As your electric bill continues to grow, we can get you a new roof and solar panels for the same monthly price, with back up batteries! That’s right, no more high electric bills, no more peak hours and a new roof that will last 30-50 years, plus solar panels with back up batteries that you own. Zero down and financing as low as 3.99%. Go to www.getsolartoday.energy for your free custom report. Scroll down to click on the three easy steps that will explain the process and how easy it is to save money. Call owner Darren Sauro with Get Solar T...
It's hard to believe the Holidays are upon us again! Sitting around the Thanksgiving dinner table, often children will ask their parents the "what if?" question. We all know what that is. "How do you want your estate handled?" Follow along with me as we discuss common questions. 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 if you have assets like a...
If your children are grown and your mortgage is paid off, do you still need to carry life insurance? It depends on your situation, but for many people, a cash-value life insurance policy, such as whole life or universal life, can be a valuable, tax-efficient source of retirement income. And by drawing on the cash value of your policy, you might be able to temporarily reduce the amount you take out from your retirement accounts, such as your IRA and 401(k). This ability could be especially...
Here are some things to consider as you weigh potential tax moves before the end of the year. Set aside time to plan Effective planning requires that you have a good understanding of your current tax situation, as well as a reasonable estimate of how your circumstances might change next year. There's a real opportunity for tax savings if you'll be paying taxes at a lower rate in one year than in the other. However, the window for most tax-saving moves closes on December 31, so don't...
Once again, it's the season of generosity. In addition to considering gifts for your loved ones, you might want to think about charitable gifts as well. But what should you know before making gifts to charities? And what impact might these gifts have on your financial and tax situation? First, you may want to create a gift budget by deciding just how much you will give to charitable organizations over the rest of the year. Next, look closely at the groups to whom you wish to contribute. You can...
Financial worries are often cited as a major source of stress. For example, a 2021 study found that even before the pandemic and subsequent economic downturn, a majority of Americans said they felt stressed or anxious about their finances. Similarly, in 2022, research revealed that more than seven out of 10 financial planning clients experienced financial anxiety more than half the time. What causes financial stress? Lack of assets and/or income is certainly one reason. Another might be the...
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...
If you've invested in an IRA for many decades, it may well turn into a key source of income for your retirement. Still, you might not deplete your IRA in your lifetime, especially if you also have a pension or a 401(k) and other investment income. So, if your IRA still has sizable assets after your passing, it would likely end up in your estate plan. If you leave your IRA to grown children or other family members, could they be hit with a big tax bill? Here's a little background: Up until the Se...
A sound retirement plan should be based on your particular circumstances. No one strategy is suitable for everyone. Once you're retired, your income plan should strive to address four basic objectives: earn a reasonable rate of return, manage the risk of loss, maintain a source of sustainable and predictable income, and reduce the impact of taxes. Earn a reasonable rate of return Your retirement savings portfolio will likely be used to provide at least a portion of your income throughout...
Race Communications, the leading provider of fiber-based broadband and communications in California, continues to bridge the digital divide by launching the Affordable Connectivity Program (ACP) for its new and existing customers. The adoption of this program follows Race’s mission to bring fiber internet to underserved communities throughout California. In this digital age, staying connected is a necessity. The Affordable Connectivity Credit can be applied to an exclusive ACP package in which eligible individuals will receive a plan for 1...
Paying for health care can be challenging - but are you taking full advantage of all the resources available to you? You might have access to a Health Savings Account (HSA) or a Flexible Spending Account (FSA), so let's look at both. An HSA is a personal savings account used to pay health care costs. If you're enrolled in a high-deductible health plan, you also may be eligible to contribute to an HSA. You aren't taxed on the money you put into this account or on the earnings generated from your...
I know I'm a nag. I nag because it's so important to plan now for your family when you die. It's not that we plan to fail, we fail to plan. So what happens to your children when they inherit the family home that is in a trust? A step-up in basis resets the cost basis of an inherited asset to its market value on the decedent's date of death. Example: Dad dies and has a house that is owned by a revocable trust. He bought the house for $100,000 in 1970 and transferred it to his trust. Dad has died...
In the simplest cases, those in which there are no difficult creditor claims, disputes over ownership of assets or arguments against a will, probate often goes smoothly. It occurs in seven phases, and if there are no complications that require additional phases, the system proceeds as follows. 1. Locate the will. 2. Obtain certified copies of the death certificate. Banks and other institutions will want copies. 3. Probate administration requires filing a petition for probate, which usually...
