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The Retirement COLLAB Blog

What is a Family Trust and Do I Need One?

The world of family trusts is not just for the fabulously wealthy, the aristocrats, or the savviest of investors. Most do not know what a family trust is, and fewer still ask whether they need one. 

We will cover some of the basics of trusts to help shed some light on a topic that so many people could benefit from.

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What’s the Difference Between a Trust and a Will?

As you begin estate planning, you will face difficult choices, further complicated by the current pandemic. However, it’s essential that you have a plan in place to protect your loved ones financially. There are many different ways you can do so. 

Today, we’re going to discuss two of them. Wills and trusts are both estate planning tools, meaning they help you control who inherits your assets after you pass away. The similarities between the two end there, though.

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The Top 4 Things You Should Include In Your Will

When it comes to estate planning, having a comprehensive and well-planned will is essential. Without this crucial document, your loved ones could face various legal and financial challenges once you’re gone. 

However, while a will is vital, not everyone knows what to include. Fortunately, we’re here to help. Here are the top four things you should have in your will. 

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Does My Company Need a Safe Harbor 401(k)?

For many workers, the benefits package a company offers is almost as important as the salary that goes along with it. One of the benefits that workers are most interested in is the retirement plan. People want to know that they are going to be okay after they stop working, and in most cases, they are relying on their employer to help make that a reality when it comes to saving. 

Many companies offer retirement plans such as a 401(k). However, these plans can come with bureaucratic red tape and regulatory loopholes to jump through – which can make them more difficult to implement. Because of these difficulties, some companies choose to opt out of plans like 401(k)s altogether.

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Common Questions for Safe Harbor and Profit Sharing 401(k) Plans

Planning for retirement brings forth many questions. Which type of account is best? How much should I be saving? 

Everyone’s unique situation brings a different answer. However, the more you know about planning for retirement, the better off you will be in the future. 

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What is the Difference Between Health Insurance and Health Sharing?

Most Americans are familiar with health insurance. We pay a premium to receive access to a health network. While some receive health insurance as a benefit from their employers, others must seek coverage on their own. 

The quality and type of health insurance often correlates with monthly premium. Higher quality insurance costs more than basic programs. However, other factors such as the policyholder’s individual health status affects the price of health insurance as well.

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Can Life Insurance Be Used as a Retirement Plan?

The idea of using life insurance as a retirement plan may seem, at best, counterintuitive. At worst, it sounds vaguely fraudulent if you’re not familiar with the intricacies of the life insurance industry. As far as most people are concerned, life insurance is there to support your family after you pass away, not to help you after you retire.  

What if you’re the beneficiary of someone else’s policy? Could you use the death benefit you receive for retirement then? Hypothetically, yes.

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Do You Know the Fees in Your 401k?

We all love our retirement accounts. Saving for the future gives us something to look forward to and reminds us how our hard work will pay off down the road. 

A 401(k) is one of the most popular and common types of retirement plans we have access to today.. By diverting money from our paycheck into our 401(k), the goal is to save enough so that by the time we retire, we can live comfortably without a change in lifestyle.

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What’s the Difference Between an LLC and an LLP?

If you are considering starting or investing in a new business, you may have seen some information on a limited liability company (LLC) and a limited liability partnership (LLP). When you first look at the two business structures, they look very similar, but there are some key differences between an LLC and an LLP. 

To hopefully decrease confusion, we’ll start with defining what they are and then dive into what makes them different.

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Our Review of You Need a Budget (YNAB)

You Need a Budget, sometimes also called YNAB (pronounced why-nab), is a budgeting software. While it has been around since 2004, it first began receiving significant media exposure when it was voted the top personal finance application by Lifehacker in 2011. 

Over the past 16 years, You Need a Budget has become more than a budgeting program—for many of its hundreds of thousands of users, it has turned into a lifestyle. 

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