You can make withdrawals from your 401(k) or 403(b) retirement plans without penalty before reaching at 59½. You will not face the 10% early distribution penalty if you leave your job in or after the year you turn 55, although you will still owe tax on pretax contributions and associated investment gains. For the exemption… Continue Reading
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Hugg & Associates PLLC is a boutique law firm providing client-centered services to individuals and businesses. Our practice focuses on all aspects of elder law, estate planning, asset protection, business succession planning, probate and trust administration. If you are a business owner, in addition to the above services, we are experienced business, real estate, and contract law attorneys.
Health Care Costs May Gobble Up Social Security Benefits
The average woman could spend an estimated 70 percent of her retirement check on health care costs, according to a recent study by the Nationwide Retirement Institute. The average man fares better, but still uses nearly half of his benefits to cover medical expenses. Here’s how the Nationwide analysis reached its disturbing estimates: It assumed… Continue Reading
Signs Someone Might Be Suffering A Dementia-Related Illness
How do you recognize when someone might be operating at a limited mental capacity or has the onset of a dementia-related illness? It can be difficult to acknowledge that a parent is getting older, having remembered them spry and active. Little things can easily be overlooked as mom or dad just having an “off day.” … Continue Reading
Chilifest Cancelled
Due to the threat of storms and power outages, the Bothell Chamber of Commerce cancelled Chilifest.
To tap federal tax benefits of CCRCs, see your CPA
The following is a recent Chicago Tribune article discussing the various tax implications of moving to a Continuing Care Retirement Community. As with all tax matters the issues are somewhat tricky so instead of attempting to summarize the information, we have set forth the article in full. Continuing Care Retirement Communities (CCRCs) are increasingly popular… Continue Reading
