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| Estate Planning – It’s Not Just For The Rich |
We get it. “Estate planning” may sound like something for people with mansions and monogrammed linens. But the truth? It’s something every adult needs to tackle.
Powerhouse elder law attorney and former New York State legislator Ann-Margaret Carrozza recently joined the HerMoney Podcast to break down everything you need to know about estate planning, including the real risks of putting it off.
From trusts to conservatorships to protecting your home without losing control, she shares a playbook of essentials. One big takeaway? If you don’t have a plan – or haven’t updated yours in years – it’s time. As Carrozza puts it: “Don’t let the perfect be the enemy of the good. Don’t ignore it. Don’t put it off indefinitely. This is our last act…how we leave assets to the next generation.”
If you’re a parent, instead of just dividing assets equally among your children, you’ll want to go beyond the basics. “We want to be a little bit more nuanced and think about not who should get the assets, but how they should get them,” Carrozza adds.
Ready to stop procrastinating and protect your legacy? Hit play! |
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| This Week In Your Wallet |
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Sneaking in one last summer getaway while still “working remotely?” You aren’t alone. Korn Ferry says more than 4 in 10 workers have taken a “quiet vacation” this year, essentially taking time off without officially requesting it. Sound familiar? Be careful. “For a manager, this kind of situation can really sting, and a truly infuriated boss could, in most cases, legally fire their employee, because the law gives U.S. employers wide latitude in setting rules around time off,” Korn Ferry reports.
It’s the end of an era. The U.S. has officially scrapped the “de minimis rule,” which let packages valued under $800 slip through tariff-free. Now, tariffs (which are again back in the headlines) will depend on factors like where the item comes from, what it is, how much it costs and how it’s shipped. According to The Wall Street Journal, that means online shopping is about to look very different. For instance, you could be on the hook for tariffs when a package lands at your doorstep. “If the seller has indicated on the shipping label that the recipient is responsible for duties, a parcel carrier such as FedEx or UPS might contact you before delivery to pay the tariff online or by phone,” notes the WSJ. “If you weren’t expecting a tariff bill, you have the option to refuse the package.”
The playbook for an early retirement? Totally rewritten. Katie Gatti Tassin of Money with Katie recently sat down with us to dive into why what worked for past generations doesn’t cut it anymore. Her dad retired early thanks to disciplined savings plus a pension, but these days, pensions are basically extinct. “That three-legged stool that we used to think about when saving for retirement, where you have your Social Security, you have your pension, and you have your personal savings, one of those legs has been almost completely kicked out from under you,” says Gatti Tassin. Her strategy? Max out tax-advantaged accounts and never underestimate the power of diversification. |
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| Things That Save You Money |
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| Ask Jean |
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| Q: |
We recently bought a new home to live in after we retire, which is wonderful, but it used up a large chunk of cash. Now we need to decide how best to prepare the cash bucket for when we retire in three years. What’s the best strategy for doing so? |
| A: |
Buying a retirement home is an exciting milestone – but it can also raise big questions about how to rebuild your cash cushion. To help, we turned to Brenna Baucum, CFP® and founder of Collective Wealth Planning. Here’s what she had to say:
When you’re just a few years out from retirement, it’s smart to step back and look at your overall “savings buckets” rather than focusing on any single account. Ideally, you want balance across all three types: pretax (such as 401(k)s), tax-free (like Roth IRAs and HSAs), and taxable brokerage accounts.
A few key points I often share with clients in this stage: |
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Keep making the most of free money. Always contribute enough to capture your employer match, and don’t overlook the unique triple tax advantage of HSAs if you’re eligible. |
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Think about access. If you retire before 59½, you’ll want to make sure you have enough in your taxable brokerage bucket, since pretax retirement accounts may lock up funds or trigger penalties if tapped too early. |
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Rebuild your cash reserves strategically. Since you’ve already bought your retirement home, having liquid funds in taxable accounts can help cover unexpected maintenance or lifestyle needs without forcing taxable retirement withdrawals. |
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| In short, the “best” strategy isn’t just about rebuilding a cash cushion — it’s about checking whether your buckets are balanced for both flexibility and tax efficiency. Three years gives you time to make thoughtful adjustments so that when you retire, you’ve got resources available no matter what curveballs life throws your way. |
| Submit your questions to Jean here. |
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