A Senior Citizen Guide for College

             Photo by Kelly Sikkema           Cracking the senior tax savings code may not be as daunting as you might think.  Keeping up with new tax changes is imperative if you want to save a bundle and get every deduction you are entitled to now that tax time is at hand.  Hopefully, some of these tips can get you well on your path to cracking the senior tax savings code this year.      When you hit the age of 65, the IRS provides you with a reward in the form of a higher standard deduction.  A single 64-year-old taxpayer, for example, can claim a standard deduction of $12,550 on his or her 2021 tax return.  A single 65-year-old taxpayer, on the other hand, will receive a $14,250 standard reduction in 2021.  The standard deduction will increase to $12,950 and $14,700 respectively in 2022.      The extra $1,700 increases the likelihood that you will take the standard dedu...

       Do you have a revocable living trust?  Do you even know what it is?  Here I am going to try to explain what it does and how important it is for you to create one.  I think you will be pleasantly surprised by how much you will enjoy the peace of mind of knowing that your assets will be allocated exactly as you had planned.  Furthermore, you can place conditions and rules about those assets that are in place long after you are gone.         A revocable living trust is just that, a trust document.  It’s more of a series of documents that list all of your assets and how, when, and to whom they should be appropriated.  This is beneficial for anyone that owns the property, equity in their home, rental property, investments, life insurance, a side hustle, crypto or stocks, or an IRA to name a few.  You are the grantor of the trust.  Your assets will be owned by your trust which is in your control and can be ...