Gilbert Wealth Articles

Understanding the Social Security Earnings Test

For those planning to claim Social Security retirement benefits before reaching full retirement age (FRA), the Social Security Earnings Test can be a critical — and sometimes confusing — part of the picture. While claiming early gives you access to monthly income, earning too much from work may reduce your benefits temporarily. However, these withheld benefits are not lost — they’re factored back into your future benefit amount.If you're after your Full Retirement Age, earn all you want. It won't affect your benefit amount. Taxes - yes. Benefits - no.Here’s what you need to know. What Is the Social Security…
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Understanding the Different Adjustments to Social Security Benefits

Social Security benefits are not static. They’re designed to adjust over time to reflect changes in a variety of situations. While many people are familiar with annual Cost-of-Living Adjustments (COLAs), several other mechanisms can cause your benefits to increase or decrease throughout retirement. Here’s an overview of the primary adjustments that can affect Social Security benefits: Cost-of-Living Adjustment (COLA) COLA is an annual increase in benefits to keep pace with inflation, measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The COLA is calculated in October of each year with the actual increase in benefits occurring in…
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Where to Park Your Cash: Understanding Low-Risk Options for Emergency Funds and Short-Term Goals

Not every dollar in your financial life needs to be invested in the stock market. Sometimes, you just need a safe place to park your cash—somewhere it’s protected, accessible, and ideally earning a little interest. Whether you're building an emergency fund or saving for a short-term goal like a home down payment, a car, or a vacation, the priority isn't growth—it's safety, stability, and liquidity.But not all “safe” places are created equal. This article walks through the most common low-risk options to help you choose where to put your cash. What Makes a Good Parking Spot for Cash? For short-term…
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How to Calculate Adjusted Basis on Your Primary Residence

When you go to sell your primary residence, calculating your adjusted basis is an essential step in determining whether you’ll owe capital gains taxes. The adjusted basis represents your investment in the property and is used to calculate your taxable gain or loss upon sale.So whether you're thinking about selling your home or just want to know what to track while you own the home to make selling easier in the future, this article explains what the adjusted basis is, how it’s calculated, and why it matters for homeowners. What is "Adjusted Basis"? Your basis is generally what you paid…
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What Is a Family Trust?

The moment someone mentions a ‘family trust,’ it’s easy to start questioning your entire estate plan—or lack thereof.  "Family trust" just sounds official—like one of those things responsible people already have figured out.If you’ve ever had that moment—usually right after talking to a friend who just finished their estate plan or seeing a headline with bold promises—you’re not alone. And if you love your family (and who admits they don’t?), then of course you should have one… right?Well, maybe. But before you rush off to fix this apparent hole in your legacy plan, it’s worth pausing to ask: what is a…
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Living Will vs. Healthcare Directive: Understanding the Key Differences

When planning for medical emergencies or end-of-life care, two important legal tools often come into play: the living will and the healthcare directive. While these terms are sometimes used interchangeably, they refer to different aspects of healthcare planning and serve distinct purposes. Understanding the differences can help you make informed decisions about your own care—or help you guide a loved one in doing the same. What Is a Healthcare Directive? A healthcare directive (also called an advance directive or advance healthcare directive) is a broader legal document that appoints someone to make healthcare decisions on your behalf. It sometimes can…
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What Revocable Living Trusts Do – And Can Other Tools Do It Too?

A Revocable Living Trust (RLT) offers many benefits, but it’s not the only estate planning tool available. Many people already have beneficiary designations, joint ownership, or powers of attorney in place—and wonder if that’s enough.Let’s take a closer look at what an RLT can do and compare how other tools measure up. Benefit #1 - Avoid Probate What an RLT Does:Assets titled in the name of the trust avoid probate entirely. This means no court involvement, no delays, and no public process. The successor trustee simply follows the instructions you’ve left behind. However, if you use what's called a "Pour-over…
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What Is a Revocable Living Trust and Do You Need One?

A revocable living trust is one of the most commonly recommended estate planning tools. It can provide privacy, avoid probate, and offer flexibility in how your assets are managed and passed on. But while it offers some advantages, it's important to understand its limitations and know where it fits within your overall estate planning strategy.Revocable Living Trusts are can be one component of a greater estate planning strategy including:Your Last Will and TestamentFinancial Powers of AttorneyBeneficiary Designationsand, Asset Titling What is a Revocable Living Trust? A revocable living trust is a legal arrangement you create during your lifetime to manage…
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The Bank of Mom and Dad: FAQ and Closing Thoughts

Being the Bank of Mom and Dad isn’t about playing financier—it’s about using your resources wisely to bless your family without undermining your financial security or family harmony. Done thoughtfully, lending can: Pass along some financial benefits to future generations. Preserve dignity on both sides. Reinforce personal responsibility. Build intergenerational trust. But it requires structure, documentation, and heart-to-heart conversations—so that your generosity leads not just to opportunity, but to lasting unity and understanding. This is Part 3 of the How to Be the Bank of Mom and Dad Series. Part 1: How to Be the Bank of Mom and Dad: A…
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How to be the Bank of Mom and Dad: Funds, Terms, and Estates

So you've decided you want to become the Bank of Mom and Dad. Fortunately, you don't have to register with the state or federal government. However, there are some important considerations you should address.  This is Part 2 of the Bank of Mom and Dad Series. Part 1: How to Be the Bank of Mom and Dad: A Guide to Lending Support Without Losing Your Mind (or Money) – Gilbert Wealth Part 3: The Bank of Mom and Dad: FAQ and Closing Thoughts – Gilbert Wealth The Best Sources of Funds Before you act as a lender, assess how the loan fits…
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