Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get carried away by a windfall and end up in worse financial shape. If you’re hit with a financial windfall, here are some points you should know. RISKY CONDITIONS Perhaps the most obvious [...]
Divorce is difficult for everyone involved. You can ease the process somewhat by begin organized. A financial expert can help you with the first step: compiling a martial balance sheet of assets you own and the liabilities you owe, as a couple. Typical assets include the money in savings and checking accounts; vehicles and equipment; [...]
As a result of the current estate tax exemption amount ($12.92 million in 2023), fewer people are concerned with federal estate tax. Before 2011, a much smaller dollar amount resulted in many people scrambling to avoid estate tax. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving [...]
Whether you’ve filed your 2022 tax return or soon will, one thing you don’t want to experience is a surprise. Many older people are caught off guard when they find that their Social Security benefits may be taxable. How much might you have to pay? That depends on your other income. If you’re taxed, [...]
The term “sandwich generation” was originally coined to describe baby boomers caught between caring for their aging parents and their children. These days the term applies to whichever generation is grappling with the problem. If you’re in the middle of the sandwich, it may be time for some honest discussions with the other parties about [...]
Do you have investments outside of tax-advantaged retirement plan? If so, you might still have time to reduce your 2019 tax bill by selling some investments – you just need to carefully select which investments you sell. BALANCE GAINS AND LOSSES If you’ve sold investments at a gain this year, consider selling some losing investments [...]