Lending money – rather than giving it – to loved ones is an idea worth considering. Perhaps you’re not ready to part with your wealth. For example, maybe you’re concerned about having enough money to fund your retirement or you feel that your children aren’t ready to handle the responsibility. HOW DOES IT WORK? The [...]
The last month or so of the year offers accrual-basis taxpayers an opportunity to make some timely moves that might enable them to save money on their 2018 tax bills. The key to saving tax as an accrual-basis taxpayer is to properly record and recognize expenses that were incurred this year but won’t be paid [...]
Many people reach a point in life when buying some life insurance is highly advisable. Once you determine that you need it, the next step is calculating how much you should get and what kind. CAREFUL CALCULATIONS If the coverage is to replace income and support your family, this starts with tallying the costs that [...]
When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRA’s, 401(k)s or 403(b)s. Certain assets are well suited to these accounts, but it may make more sense to hold other investments in traditional taxable accounts. KNOW THE RULES Some investments, such as fast-growing stocks, can generate substantial capital gains, [...]
If you’re currently taking care of your children and elderly parents, count yourself among those in the “Sandwich Generation.” Although it may be personally gratifying to help your parents, it can be a financial burden and affect your own estate plan. Here are some critical steps to take to better manage the situation. IDENTIFY KEY [...]
With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until heading off to college, is a Section 529 plan. TAX-DEFERRED COMPOUNDING 529 plans are generally state-sponsored, and the savings-plan option [...]