Estate Exemption Expiration
Today, it’s hard to believe that in 1997 you could only exempt $600,000 from estate taxes. When a person died, heirs would pay tax on anything above $600,000 at the (then) maximum 55% tax rate. The estate situation is very different today. The Internal Revenue Service just announced that for anyone dying in 2021, the […]
Long-Term Care: What You Need to Know
There are many misconceptions and misunderstandings about long-term care (LTC), including who needs it and how to pay for it. It’s essential to break down the main components of long-term care insurance to find what is right for you. What does long-term care mean? If you’re already on Medicare or researching it, you know […]
Maximize Your Charitable Giving Strategy
You might recall that the Tax Cuts and Jobs Act made it much harder for Americans to get tax breaks on their charitable giving by raising the standard deduction so that fewer people have the opportunity to itemize. Of course, you want to do some good for the community with your charity dollars! But receiving […]
Your Finances: What You Need To Do First When Your Spouse Dies
It’s common for the surviving spouse to feel a bit lost upon the death of their partner. You may not have immediate access to all the household assets or know what information you need to put together for the estate. This time can be very confusing, so it’s essential to feel that you can […]
The Secrets of 401(k)s
The 401K, a widely used retirement vehicle offered by employers, is well known. But there are a few facts that you might not already be aware of. History and a brief overview of 401(k) plans Now the prime retirement account vehicle for full-time employed workers whose companies offer the benefit, the 401(k) was not […]
Is Your Estate Planning Up-to-Date?
It’s no secret that many Americans put off creating a will — even those who need it most. But one milestone event often triggers a shift in mindset: the arrival of a child or grandchild. Usually, it hits people right before they get on a plane for the first time following the child’s birth: “If […]
Why it’s Smart to Start a 529 Education Savings Plan
Saving for your child’s future education costs can be one of the most important decisions for parents. The price of tuition alone is staggering, with new increases each year. Imagine being a new parent and what education costs will be in eighteen years when your child would potentially be in their first semester of higher […]
Estate Planning: Probate and Trusts
In our last article on estate planning, we explained why estate planning is essential and discussed the basics of wills and powers of attorney. You probably know you want to avoid probate, but you might not know precisely why.. Probate This process proves a decedent’s in court as legal and determines whether the decedent’s intentions […]
4 Ways to Simplify Your Business and Finances
It seems like so many of us tend to over complicate things, whether in finances or life or business. As we move through life, we accumulate more, and we get entrenched in routines that no longer serve us. However, keeping things simple is essential at any stage of life. Having less to keep track […]
Questions You Should Ask When Looking for a Financial Advisor
Choosing a financial advisor is an essential step in taking control of your finances. You’ll want to complete your due diligence before you even start talking to an advisor you’ve selected as a possibility. Find a financial advisor If you have friends or family who are happy with theirs, you can ask for an […]