Discussing an estate plan is no walk in the park, but it may be easier to address when you think about what it truly is - the gift of passing on a legacy in a tax-efficient manner to your loved ones.
You may have done the math on your retirement accounts, figuring out how much you should contribute each month to reach your goals, maybe even calculating the effects of compound interest and the effects of the markets. But have you ever calculated how much you’ve been paying into Social Security throughout your working years? Because it’s automatically withdrawn from your paycheck before you even see the money in your bank account, it might surprise you to know that between you and your employers, you’ve doled out up to 12.4% of your annual income. That’s a substantial amount, and one that could make your 401(k) look like chump change down the road.
Between state and federal regulations, discover how you can navigate inheritance tax from deductibles to gift tax.
Your parents took care of you growing up, and now as they grow older, the tables have turned. There can be changes to both your finances and lifestyle, which is why it's important to be prepared.
We’ve rounded up the four most common mistakes soon-to-be retirees make regarding their money, so you can prepare now to make your transition into retirement a bit smoother.
Marriage, kids, divorce, mortgage protection and running a business — 5 life stages to consider reevaluating your life insurance needs.
Get familiar with your state’s estate laws so you’re well aware of which rules apply to you.
Divorce is hard enough to deal with emotionally, let alone financially and legally. Whether you saw it coming from miles away or were taken by surprise, the ending of a marriage can be painful, traumatic, overwhelming, and expensive. But, you’re making it through the experience and you now have the opportunity to create a brand-new life for yourself.
If you’ve just gone through a divorce or the death of your spouse, you now find yourself “suddenly single.” It doesn’t matter if you were blindsided or saw it coming for years, this is surely a challenging time for you. For many women, one of the hardest parts of becoming suddenly single is the financial impact.
When it comes to parenting, there’s no lack of milestones to walk through and important lessons to teach. Whether it’s passing on your values on work ethic, treating others with respect, or wise decision making, it can often seem overwhelming and downright intimidating, especially if it’s a topic we aren’t well versed in. Nowhere is this more true than with finances.