Providing for future generations shouldn’t be (overly) taxing. To manage taxes as you pass down your assets, look into UTMAs, 529s, child IRAs and trusts.
Soaring inflation, interest rate hikes and the war in Ukraine have sparked ongoing stock market volatility. However, there may be a bright spot: the chance to save money on a Roth conversion.
However, if you are retired and no longer generating employment income, you should make sure you weigh the financial implications of any potential move.
We are approaching the biggest wealth transfer ever, as Baby Boomers prepare to hand off their life savings to their heirs. However, will their heirs actually get the full amount of the wealth intended for them…or will a large amount be lost to unnecessary taxes?
If you are one of the many people who start getting serious about their finances as they reach their 50s, enjoy this guide for your next steps.
Estate planning is a key piece of a comprehensive retirement plan.
Major changes in your life—such as marriage, having a baby, moving out of state, or divorce—should prompt a revisit to your current will. It is important to revise your will at these times, in order to ensure that your estate planning is up to date.
Inherited assets come with benefits, along with some burdens
Estate planning is a crucial part of any holistic financial plan, and financial advisors often work with estate planning attorneys for guidance in this area.
First, before making a gift or bequest outright to your youngest son, consider whether now or in the future he will possibly be eligible for governmental assistance based on his disability and his own assets.