During the holiday season, you may have some long-anticipated plans to spend quality time with your loved ones.
Let’s face it: You’d be hard-pressed to find a grandparent anywhere who won’t admit to the pleasure of spoiling the grandkids.
Dina Megretskaia and Victoria Tejeda explore how these tax-advantaged accounts can help you save and invest for a child’s future educational needs. Much like your 401(k) plan at work, 529 plans offer a set list of investments and the assets inside can grow tax free.
Trusts are bounded solely by your imagination and tax law. There is a tremendous amount of truth to that statement as trusts can be designed to do almost anything.
The Tax Cuts and Jobs Act (TCJA) of 2017, signed into law by then-President Trump in December 2017, was one of the most sweeping changes in federal tax law to date.
It’s curious how certain times of the year are widely popular for certain life events.
As recently as 50 years ago on family farms and ranches across America, it was common to see two or even three generations actively involved in running the enterprise.
This checklist was created to help you organize your affairs. Your individual situation will dictate other items which may need to be addressed. We suggest discussing your plans with the executor of your will as well as consulting with your legal, financial, and tax advisors. The time to get these professionals involved is before an event occurs – plan ahead. If you wait, chances are the lack of preparation may cost you and your heirs more money, time, and frustration.
Talking with your children about disability and/or death can be a difficult task for most people. Parents spend the better part of their financial lives working, saving and planning only to end up avoiding proper communication and planning with their children on the topic of death. Parents often do not discuss their estate plans with adult children out of fear that this will only cause tension and improper incentives. But in my experience as an attorney and financial advisor, the most successful planning results come from good communication.
Let’s face it: you’d be hard pressed to find a grandparent anywhere who won’t admit to the pleasure of spoiling the grandkids. Whether it’s unlimited trips to the ice cream shop or no-budget toy shopping, Grandma and Grandpa love saying “yes” to just about every request that comes from their grandbabies’ mouths.
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