You understand the importance of estate planning, but sometimes it’s a question of where to start. No matter your net worth, you need a plan set in place that can help your heirs understand your final wishes and distribute your estate properly. As you prepare to discuss with your financial advisor, here are a few tips and considerations to keep in mind.
Preparing a strategy that is both advantageous and tax-efficient might feel daunting at first. Thankfully, there are some things you can do now to keep from overpaying this tax season.
The Rockefellers, the Vanderbilts, the Gettys - all famous families known for their success in building and maintaining generational wealth. And while they’ve successfully passed down millions and billions of dollars to loved ones, the idea of successfully maintaining generational wealth is still considered hard to achieve today. Why? It may be due, in part, to the fact that there are assumptions people make about family wealth, some of which are not always true. Below we’re breaking down common myths regarding family wealth and the truth about generational wealth planning that every family should hear.
Summer is finally in full swing, meaning we’re already about halfway through 2021. After a year like no other, we’re all excited to enjoy the warm weather with friends and family. If you have some time over the coming weeks, take a moment to slow down and check up on your financial wellbeing. Here are six things you can do right away to make sure your goals are being met and your finances are in good shape before heading into the second half of 2021.
Pay your taxes now. Don’t wait. Don’t defer. For many Americans there is a belief that you will retire in a lower tax bracket than when you are working. This is typically based on the advice that you can retire using 80% of your pre-retirement income. It has been my experience that this (for the most part) is false.
You work your entire life and save diligently in order to enjoy your retirement. It sounds simple, enough, but the realities of preparing for retirement can be much more complicated and overwhelming for some people. In fact, a recent survey found that 80 percent of Americans have expressed anxiety that they have not saved enough to be financially independent in retirement.1 If you’re concerned about your own prospects for retirement, here are six things to start doing differently right now.
Deciding when to begin claiming your Social Security benefits will depend on several factors, such as your personal health and financial standings. It's true that waiting to access benefits will increase your monthly payments down the road. But, full access will depend on your birth date and some may need to access benefits sooner. To help you better navigate this issue, below we’re examining the variables that could impact when you decide to begin claiming your Social Security benefits
When it comes to attracting top candidates and improving retention, offering certain advantages such as a 401(k) plan can be an effective move. But as a small business owner, you may have shied away from such benefits due to logistical and financial concerns. If you’re thinking about offering a plan for your employees, get started with these three steps.
There is no way to create the ‘perfect’ budget. Expenses are always changing. It’s important to allow your budget to flex and to have the ability to stretch for unforeseen costs. Let’s start by breaking these down into small, medium & large expenses and then we will talk about how to address each one of these.
The CARES Act, a direct response to the economic turmoil caused by COVID-19, sought to provide economic support to millions of Americans. This support extended to the way taxes are filed and processed for 2020, creating additional benefits depending on your circumstances. Read on to learn five ways the events that took place in 2020 could affect your taxes.
Whether you’re new to the stock market or a seasoned investor, it can be hard to keep your emotions in check. As you hear unsavory news about a company you’ve invested in, your first instinct may likely be to sell your shares. Yes, their stock may drop in the following days or weeks, but when it comes to the stock market - it’s important to think long term. Selling your stock now based on an emotional response could mean you miss out on significant earnings years or decades later down the line. Before you risk that chance, we have four easy tricks you can use to help avoid investing with your emotions.
Classic investments, like stocks, are not the only investments taxed by capital gains. Capital gains taxes can apply to any other property that acquires value over time. These taxes are calculated by subtracting the cost of the investment from the final selling price of said investment. This final amount is reported as capital gains. But, the final amount can be taxed at different rates depending on the investment type and total monetary gain.
