To help raise revenue to pay for President Biden’s Build Back Better Plan, Congress is considering a number of tax law changes, including adjusting estate taxes. One of the proposals would reduce the estate tax exemption to anywhere between $3.5 and $5 million, with an effective date of January 1, 2022. Another proposal would bring new rules to grantor trusts, including a change to how life insurance held in a trust would be taxed.
When it comes to saving for retirement, the power of compounding interest should never be underestimated. And as a responsible investor, it can be helpful to know how long it would take to double your investment at a fixed rate of return. The Rule of 72 can be used as a quick rule of thumb to help determine this answer.
Did you know that October is National Estate Planning Awareness Month? The importance of proper estate planning shouldn’t be understated, as it can be a lasting gift for your loved ones after your passing.
At different periods of time, the stock market appears to favor one of two stock types - value stocks or growth stocks. Since the United States' 2008 market downturn, for example, the market has primarily favored growth stocks. The Canadian stock exchange has appeared to favor growth stocks in the past as well. But some big names are speculating that value stocks could be making a comeback due in part to big changes caused by the pandemic. These speculations, of course, do not guarantee performance.
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.
