A financial ally, sometimes called a financial advocate, is someone who assists you in managing your financial responsibilities. Financial allies can run interference on other potential problems – such as suspected scams - as well.
Estate planning is essential since the largest tax bill often comes in the form of estate taxes after your death. One of the biggest questions people have when setting up their estate plan is how to pass on the estate to their surviving spouse with the minimum tax burden.
If your kids have finished college, your mortgage is paid off (or you plan on downsizing), and your retirement savings are on track, you may no longer need your life insurance policy. Still, there are reasons you might want to keep it.
Typically, when financial advisors or pundits talk about investment risk, their focus is on the historical price volatility of an asset or investment.
Estate liquidity refers to the ability of your estate to pay taxes and other costs that arise after your death using cash and cash equivalents. If your property is mostly illiquid, your estate may be forced to sell assets to meet its obligations as they become due.
A digital asset is any item or information that is stored electronically. Most commonly, this means your logins, passwords, PINs, and anything contained within an online account. What happens to these accounts when you die? The answer depends on the type of account and whether you have included its assets as part of your estate plan.
What should you do with your 401(k) when you retire? Broadly speaking, you have two tax-smart options: stay in your plan or move the money to an individual retirement account (IRA).
If you already have an estate plan in place, your main concern will be having it updated as a result of the new changes that your divorce has introduced into your life.
If you were diligent in saving for college but now have unused funds, there are a number of ways you can use the money with little to no tax consequences.
According to data from the Department of Health and Human Services (DHHS), 70% of Americans today will require some type of long-term care, and the average person will pay roughly $138,000 for their long-term care.
