Conservative measures can go a long way toward preparing yourself for retirement. You don't have to be able to put away large sums of money every paycheck to keep yourself on a steady path toward the fruition of your long-term financial goals. Even modest efforts can yield significant results given enough time. One of the best ways to save money for retirement is to contribute into the 401(k) plan that may be offered at your place of employment. In many cases the employer will match your … [Read more...] about Slow & Steady Approach to Retirement Saving
Will the Estate Tax Issue Become a Political Football?
The subject of taxes is always going to be prominent in an election year. Of course, 2012 is an election year, and it is an interesting year in the field of estate planning. At the end of the year, the tax relief act that was passed in December of 2010 is going to expire. This measure essentially extended the Bush era tax cuts. It provided a $5.12 million estate tax exclusion this year, along with a 35% maximum rate. As the laws are currently written, these parameters are going to change next … [Read more...] about Will the Estate Tax Issue Become a Political Football?
Beware of Financial Predators
There are two prevalent types of elder financial abuse as defined by the experts: Crimes of opportunity and crimes of predation. Crimes of opportunity are perpetrated by individuals who know the victim. Obviously a lot of elderly Americans need assistance with their day-to-day needs. So, the individuals who help them out are often going to have opportunities to take advantage of the senior in question financially should they choose to go that nefarious route. Crimes of predation involve … [Read more...] about Beware of Financial Predators
Watch Your Spending as Retirement Nears
We are constantly being inundated with suggestions with regard to how our lives will be improved by making certain purchases. Indeed, it can be fun to buy a new car, a boat, take an expensive vacation, or perhaps even purchase a vacation property. But at the same time, if you want to be prepared for retirement you may have to put the brakes on with regard to major expenditures as your projected retirement date starts to come into focus. This is where long-term planning and intelligent, … [Read more...] about Watch Your Spending as Retirement Nears
What Is A “POD” Account?
There are some rather straightforward and simple ways to arrange for the transfer of assets to your heirs after you pass away. One of these is via the utilization of a POD account. The acronym "POD" in this context stands for payable on death. With POD accounts, you name a beneficiary (or in some cases multiple beneficiaries) when you open the account at a bank or brokerage. In the event of your death, the beneficiary assumes ownership of the remaining resources directly, and this transfer … [Read more...] about What Is A “POD” Account?
How Can I Protect My Home?
The asset that you are likely concerned about protecting above all else is your home. If you are interested in taking steps to keep your residence or even a vacation home out of the cross hairs of potential creditors or claimants, one viable course of action may be to place the home into a qualified personal residence trust (QPRT). With a QPRT, your beneficiary will assume ownership of the property after the term of the trust expires, but you can live in the home rent-free for as long as you … [Read more...] about How Can I Protect My Home?
Estate Planning For Gay Couples
The issue of gay marriage legality is a hot topic in the United States these days. People are passionate about it from both directions, and of course it has been a subject that has been hotly debated here in California for years. Marriage affords certain legal rights, and this is one of the primary reasons why people who are involved in long-term, committed same-sex relationships are so concerned about their unions being recognized by the powers that be. This is understandable, but there are … [Read more...] about Estate Planning For Gay Couples
Life Insurance Trust Can Deliver Tax Savings
You have to be very concerned about the looming specter of the estate tax when you are positioning assets with the future well-being of your loved ones in mind. Contrary to popular belief, the estate tax is not just reserved for the very wealthy, and more people will be exposed to the tax in 2013. At the end of this year, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 is going to expire. When it does, under currently existing laws the estate tax exclusion … [Read more...] about Life Insurance Trust Can Deliver Tax Savings
Keep Estate Administration In Mind
While it is important to make sure that your intentions are known via the execution of the appropriate estate planning documents, you must also keep estate administration in mind. Recording your wishes with regard to who gets what is one thing, but you also have to make provisions for administering the estate because things simply do not take care of themselves. After you pass away, the estate must be probated if you use a last will to elucidate your wishes. Someone must take care of the … [Read more...] about Keep Estate Administration In Mind
Addressing Higher Education Expenses in Advance
Compartmentalizing has its place, but in the big picture it is useful to include retirement and estate planning within a broad long-term financial plan. When you are creating such a plan, one of the big expenses that may be part of the equation is the college tuition of your children or grandchildren. Without question, giving the gift of education may be the most profound thing that you can do for your loved ones. There are various ways to take care of college costs, but we would like to take … [Read more...] about Addressing Higher Education Expenses in Advance
