Studies have shown that the number of family businesses owned by second generations and third generations dramatically decline for a number of reasons. One large reason is the lack of business succession planning for the family business.
By being very selective about who receives which type of money—whether Traditional or Roth IRAs, after-tax brokerage accounts, life insurance, etc.—you can dramatically cut the share that goes to the IRS and increase the amount going to your family.
Revocable trusts are a very popular and effective estate-planning tool. However, the trust will be ineffective, if you do not actually place your assets in the trust.
Drafting a last will and testament can help to ensure that your assets are distributed according to your wishes after you pass away. You can also use your will to name a legal guardian for minor children or choose an executor for your estate.
I am a resident of Florida. I would like to leave my condo in Florida to my friend’s daughter, who I consider my stepdaughter, after my death. She is a resident of New Jersey and they would use the condo as a vacation home. Will she be considered my daughter for tax purposes, and which state’s tax laws will count?
Using the equity in your residence is a method many people use to raise cash. There are several methods that a homeowner may use to tap into this income vein, but some may be better suited than others. One popular option—that often fills the airwaves with commercials—is the reverse mortgage. However, while popular, this may not be the best choice for many homeowners.
Is it ever OK to borrow from your 401(k) plan, either as a 401(k) loan or a hardship withdrawal? After all, your plan is a powerful retirement savings tool and should be carefully husbanded.
Did you receive an inheritance of cash, investments, or property? Here are four ways that can help you keep it from being swallowed up by taxes.
The coronavirus crisis has cascaded through pretty much all areas of the financial world, leaving very few businesses unscathed. Uncertainty has always been the enemy of financial stability, and unfortunately, foundational questions about how long the recovery will take and what the future will look like post-crisis do not have clear answers. Understandably, this is a cause of worry and concern for many.
Medicare has a series of income limits that trigger increasingly higher payments for retirees. And it’s not just the rich who are affected.
