Tag: Family Wealth

What Are Personal Tax Credits?

Feb 28, 2024

Tax Written on Paper
Deductions you do not want to miss

Have you ever thought that you’re paying too much income tax? You may be, if you’re not claiming all of the tax credits for which you are eligible when you file your federal tax return. These credits may significantly reduce your tax liability.

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Do Our Emotion or Biases Affect Our Financial Choice

Feb 16, 2024

emotional bias questions
Even the most seasoned investors are prone to their influence

Investors are routinely warned about allowing emotion to influence their decisions. However, they are less routinely cautioned about their preconceptions and biases that may color their financial choices.

In a battle between the facts & biases, our biases may win. If we acknowledge this tendency, we may be able to avoid some unexamined choices when it comes to personal finance. It may actually “pay” to recognize blind spots and biases with investing. Here are some common examples of bias creeping into our financial lives. (more…)

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Heirs, Value and Family Wealth

Jan 31, 2024

A family at the Beach
Teaching your Heirs to Value Your Wealth

Some high net worth individuals are reluctant to talk to their kids about family wealth. Perhaps they are afraid of what their heirs may do with it.

If a child comes from money and grows up knowing they can expect a sizable inheritance, that child may look at family wealth like water from a free-flowing spigot with no drought in sight. Your child may rely upon your wealth if nothing works out; or simply to whims born of boredom. The perception that family wealth is a fallback rather than a responsibility can contribute to the erosion of family assets. Factor in a parental reluctance to say “no” often enough, throw in a penchant for racking up debt, and the stage is set for wealth to dissipate.

How might a family plan to prevent this? It starts with values. From those values; you can begin to define goals and purpose. (more…)

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Social Security Survivor Benefits

Jan 17, 2024

When you think of Social Security, you probably think of retirement. However, Social Security can also provide much-needed income to your family members when you die, making their financial lives easier.

Your family members may be eligible to receive survivor benefits if you worked, paid Social Security taxes, and earned enough work credits. The number of credits you need depends on your age when you die. The younger you are when you die, the fewer credits you’ll need for survivor benefits. However, no one needs more than 40 credits (10 years of work) to be “fully insured” for benefits. And under a special rule, if you’re only “currently insured” at the time of your death (i.e., you have 6 credits in the 13 quarters prior to your death), your children and your spouse who is caring for them can still receive benefits.

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Six Keys to Investing

Dec 6, 2023

InvestingA successful investor maximizes gain and minimizes loss. Though there can be no guarantee that any investment strategy will be successful and all investing involves risk, including the possible loss of principal, here are six basic principles that may help you invest more successfully.

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Life Insurance and Estate Planning

Sep 25, 2023

Free Selective Focus Photography2 Blue Egg on Nest Stock PhotoLife insurance has come a long way since the days when it was known as burial insurance and used mainly to pay for funeral expenses. Today, life insurance is a crucial part of many estate plans. You can use it to leave much-needed income to your survivors, provide for your children’s education, pay off your mortgage, and simplify the transfer of assets. Life insurance can also be used to replace wealth lost due to the expenses and taxes that may follow your death, and to make gifts to charity at relatively little cost to you.

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Gift and Estate Taxes

Sep 15, 2023

If you give away money or property during your life, those transfers may be subject to federal gift and estate tax and perhaps state gift tax. The money and property you own when you die (i.e., your estate) may also be subject to federal gift and estate tax and some form of state death tax. These property transfers may also be subject to generation-skipping transfer taxes. You should understand all of these taxes, especially since the passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 (the 2001 Tax Act), the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Act), the American Taxpayer Relief Act of 2012 (the 2012 Tax Act), and the Tax Cuts and Jobs Act. The recent Tax Acts contain several changes that make estate planning much easier.

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Wills: The Cornerstone of Your Estate Plan

Jul 17, 2023

If you care about what happens to your money, home, and other property after you die, you need to do some estate planning. There are many tools you can use to achieve your estate planning goals, but a will is probably the most vital. Even if you’re young or your estate is modest, you should always have a legally valid and up-to-date will. This is especially important if you have minor children because, in many states, your will is the only legal way you can name a guardian for them. Although a will doesn’t have to be drafted by an attorney to be valid, seeking an attorney’s help can ensure that your will accomplishes what you intend.

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Life Insurance at Various Stages

Jul 12, 2023

How do you calculate it all?

Your need for life insurance changes as your life changes. When you’re young, you typically have less need for life insurance, but that changes as you take on more responsibility and your family grows. Then, as your responsibilities once again begin to diminish, your need for life insurance may decrease. Let’s look at how your life insurance needs change throughout your lifetime.

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Wealth Building Strategies While Raising A Family

Jul 5, 2023

What new families can do to build wealth

Raising a family is rewarding ─ and expensive. Consider taking these steps to support your family financially through a program of smart investing.

Building a career and raising a family requires management skills. Juggling your time, priorities, and money now while planning for the future can be daunting. Saving now to send your kids to college, take care of your parents as they age, and pursuing a comfortable retirement can be challenging. (more…)

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More Insights

Mar 18, 2024

The year 1995 was an exciting one. Michael Jordan came back from retirement, digital video disks (DVDs) were invented, Netscape went public after introducing the world to the internet via its web browser, and Coolio’s “Gangsta’s Paradise” was the song of the year. It was also an exciting year for investors.

Mar 15, 2024

You want to retire comfortably when the time comes. You also want to help your child go to college. So how do you juggle the two? The truth is, saving for your retirement and your child or grandchild’s education at the same time can be a challenge. But take heart — you may be able … Continue reading “Saving for College and Retirement Together”

Mar 13, 2024

As spring approaches, the weather is starting to warm up. For the stock market, the temperature has been rising for a while now. In fact, since December 2023, the S&P 500 has not experienced a pullback of even 2%. Strong starts to years tend to signal more gains ahead, so this calm market may not … Continue reading “Market Update – Markets Warming Up”

Mar 11, 2024

Identity theft is a growing concern, impacting 14.4 million U.S. Consumers in 2019. Armed with your Social Security number, a criminal can use that information to commit tax- and other financial-related crimes in your name.

Mar 7, 2024

There is almost nothing stronger than the unconditional loving bond between grandparents and grandchildren. And for many grandparents, they recognize the importance of family legacies, the passing of the torch to the youngest generation.

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