As a consumer, when you purchase an expensive item, like a car or refrigerator, you expect to receive a warranty that the manufacturer will repair or replace that product if it breaks down.
A warranty makes sense for big-ticket purchases, but what about for a home? (more…)
Probate subtly reduces the value of many estates. It can take more than a year in some cases, and attorney’s fees, appraiser’s fees, and court costs may eat up as much as 5% of a decedent’s assets. Probating a “routine” estate valued at $400,000 could cost as much as $20,000.
What do those fees pay for? In many instances, routine clerical work. Few estates require more than that. Heirs of small, five-figure estates may be allowed to claim property through affidavit, but this convenience isn’t extended for larger estates.
So, how canyou exempt more of your assets from probate and its costs? Here are some ideas. (more…)
Do you regularly donate to charities and other non-profit organizations? Then you may want to open a donor-advised fund.
Donor-advised funds are becoming popular. It is easy to see why. They offer potential tax perks, and in some instances, a chance to grow money set aside for charitable gifting. (more…)
Do you have to make a multimillion-dollar gift to a charity to receive immediate or future financial benefits? No. If you’re not yet a millionaire or simply a “millionaire next door,” yet want to give, consider the following options, which may bring you immediate or future tax deductions. (more…)
“Why is my portfolio underperforming the market?”
This question may be on your mind. It is a question that investors sometimes ask after stocks shatter records or return exceptionally well in a quarter.
The short answer is that even when Wall Street rallies, international markets and intermediate and long-term bonds may underperform and exert a drag on overall portfolio performance. A little elaboration will help explain things further. (more…)
Does your vision of retirement align with the facts? Here are some noteworthy financial and lifestyle facts about life after 50 that might surprise you.
Some retirees are taken aback when they discover this. In addition to the Internal Revenue Service, 13 states levy taxes on some or all Social Security retirement benefits: Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia. (It is worth mentioning that the I.R.S. offers free tax advice to people 60 and older through its Tax Counseling for the Elderly program.)
2. Retirees get a slightly larger standard deduction on their federal taxes.
Actually, this is true for all taxpayers aged 65 and older, whether they are retired or not. Right now, the standard deduction for an individual taxpayer in this age bracket is $13,600, compared to $12,000 for those 64 or younger. (more…)
You’re beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims, health-care providers, credit card issuers, business creditors, and creditors of others. To insulate your property … Continue reading “Estate Planning – Protecting Your Assets”
It seems like we just can’t stop talking about the Federal Reserve (Fed). After an aggressive rate hiking campaign that we think ended last year, markets were expecting the Fed to start cutting interest rates as early as next month. But withan economy that continues to surprise to the upside, along with inflationary pressures that … Continue reading “Market Update – The Patient Pause”
A thoughtful retirement strategy may help you pursue your many retirement goals. That strategy must consider many factors, and here are just a few: your income needs, the order of your withdrawals from taxable and tax-advantaged retirement accounts, the income tax implications of those withdrawals, and sequence of return risk.
Losing a spouse is a stressful transition. And the added pressure of having to settle the estate and organize finances can be overwhelming. Fortunately, there are steps you can take to make dealing with these matters less difficult.
Ever hear of critical illness insurance? This isn’t standard-issue disability insurance, but a cousin of sorts. With people living longer, it is a risk management option entering more people’s lives.
Epic Capital provides the following comprehensive financial planning and investment management services: Learn More >