Providing for future generations shouldn’t be (overly) taxing. To manage taxes as you pass down your assets, look into UTMAs, 529s, child IRAs and trusts.
Soaring inflation, interest rate hikes and the war in Ukraine have sparked ongoing stock market volatility. However, there may be a bright spot: the chance to save money on a Roth conversion.
The law requires probate for a good reason. If a person dies, probate ensures that the property goes to the people who are supposed to inherit it.
The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago and the scheduled 50% reduction in the size of the federal estate tax exemption four years from now, has resulted in a renewed interest in estate planning for IRA and 401k accounts owned by married couples.
However, if you are retired and no longer generating employment income, you should make sure you weigh the financial implications of any potential move.
If you are one of the many people who start getting serious about their finances as they reach their 50s, enjoy this guide for your next steps.
If you’re planning to leave your heirs any sort of inheritance, you’re already giving them a valuable financial leg up.
Some inherited assets are tax-friendly, but under new rules, others come with a hefty tax bill. We help you get the most out of a legacy.
You’ve done your homework, and now you’ve got this retirement stuff all figured out. Savings socked away. Debts paid off. A plan in place to transition from work to leisure. However, some retirement mistakes operate under the radar.
That last will and testament you have tucked away? It may not be the last word on what happens to your stuff after you are gone. Instead, that legal document’s directives for doling out your wealth may be overruled by other paperwork and relevant laws.
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