Category: Financial Planning
“During the estate planning process, these beneficiary designations are reviewed to ensure that the beneficiaries are correct, and that the distribution of these assets conforms with the client’s intended estate plan.” Naming a beneficiary on a non-retirement account can result in an unintended consequence—it can even topple an entire estate plan—reports The National Law Review […]
“Earlier this year, the IRS lowered the underpayment penalty threshold from 90% to 80% to help taxpayers who didn’t have enough tax withheld from their paychecks in 2018 or didn’t pay enough in estimated taxes last year.” With the lowering of the underpayment penalty threshold, taxpayers could avoid the penalty this past filing season, if […]
The time you save gathering financial information will be appreciated in the long run. This can really be a busy season if you launch into spring cleaning and also gather together financial documents to do taxes, according to The Press Enterprise in “Add this to Kondo-spring cleaning list: Organize your finances“. Start by making a […]
How do you help you and your family in the next phase of life? You’ve taken care of your children from their infancy through their college years. What more should you do for them? While you are planning for your later years, you can also make things easier for them, according to The Christian Times […]
You need a Health Care Proxy, if you are an adult. It doesn’t matter what stage of life you are in. If you are an adult, you always should have a Power of Attorney, according to Benefits Pro in “Designating powers of attorney: Selection, documentation, and communication best practices“. The Health Care Proxy is also […]
If a spouse passes away unexpectedly, the financial challenges can make the situation even worse. If a spouse passes away and they were the one who handled the finances, the widow or widower may face an additional challenge. However, they should not let financial issues bother them too much, according to the Green Bay Press […]
It is best to prepare for emergencies by storing the necessities of life, such as water and food. However, financial planning is also important. It is impossible to avoid natural disasters. However, you can be prepared and that includes being financially prepared, according to the Napa Valley Register in “Your emergency financial first aid kit.” The […]
While parents often avoid discussing their finances with their children, it may make things easier in the future if they do. Suddenly not being able to handle your own finances can lead to big problems. This is why parents should talk to the adult children about finances, according to TC Palm in “Acquaint grown children […]
Leaving a large sum of money to a youthful heir can often create unexpected challenges and difficulties but a case study of what happens to the wealth of some professional athletes could provide insight. Some professional athletes are often as famous off the field as on but not always for positive reasons especially when they […]
A key part of an annual year-end review of financial planning should include a review of the estate plan. As the end of each year approaches, people who keep close watch on their financial plans take that time to look at investments, asset relocations and a close look at the status of their retirement plans. […]
