Selecting beneficiaries for retirement benefits is different from choosing beneficiaries for other assets such as life insurance. With retirement benefits, you need to know the impact of income tax and estate tax laws in order to select the right beneficiaries. Although taxes shouldn’t be the sole determining factor in naming your beneficiaries, ignoring the impact…
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Taxation of Investments
It’s nice to own stocks, bonds, and other investments. Nice, that is, until it’s time to fillout your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed? Is it ordinary income or a capital gain?To determine how an…
Six Keys to More Successful Investing
A successful investor maximizes gain and minimizes loss. Though there can be no guaranteethat any investment strategy will be successful, and all investing involves risk, including thepossible loss of principal, here are six basic principles that may help you invest moresuccessfully. Long-term compounding can help your nest egg grow It’s the “rolling snowball” effect. Put…
Trust Basics
Whether you’re seeking to manage your own assets, control how your assets aredistributed after your death, or plan for incapacity, trusts can help you accomplish yourestate planning goals. Their power is in their versatility — many types of trusts exist, eachdesigned for a specific purpose. Although trust law is complex and establishing a trust requires…
Estimating Your Retirement Income Needs
You know how important it is to plan for your retirement, but where do you begin? One of your first steps should be to estimate how much income you’ll need to fund your retirement. That’s not as easy as it sounds, because retirement planning is not an exact science. Your specific needs depend on your…
Establishing A Budget
Do you ever wonder where your money goes each month? Does it seem like you’re neverable to get ahead? If so, you may want to establish a budget to help you keep track of howyou spend your money and help you reach your financial goals. Examine your financial goalsBefore you establish a budget, you should…
10 Years and Counting: Points to Consider as You Approach Retirement
If you’re a decade or so away from retirement, you’ve probably spent at least some time thinking about this major life change. How will you manage the transition? Will you travel, take up anew sport or hobby, or spend more time with friends and family? Should you consider relocating? Will you continue to work in…
Asset Protection in Estate Planning
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…
How Grandparents Can Help Grandchildren with College Costs
As the cost of a college education continues to climb, many grandparents are stepping in to help. This trend is expected to accelerate as baby boomers, many of whom went to college, become grandparents and start gifting what’s predicted to be trillions of dollars over the coming decades.Helping to pay for a grandchild’s college education…
Changing Jobs? Know Your 401(k) Options
If you’ve lost your job, or are changing jobs, you may be wondering what to do with your 401(k) plan account. It’s important to understand your options. What will I be entitled to?If you leave your job (voluntarily or involuntarily), you’ll be entitled to a distribution of your vested balance. Your vested balance always includes…