Tools for the Successor Trustee
A trust is a legal arrangement under which a person, called the grantor or settlor, transfers assets to a trustee, who manages those assets for the benefit of others, the beneficiaries. The arrangement is typically set out in a formal written document, the trust agreement. Although trust agreements can be structured in many ways to accomplish a variety of planning goals, they all fall into one of two major categories: revocable (the grantor can revoke or amend the trust) or irrevocable (the grantor cannot revoke or amend the trust).
Irrevocable Life Insurance Trusts
There are many reasons to own life insurance—as a means to pay off a mortgage, to provide for children’s education, to replace income used to support loved ones, or even to pay for one’s own funeral expenses. But life insurance can also be a powerful estate planning tool, especially when owned by an irrevocable life insurance trust (ILIT).
How to Create a Personal Financial Statement
Similar to a company’s financial statements, a personal financial statement can help you assess your financial health and assist you in budget planning. It can also give you an idea of the kinds of information that banks and other lenders use to determine your ability to repay loans. Curious to know where you stand? Here, we show you how to get a handle on your finances by creating a personal financial statement.
Do I Need Estate Planning
Everyone needs an estate plan, no matter the size of the estate. Not only does this plan help carry out your wishes after your passing, it benefits you while you’re living. A good estate plan includes a plan to manage your financial affairs and health care decisions in the event that you cannot. It can prove invaluable in easing the administrative burden for your family and friends during a time of emotional distress.
Transitioning Into Retirement
As people retire healthier and better educated than ever before, the traditional picture of retirement is changing. Many retirees aren’t ready to settle for an unstructured life full of Sundays. Instead, they’re busy pursuing their passions, going back to school, joining the Peace Corps, starting new businesses, traveling to exotic places, reconnecting with far-flung friends and family, tackling athletic challenges, and sharing their talents and skills with others.
Financial Checklist: Post-Divorce Tips
If you’re recently divorced, it’s normal to worry about your financial situation. Settling into a new financial life will take time, but here are some tips that may help.
5 Positive Financial Habits to Adopt Today
Like most people, you probably have a vivid, exciting picture of what your ideal retirement will look like. Maybe it’s spending time with family at a beach house, crossing off the books that have accumulated on your to-read list, or finally being able to volunteer enough of your time to make a difference for your favorite charity.
Prepare for Life’s Surprises with an Emergency Fund
Have you ever been caught in a sticky situation that requires some quick cash to get out of? If you have, you’re not alone. Whether it’s a leaky roof, a broken appliance, car repairs, or a change in job status, life is full of stressful surprises. Still, 3 in 10 adults say they don’t have enough in savings to handle a $400 emergency expense.
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Tax Considerations After a Family Member Death
Several kinds of taxes may be due shortly after a family member’s death. During this emotional time, it’s often worthwhile to employ a tax professional to alert you and the family to important deadlines. You can help the tax professional—and potentially save time and money—if you understand what needs to be done.
The Reasons to Go Paperless are Piling Up
Eliminate the clutter associated with multiple account mailings, and simplify the way you’re notified of account statements and confirmations.
10 Common Retirement Mistakes
In a sense, you have been planning for your retirement ever since you started working. Maybe you’ve been contributing to a 401(k) plan, or maybe you’ve been socking away money in an IRA, but without a doubt, you’ve been looking forward to your golden years. And we want you to enjoy those years without worrying about having to take out a reverse mortgage on your house.
Basic Steps to Take in the Event of Identity Theft
If you fall victim to identity theft, be sure to take the following steps right away, no matter the specifics of the crime.
Managing Taxes on Your Investments
When it comes to your money, it’s not what you earn, it’s what you keep. Here are some ideas that may help lessen your income tax burden, so you can keep more of your investment earnings.
Five Money Tips Managing Your Credit Score
Your credit score, often called your FICO score, represents to a lender how likely you are to pay your bills on time. It may determine whether you can get a loan, a job, an apartment, or insurance. A low score may prevent you from obtaining the lowest borrowing rates or the best loan terms.
Common Tax Traps Life Insurance
Life insurance delivers cash to beneficiaries when it’s needed most. Plus, if the policy is properly structured, the beneficiaries receive the death proceeds income tax free. By understanding potential tax traps related to life insurance, you can avoid costly mistakes. A few of the most common pitfalls are outlined here.
You’ve Been Hacked or Spoofed: Now What?
Here, we’ll discuss the difference between hacking and spoofing, plus provide some simple tips to helpprotect your personal information.
Reviewing Your Tax Strategies
Minimizing your potential income taxes requires a regular review of your financial picture and the current tax strategies available to you. In fact, tax planning can be a year-round activity.
Caring for an Aging Parent
Caring for aging parents can be a difficult planning aspect to balance. If you are among the “sandwich generation,” you may be trying to support your aging parents as well as your own children. Today, individuals are living longer than before, so it is better to be prepared.
4 Reasons to Consolidate Retirement Accounts
Did you know Americans change jobs an average of 12 times in their lifetime? If you have changed jobs and left behind 401(k) accounts with prior employers, you know firsthand that managing retirement accounts spread among different custodians and financial services providers can be a big headache. Let’s look at four reasons why consolidating your retirement plan accounts may be the cure.
Protecting Inheritances for Married Children
Statistics suggest that a high percentage of marriages will end in divorce. Although you may not be concerned about your own marriage, are you worried about protecting the assets of your married children?
A Solution to the Password Problem
Whether you’re looking to make a New Year’s resolution or you’re simply trying to implement some information security best practices, you would be well served to start using a password manager. Why?
5 IRA Misconceptions and How You Can Make the More Informed Choice
Unexpected taxes or penalties, loss of the IRA’s tax-exempt status, and even disinherited beneficiaries may all be avoided with the following tips.
Countdown to Retirement
Planning well ahead of time may help you stay on track for the retirement you envision.
Guide to Planning a Charitable Bequest
Provide for the right beneficiaries, in the right manner, through careful charitable bequest planning.
Why Some of Us Are More Likely to Be Targets of Cyber Crime
Learn who the potential targets of cyber crime may be and how you can mitigate some of this risk.
Here’s What You Should Know About Bitcoin
For many investors, this cryptocurrency has raised a lot of questions and a lot of curiosity.
Should I Wait To Start My Social Security Benefits?
Planning for retirement can be stressful. Learn about some of the most important factors you should consider for your financial future.
Protecting Your Information in an Increasingly Connected World
Learn some information security best practices that might come up in your day-to-day.
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