Have you ever thought about what would happen to your family if something happened to you? All of us have at one point or another, even if it was in the form a frantic mental love note sent to family members during bad airplane turbulence. But concern for protecting your family financially doesn’t have to turn to worry if you follow these steps.
The kiddie tax is a tax rule that is levied on unearned income (interest, dividends and capital gains) earned by children under the age of 19 and full-time college students under the age of 24. For 2016, all of the child’s unearned income in excess of $2,100 is taxed at the parent’s tax rate.
In 2016, the only way that college students under age 24 will be able to avoid the kiddie tax is if they provide over half of their own support from …
A new survey we did asked people what they planned to leave their loved ones if they were to pass away tomorrow, and more respondents said they would leave behind family photos (54%) than money from a life insurance policy (49%) for their loved ones. So while we all value the memories that a photo brings us, it’s important to realize […]
My wife and I went tandem bungee jumping together on our honeymoon. There’s something about an adrenaline rush like that that gets you thinking about the bigger picture. And as a newlywed financial planner, it prompted me to think about the planning we had in place and have a conversation about what our future goals looked like.
First, just talking about it is the biggest step. Open communication between you and your new spouse about your joint financial goals is one of the most important things you can do so you can avoid financial surprises down the road. Once you know where you stand and where you want to go you can take the proper steps to get there. Here is what we learned.
If you think your retirement is going to look like your parents’ or grandparents’ retirement, think again. Here are three things you should be considering:
1. The Bank of Mom and Dad won’t always be open. There are two sides to this. If you’re currently supporting your adult children, you’re not alone. According to a BMO Wealth Institute study, 81% of parents say they have provided their adult children with some financial support. However, you’ll want to evaluate if that’s possible to sustain in the long-term. Ask yourself: Will helping my adult child (buy a house, afford a vacation, transition to a new job …) put my own financial future in jeopardy?