There are tax-free limits on what you can gift in a year and during your lifetime. While it may feel better to give than to receive, the former may carry federal tax consequences, which dampens the cheer associated with bestowing a financial gift to a loved one or friend. But not all financial gifts incur
A volatile year in the financial markets can create opportunities for reducing your taxable income. Many investors use the closing months of the year to review their portfolios and assess their winning and losing investments. It’s also a good time to do tax planning for the upcoming filing season; decisions you make before year-end can
While federal student loans payments are on hold, take time to put a strategy in place to pay off this debt faster. When the CARES Act was passed earlier in 2020 to provide financial relief individuals and families through the COVID-19 pandemic, it included a hold on federal student loan payments and on interest charges
Take a look at Medicare Advantage plans as you search for the best option for your health care needs. There are two ways to enroll in Medicare. The first is through original Medicare, which includes Parts A and B. The second is through Medicare Advantage plans, which bundle Parts A and B in an “all-in-one”
You can be generous with your loved ones during the gift-giving season without running afoul of the rules. One way many individuals try to avoid estate and inheritance taxes is to give money away during their lifetime, effectively reducing the wealth that will be subject to federal taxes when it’s passed on to heirs. This
You or someone you love may need long-term care at some point in your life. Planning ahead can help ease your concerns about the cost of care. When people hear “long-term care”, they often think of a nursing home. But there are a broad range of health services and providers that fall under the long-term
While you may get wrapped up in news headlines and short-term swings in the markets, the reality is long-term investment performance is highly dependent on the business cycle. The business cycle (alternatively called the economic cycle) is defined as a period of economic expansion followed by a recession. The business cycle is defined by four
A 401(k) account is one of the most valuable tools for saving and planning for retirement. Many plans offer features that can help you set aside more of the money you earn for retirement and grow wealth for your financial future. If you’re able to save the maximum amount available, you should. Here are a
Purchasing a life insurance policy is an important step toward protecting your loved ones from financial uncertainties. There’s no way to say accurately how much money your family will need to replace the financial support you provide in the event of your death. But it’s smart to think carefully about the future expenses they may
Some of the biggest lessons your child may learn happen when they’re entering adulthood and getting ready to live independent lives. In a 2019 Pew Research study, most Americans say 22 is the ideal age for young adults to achieve financial indepen-dence. But in reality, only around one-quarter of 22-year-olds can make that claim. Between