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
During National Medicare Week (September 21-27), take time to learn about this important program for covering your future health care costs. Medicare is essential for many older Americans, helping them cover the costs of many necessary health care services. You have to be 65 to enroll in Medicare, but that doesn’t mean you should wait
For National College Savings Month in September, we discuss several burning issues about these popular college savings vehicles. Assets in 529 college savings plans more than doubled in ten years, topping $370 billion at the end of 2019 according to the Federal Reserve. Interest in 529 plans has grown as students and parents fret over
An economic downturn can make the challenge of running a small business even harder. Here are some ideas to help you keep your doors open and your dream of small business ownership alive. Your cash flow is key to keeping your small business running during a recession. Increasing or speeding up inflows is one way
Don’t let a job loss derail your financial future. Consider these steps to help you stay on track to your long-term goals, even when short-term unemployment happens. Unemployment is often unplanned and stressful—and can lead you to make rash decisions that have a lasting impact on your financial future. Job losses can come with feelings