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Information Visit ESPlannerBASIC which asks what you earn, what you spend, and how your financial obligations will change over time. (For example, when will your youngest kid graduate?) It then assumes that you’ll want your family to maintain the same living standard from today on, and figures out how much you can afford to spend, [...] Read more » Similar to a Grantor Retained Annuity Trust (GRAT), a Charitable Lead Annuity Trust (CLAT) can pass most of their investment gains to heirs, while reducing or eliminating gift and estate taxes. But whereas a GRAT returns interest and principal to you, a charitable lead annuity trust, or CLAT, typically gives everything away. Annual income payments, [...] Read more » A popular trust strategy, the sale of an asset to an Intentionally Defective Grantor Trust, or IDGT, can also be complex and expensive to set up. Why bother? For one thing, the payoff is potentially greater than with other strategies. Moreover, these give you a tax-advantaged way to pass assets to grandchildren while keeping the [...] Read more » One of the most attractive wealth-transfer strategies is also one of the simplest – a family loan. The IRS permits relatives to lend money to one another at what is called the Applicable Federal Rate, which the government sets monthly. With these, relatives can charge far less than a bank. The appeal of the Bank of Mom [...] Read more » Preventative medicine is an investment in the quality of your life. Not only does it decrease the probability of a future serious illness but it also substantially reduces your future health care costs. Heart disease, diabetes and cancer contribute to a large number of illnesses, disabilities and deaths. They’re also some of the most costly conditions [...] Read more » Your credit score can affect your future cash flow. It can increase insurance premiums, job offers, housing costs and interest payments. Insurance Different rules apply for life, home and auto insurances. Life insurance A bad credit score will exclude you from top-tier life insurance, but your score doesn’t weigh heavily at any other level. Although it does get factored in, [...] Read more » It’s critical to do the math, know the facts, plan prudently and make sure you stay on track for retirement. Let’s say you’ve been saving for retirement and you’re in the middle of your earning years. How are you doing? It’s hard to know offhand. Many of us are not savvy about investments and feel overwhelmed with the [...] Read more » Charitable giving starts with finding a cause you’re passionate about. Find a cause or organization you are passionate about – whether it’s the environment, education, the arts, animals, or any other topic you care about. Ask what the needs are, and make a commitment to help. When choosing an organization to assist, take a look at [...] Read more » What is a credit score? A credit history is a collection of all of the pieces of financial information that relate to your life. It contains information on how long you’ve had your individual credit accounts, the account limits, balances, and your payment history. Current and future creditors only want to know one thing: if they loan [...] Read more » The cost of long-term care can destroy net worth and a lifetime of savings. It’s difficult, but not impossible, to do estate planning that protects assets from long-term care costs. One option is to use an irrevocable income-only trust in situations where the objective is to pass on a house or other asset to a child. By [...] Read more » Unlike commercial annuities, which are sold by insurance companies, charitable gift annuities are offered directly by nonprofit organizations like charities, universities and hospitals. Increasingly, people are discovering these products as a neat solution to both their charitable intentions and their desire to create more reliable income in retirement. How they work An organization accepts your donation – cash, [...] Read more » Setting effective goals for your prosperity trek is not always an easy task, however some of the following tips can help you with this. Attainable You can set any goal you want to, for example “make a million dollars this year,” but how realistic is it? Unless you have invented something or are making close to a [...] Read more » These are some spending areas where there is a good chance that you can save money, freeing up cash for debt reduction or savings. Look at buying used instead of new. Cars lose much of their value the minute they are driven off the dealer’s lot – losing thousands of dollars in value in their first [...] Read more » Using an ETF strategy may help you achieve better investment returns than the overall market. Start by buying ETFs that mimic broad indexes. Then use 200-day moving averages and sector rotation shifts to balance and rebalance your portfolio as needed – not daily, but at least several times a year. This is what large investment firms can’t do, for [...] Read more » |
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