The most common way to pass your assets to your beneficiaries is to use a will. One reason why wills are a common estate planning tool is that they are easy to create. You can even create a will online. Sometimes a will is all you need to get the job done. However, sometimes a…
15 Facts You Never Knew About Life Insurance
Putting money aside for retirement and building a nest egg is crucial for the financial security of you and your family. After all, if you suddenly were unable to support your family, what would they do? 1. It’s part of a sound financial plan If anyone financially relies on you, then life insurance should be…
The Savings Game: Roth Advantages Reviewed
By Elliot Raphaelson Based on reader inquiries, many readers do not understand when funds are available after a Roth conversion. When you make a Roth IRA contribution, it is understood, by most, that after you pay the income tax in the year of the contribution, there is no tax or penalty associated with the withdrawal…
Had Flood Damage? How to File a Flood Insurance Claim
August 15, 2022
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Most everyone has heard of the flooding that recently took place in Kentucky. It occurred suddenly, offering no time to pack and move out in advance. Many people lost everything. If those floods happened in your area, would flood insurance cover your losses? Floods are the costliest natural disasters in America, states FEMA (Federal Emergency Management Agency)….
Financial Infidelity: Do You Keep Money Secrets From Your Spouse?
Financial infidelity means keeping a money secret from your spouse. With a divorce rate today of about 50 percent, any form of infidelity could easily lead to a relationship breakdown. And while a little white lie about money may seem like no big deal, but financial infidelity is as serious as any relationship secret. Let’s take…
What Medicare Part A’s Belly-Up Date Means for You
August 11, 2022
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At its current pace, Medicare’s Hospital Insurance trust fund will run out of money in 2028, according to the June 2022 Medicare trustees report. That’s a two-year extension on the previous estimate, but experts say it’s still not good news, and the government needs to stop twiddling its thumbs. Here’s what you should know. What…
Millennial: When Is It OK to Be Selfish With Money?
Amid rising inflation, interest rates and recession worries, money is getting tighter for many folks—and probably for you. Yet there may be charitable organizations you want to support, friends, or family asking for financial help and things you want to buy for yourself. It’s possible to do these things even on a limited budget. But…
5 Uses for Your Bank Account Routing and Account Numbers
August 9, 2022
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Your bank account routing and account numbers might not seem very significant, but they act as an important gateway for the cash going into and out of your bank account. Freelancers and other small business owners may find keeping your routing and account numbers handy is a good idea, as you’ll need them somewhat frequently when looking to move…
How Do the Very Rich Pay Less In Taxes?
Have you ever wondered how the rich can earn so much money and pay so little in taxes? It may seem unfair. Warren Buffett, for instance, has openly said that he pays a lower tax rate than his secretary. The rich have quietly kept the secret to themselves. The secret is out now, and here…
Landlords: Save Money With These Tax Reduction Strategies
Owning one or more rental properties is an excellent way to ensure an ongoing income. Knowing the best tax reduction strategies and applying them can make your investment even sweeter. First, a Note About Record-keeping To ensure that you can claim as many tax write-offs as possible on your investment property, keep all your receipts–and…
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