Yesterday kicked off the first of the Democratic debates. How many are seeking the nomination? Might be better to ask who isn’t. Lots of folks on that stage last night. Anyway...a major plank in the platform is student loan forgiveness. Presumed frontrunners Elizabeth Warren and Bernie Sanders are pledging to forgive 75% and 100% respectively. [...]
Nice article from Barry Ritholtz about the importance of a basic financial education, why we're so bad at providing it and what can be done to improve the situation.
Who likes a visit to the doctor’s office? Exactly. In a recent survey conducted by The Harris Poll Americans likened financial planning to a medical exam. Adults aged 18+ were asked how they feel about financial planning. The #1 answer was “not my favorite thing in the world but know it needs to get done [...]
Generally assets held in a retirement account such as a 401(k) or IRA are exempt from the claims of creditors. The tests are: the amount in the account must be retirement funds the account the funds are held in must be one that’s exempt from taxation under certain sections of the Internal Revenue Code A [...]
The problem with humans is that, well, we're human. It means we're subject to making decisions not in our best interest. We're easily distracted and excitable. We want to believe what we're told. It's a recipe for disaster. The purpose of insurance is to protect against something. Own a car? Great. Buy insurance in case [...]
A moral will is an attempt to transfer an intangible legacy – a heartfelt expression of what truly matters most in a person’s life. It is designed to let heirs better understand the values, principles, beliefs and life lessons that inspired and motivated the giver. Here are some things to know when considering drafting one: [...]
Notice 2018-58 provides rules that can be relied upon unless and until Treasury issues clarifying rules regarding the following: K-12: Distributions can be used to pay up to $10,000/yr of tuition per beneficiary at an elementary or secondary public, private or religious school. Tuition Refunds: A beneficiary receiving a refund of tuition or other qualified [...]
You meet the man/woman of your dreams. You marry. You name your spouse beneficiary of your IRA, life insurance, 401(k), etc. Fast forward a few years. Your marriage is one of the almost half that end in divorce. You forget to change the beneficiary of your IRA, life insurance, 401(k), etc. Fast forward a few [...]
One of the items getting little attention in the recent round of tax reform is the kiddie tax. Passed by Congress in 1986 to prevent taxpayers from shifting income to their kids (presumably in a lower bracket) the tax raises more than $1 billion per year for Treasury. What is it? The kiddie tax is [...]
A Limited Liability Company (or its cousin the S-Corp) can be a valuable tool for protecting personal assets by separating the entity from its owners for both tax and legal purposes. In doing so a “corporate veil” is created. But just like a properly-insured driver can’t drive with impunity and reckless abandon so too must [...]