Something you may not want to consider, but should, when you send your kids off to college. Not a bad idea to talk with your insurance advisors about how to deal with risk of loss and protection from potential liability vis-a-vis your budding scholars.
Posts Categorized: Financial Planning
The Internal Revenue Service has launched a new online video series, Your Guide to an IRS Audit, to help small business taxpayers and their tax preparers better understand the IRS audit process.
How small-business owners handle the process of retiring or exiting from their businesses will have a tremendous impact on their ultimate level of wealth. Making appropriate decisions in this regard can seem less overwhelming if you see it through the lens of Wall Street: sell, hold, or buy.
America’s vulnerable, graying population, and the concentration of wealth among older adults, has created a massive opportunity for fraud. Hard statistics are not available, but experts suspect that perhaps half a million elderly adults are ripped off by family members, lawyers and accountants every year, potentially taking $2.6 billion from infirm older Americans. The crime is known as elder financial abuse.
From the Stranger than Fiction files: When it comes to Social Security benefits, there is such thing as a “do-over.”
By dying in 2010, the billionaire and long-time New York Yankees owner’s wealth avoids the federal estate tax, likely saving his heirs enough money to field an entire team of Alex Rodriguezes.
Some words of wisdom for people who have assets in, or reside in, multiple jurisdictions.
Raising the retirement age is inevitable, given the economy, the state of the budget (at least, that’s what they call it in Washington DC), and the increased life expectancy that modern medical science helps us attain.
Heartbreaking stories like this are way too commonplace. We have had our share of similar, well-publicized problems in Hawaii. A primary mode of elder financial abuse is by the misuse of durable powers of attorney. Powers of attorney can be helpful tools, but they must be carefully managed and maintained, and they must be judiciously granted. It pays to have checks and balances, as well as systems of accountability, in place.
It’s looking more and more like the estate tax will be coming back with a vengeance in 2011. It’s not too early to plan for how to minimize the bite. This WSJ article provides a pretty good explanation of the current situation and future prospects.