When it comes to 401(k) plans, some people may find themselves a bit confused about the 10% Federal income tax penalty for withdrawals prior to age 59½ and hardship withdrawals from a 401(k) plan. The Internal Revenue Service (IRS) does allow qualified hardship withdrawals from a 401(k) account. However, a qualified hardship withdrawal does not […]
As Melanie Marshall (a hypothetical case) prepares to head off to college, she’s looking forward to her newfound independence. Although Melanie will be on her own for the first time, her parents, Joan and Al, can at least rest assured they’ve schooled her well in handling her personal finances. A typical student spends well […]
Whether you manage a trust for someone else, are the beneficiary of a trust, or are thinking of creating a trust, you probably have some questions about the “best practices” of trust management. A well-managed trust can help preserve wealth for generations, while a poorly-managed trust may provide only a quick path to insolvency. How can […]
As you get older and closer to retirement, your financial practices need to shift slightly as you transition from working and saving to relying on your nest egg. As you approach this stage of your life, you need to take steps to protect your wealth. Keep these tips in mind. Shift Toward More Conservative […]
As of 2017, about two-thirds of all nonprofit organizations in the U.S. had annual budgets of less than $1 million.[1] For these non-profit organizations where every penny has a purpose, having the services of a financial professional can be incredibly valuable. Below, learn more about the different ways a financial professional can help non-profits succeed. Fiduciary […]
Though U.S. taxpayers received an extra month to file and pay their federal income taxes in 2021, some are still smarting from having to write a check to the IRS.[1] For many, it can be tough to make the connection between those hard-earned dollars going out the window and the roads, services, and even technological advances […]
If you own a business, you may have spent years dreaming of passing along the business to your children, nieces and nephews, or other family members after you retire. However, transferring a family business—and its ability to create wealth—to the next generation can often be fraught with hurt feelings and potential complications. What can family […]
Members of the “Sandwich Generation”—or adults who have at least one parent over age 65 and at least one child who still requires financial support—often find themselves torn between their dual caregiving responsibilities.1 Being in the Sandwich Generation can also be expensive; not only are you supporting your child, saving for retirement, and paying down debt, […]
Over the next twenty years, a wealth transfer will occur that exceeds $30 trillion as the Baby Boomer generation passes the remainder of their wealth to the Millennials and subsequent generations. The Baby Boomers (born 1946-1964) are considered the wealthiest generation, currently controlling 70% of the disposable income in the United States. It is imperative […]
Important Insights for Intergenerational Wealth Transfer When you begin to think about your legacy and transferring your wealth there is no shortage of things to take into consideration. There are probate and inheritance traps and numerous tax implications that present challenges. An important aspect of a good plan is to avoid being financially blindsided because […]