Protecting Your Goals and Your Loved Ones Naming the beneficiaries of an insurance policy seems likes an easy thing to do. If a person is married, the spouse is the beneficiary. The children are often named as contingent beneficiaries. If a person is not married but has children, the children are often named as first beneficiaries. Usually, these are the people that life insurance is intended to … [Read more...] about Top 5 Mistakes When Naming Beneficiaries of Insurance Policies
Effective Retirement Planning Includes Contingencies
Roughly one in five Americans in the workforce believe that "working for pay" will be a major source of their retirement income. This is according to the "2018 Retirement Confidence Survey" produced by the Employee Benefit Research Institute (EBRI). Nearly half of respondents believe paid work will be a minor source of retirement income for them. This widespread expectation of working in … [Read more...] about Effective Retirement Planning Includes Contingencies
The Deferred Sales Trust (Part 2)
A Legal, Tax-Based Strategy for Deferring the Payment of Capital Gains Taxes By Greg Reese, Certified Trustee for the Deferred Sales Trust Today we bring you Part 2 of our series covering the Deferred Sales Trust (DST). The DST is a legal, tax-based strategy for deferring the payment of capital gains taxes. Greg Reese, AmeriEstate Legal Plan, Inc., President and CEO and Principal of Reef … [Read more...] about The Deferred Sales Trust (Part 2)
Definition of a “Grantor, Settlor, or Trustor” of a Trust
Definition of a “Grantor, Settlor, or Trustor” of a Trust These terms are often interchangeable. The Grantor, Settlor, or Trustor of a trust decides how the trust will operate, including: what property to include in the trust, who the beneficiaries will be and how beneficiaries will receive their inheritance. When the trust is revocable (i.e., can be changed or terminated until the grantor … [Read more...] about Definition of a “Grantor, Settlor, or Trustor” of a Trust
Save or Shred? Follow These Recordkeeping Guidelines
Are you a recordkeeping pack rat? Many individuals and businesses hold onto paper and digital records indefinitely — just in case. But securely storing years of financial records can become burdensome. Here's some guidance to help minimize recordkeeping overload. Secure Disposal of Sensitive Data Think twice about keeping certain financial records indefinitely. The more records you … [Read more...] about Save or Shred? Follow These Recordkeeping Guidelines
6 Cool Ways to Save Taxes During the Hot Summer Months
The Tax Cuts and Jobs Act (TCJA) may have put a crimp in some of your summer plans by eliminating or scaling back certain tax breaks. But individuals and small business owners still have plenty of opportunities to save taxes. Here are six ideas to consider this summer: 1. Host an Outing for Employees Under prior law, businesses could deduct 50% of the cost of its entertainment and meal … [Read more...] about 6 Cool Ways to Save Taxes During the Hot Summer Months
Capital Gains Rates Before and After the New Tax Law
Are you confused about the federal income tax rates on capital gains and dividends under the Tax Cuts and Jobs Act (TCJA)? If so, you're not alone. Here's what you should know if you plan to sell long-term investments or expect to receive dividend payments from your investments. Old Rules Prior to the TCJA, individual taxpayers faced three federal income tax rates on long-term capital … [Read more...] about Capital Gains Rates Before and After the New Tax Law
Reverse Mentoring: Moving Seasoned, Younger Workers Into High Gear
Reverse-mentoring isn't a new concept, nor is it widespread, though many companies could benefit from such a program. Pioneered at General Electric some two decades ago, the basic concept is that younger employees have a lot to teach older ones about work-related matters. In some corners of the business world, the idea is broadened to encompass mentoring by employees with diverse ethnic … [Read more...] about Reverse Mentoring: Moving Seasoned, Younger Workers Into High Gear
Last-Minute Tax Planning Tips for 2017
This year, Tax Day for individuals, sole proprietors and C corporations is Tuesday, April 17. You still have time to consider some moves in 2018 to potentially save federal (and possibly state) income taxes for 2017. Here are three last-minute planning ideas. Last-Minute Section 179 Option for Businesses Did your business make improvements to real property in 2017? If so, you might … [Read more...] about Last-Minute Tax Planning Tips for 2017
Estate Planning 101: An Introduction
What Is an Estate and What Planning Is Involved? It's important for you to understand what the word "estate" means so that you do not underestimate the broad scope of the term. The "estate" consists of all the property a person owns or controls. Examples of the more well-known items include personal property, real estate, bank accounts, insurance policies, business interests, certain trust … [Read more...] about Estate Planning 101: An Introduction
