These crucial years call for action. Today, retirement may seem nearer to you than it once did. The following moves might be worth making—and soon. Catch-up contributions to your retirement accounts. Starting in the year you turn 50, you may make a total of $1,000 in catch-up contributions to your IRAs each year [...]
Regardless of whether you and your parents have always talked freely about money or never discuss the subject, there are several considerations you may want to address with them as they approach their later years. The six questions below can help you to start thinking about and planning for that conversation. What's the best way [...]
For decades, the bypass trust was a popular estate planning tool for wealthy couples who wished to take full advantage of the federal estate tax exemption and bequeath more of their wealth to successive generations. However, recent changes to estate tax laws have made bypass trusts unnecessary for many. Individuals may now exempt $5.43 million [...]
In 2014, the IRS allows you to give up to $14,000 annually (or $28,000 if you give jointly with your spouse) to each of as many people as you'd like in cash, investments, and/or property without triggering gift taxes. (This limit may be adjusted for inflation in future years.) If you're thinking about giving money [...]
A major issue in estate planning is whom to name as beneficiaries on life insurance policies, pension plan accounts, IRAs, and annuities. This important decision often doesn't take into account the substantial estate and income tax consequences the beneficiary may incur. So before you name a beneficiary, you may wish to gain a basic understanding [...]
In an endeavor as critical as managing your investments, it is prudent to handle some situations with the help of a competent professional advisor. Many individual investors simply do not have the time, patience, or persistence to deal effectively with their investments over the long term. Many investors have the motivation to put in the [...]
There are several reasons why homeowners may be tempted to put their house in a child's name. However, it's important to understand the risks that come with this strategy. Altruism Altruism may be the most obvious reason to transfer a home to a child. By giving a home to a younger family member, you can [...]
Although the thought may not be pleasant, you may someday face a sudden health crisis that leaves you unable to make your own medical decisions. Fortunately, there is a legal means, known as an advance directive, to address this potential concern. An advance directive is a written statement that you complete prior to a serious [...]
Start your child on the right path from Day 1! [gview file="http://VirtueWM.com/wp-content/uploads/2014/11/LPL_Baby_Steps_for_Planning_Your_Childs_Financial_Future.pdf"]
Six signs that you are in good shape. How well off do you think you are financially? If your career or life takes an unexpected turn, would your finances hold up? What do you think will become of the money you’ve made and saved when you are gone? These are major questions, and most people [...]
