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When we’re all trying to save more money for retirement, the options can be confusing. The answer is, of course, that any retirement savings plan is better than none at all. But if you’re currently in a low tax bracket, you may want to pay taxes now and save funds in a Roth, The right decision each year is going to depend on your age, the amount of retirement savings you have What retirement savings do you have already?

grandchildren with their education, she could set up a 529 plan for each child and contribute $50,000 to each account . 529 plans are tax-deferred accounts that are used for education. If the kids are young, the account could grow tax-free for years before it’s needed. If this is a concern, a 529 plan account is a better option, but grandma—not a parent—must be the custodian Once payments were made out of the account, this would be considered income to the child and could put

Depending on what you have been gifted, you may ask, “Can I give part of my inheritance?” Your Financial Advisor May Recommend Keeping Your Assets Low Have you ever heard of an inheritance tax As a result, these people who were getting Medicaid for nursing homes might lose their housing and health You don’t even have to wait to draft a will. Giving benefits your loved ones immediately. Early inheritance has saved you and your loved ones a lot of future headaches at the probate court.

When it comes to your home, your health and your finances, you want to be in the driver’s seat. Even if you have a nice nest egg set aside for retirement, it could quickly become cracked and scrambled Unfortunately, we have seen families forced into debt and even bankruptcy to meet the needs of their Additionally, we make sure that you have all of the proper legal documents such as powers of attorney If you have any questions about a long-term care plan or would like to discuss the documents that you

in the Greater Houston area struggle to pay for the costs associated with aging and their declining health You do not need to have a service-connected disability to qualify.   permanently and totally disabled, or 65 or older The veteran must be honorably discharged The veteran must have However, even if you have assets or money in your name, you still may be able to secure Aid & Attendance

Department of Health and Human Services defines long-term care (LTC) as a range of services and supports your LTC policy is based on several factors: How old you are when you purchase the policy The maximum amount

Your email account, social media profiles, loyalty program benefits, and online accounts for utilities Consider every account, username, and login you might want your loved ones to have access to. Then create a list with the information, making sure to include the password to each account. It is also a good idea to include the security questions associated with a given account and, of course This person will have access to all your accounts and be in charge of distributing or destroying assets

The contract will have agreed-upon terms for the division of assets if a future breakup happens. enough to move in together should consult an estate attorney to draft specific documents—like wills, a health Also, if you have significant net worth which would make you liable for federal estate tax, you should

with the headache of the probate court or other legal obstacles, putting your house in a trust can save This means that your loved ones won’t have to wait for months or even years before they can inherit what If you have acquired any form of wealth, estate tax planning is an important aspect of sound financial This is just one of many tax-saving strategies that can help you reduce the estate taxes owed upon your Lawsuits Although some may think it is unnecessary, shielding your assets from creditors and lawsuits can save

Plans) One of the best ways to gift money to loved ones is to set them up with a Section 529 education savings They help relieve the burden of tuition, books, room, and board. 529 account contributions are considered Go over that amount, though, and you will be expected to shell out between 18 and 40 percent on gift Tuition, Medical, and Dental Expenses If you are eager to support a loved one in their quest to get healthy Your loved ones should not have to be burdened by the IRS upon your death or have any unexpected tax

Nobody could have predicted the way our world has been turned upside down because of the pandemic. essential for anyone old enough to have their own bank account. As soon as you turn 18, your parents have no legal access to your medical or financial accounts like If you own cryptocurrency, run a popular social media account, or just want your carefully curated Instagram your own mortality or demise, considering how – or whether – your loved ones will gain access to your accounts

Further, if you have specific desires related to giving to your religious organization, share this with Health and End-of-Life Decisions Living Wills and Healthcare Directives are also influenced by religious Some religions have official positions on life support, blood transfusions, etc. Even if it does not, you may have a desire to leave part or all of your estate to your particular faith