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When a grandmother wants to give her two grandkids $50,000 each for college, there can be tax and financial Bear in mind that the direct payment of tuition could jeopardize the child’s financial aid eligibility were made out of the account, this would be considered income to the child and could put his or her financial Planning for financial aid can be tough because each school has its own set of rules. If the child is likely to get financial aid, she could make gifts for other purposes like a down payment

Other times, we have seen clients with one financially established child that does not need a large inheritance as well in life (possibly suffering a divorce, spousal death, or bankruptcy) and requires a little financial We have also had cases where the client’s child was unable to properly handle their finances , and the

Her parents were in favor, as each lost their fathers during childhood and witnessed the financial stress Life insurance allows us to deal with personal loss without compounding it with financial stress. life insurance, many life insurance needs will expire, assuming that a family is on track to reach financial Note that permanent life insurance creates additional financial complexity and can be expensive. If you have a spouse or minor children, you have loved ones relying on you financially.

Love does not always last, and the financial implications of ending a relationship can be devastating Other Reasons to Consider a Prenup in a Second Marriage Not only is a divorced person more aware of the financial headache that comes along with ending a marriage, they are also more in tune with the fact that finances

If you are someone financially planning for a loved one with special needs, you are likely aware of how These legal tools serve to provide financial security for your loved ones while preserving their eligibility Recent changes to the rules governing SNTs could potentially alter the landscape of your financial planning The Basics of Special Needs Trusts A special needs trust is designed to provide financial support for shift corrects a historical oversight and empowers those with disabilities to take charge of their financial

There’s plenty of financial chicanery that targets seniors. One reason is that older Americans are more apt to have the means to purchase a financial product than often makes them marks for schemes by unscrupulous sales reps pushing inappropriate insurance and other financial Visit www.finra.org/investors/finra-securities-helpline-seniors if you believe you’ve been misled by a financial If you are talking with a salesperson of a financial product, consult with a family member and an elder

Many elderly individuals tend to be very private about their finances. Or, they may be embarrassed that their financial situation is not what they wanted it to be. Not having access to financial information is a great deal of stress on adult children who are suddenly Planning early will give them the opportunity to make their own decisions about the future of their finances

How do you turn a successful business into a financial legacy that will empower your family for generations Great-Great-Grandchildren,” reports that some families invest substantial time and energy into designing a financial Preserving and protecting financial wealth requires a sound understanding of, as well as a solid plan Studies have shown that as a result of these forces, financial wealth often doesn’t last beyond the third

Do I have the authority to make medical or financial decisions for the grantor? Or both? You can have either a financial or medical power of attorney. You may have already guessed but a financial power of attorney has authority over your financial matters While it is possible that you have been granted the power to make both medical and financial decisions

A Forbes article, “Wealth Planning For Couples: How to Wisely Merge Your Financial Plans,” says that if you’re an adult with accumulated assets, you need to approach the financial side of your marriage Each spouse should sign a financial durable power of attorney to allow access to retirement accounts Even if a couple doesn’t combine all their assets, they should mesh their financial plans to avoid future Reference: Forbes (November 27, 2015) “Wealth Planning For Couples: How To Wisely Merge Your Financial

The beginning of the year is a great time to set financial goals, take stock and make adjustments. Financial planning issues, however, can vary according to age. financial planning guide for different stages of life and the transitions faced along the way. Establishing good financial habits can pay big dividends in the future. Gen Xers are navigating a financial world filled with competing demands.

Getting your finances in order prior to retirement may seem daunting. Nonetheless, preparation is the key to designing the kind of financial plan necessary to allow you to live a financially secure retirement.