Each year the IRS sets limits on the amount of cash and/or property (dollar value) you can give to others. There is a limit both for what can be given each year as well as what total amount can be given over one’s lifetime. This article covers what you need to know and how to determine whether there are any tax consequences.
Who will act on your behalf if you are unable to? This is a question we should all, at some point in our lives, be asking ourselves. Granting a power of attorney is an important tool that can help protect yourself both personally and financially. There are several different types of powers of attorney that are specifically designed for different purposes.
The emotional and physical stress of losing a loved one can be overwhelming, as well as the responsibilities you will have that follows. To help with the many tasks that will need to be completed both immediately and down the road, a checklist may help as a guide to keep this process as organized and easy on the survivor as possible.
As you plan for your retirement your primary focus is on building assets to provide a source of income for your retirement years. The goal is to accumulate wealth, either on a taxable or tax deferred basis, that will generate sufficient earnings and growth combined with mandatory distributions from tax qualified plans and social security benefits to support your lifestyle in the years you are not working.
