Now that Mother’s Day is over and we are back to business as usual, let’s really take a look at and appreciate mothers in the United States–many of whom are balancing a lot of different responsibilities. According to Pew Research (6 Facts about Moms): The median age at which women become mothers is older than […]
©Bring Clarity to Your Finances™. Mothers: Make Time for Financial Planning is a post from Bring Clarity to Your Finances™
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With a headline like that I bet you’re thinking this is one of those wild & crazy get rich schemes. However, it’s really just a hypothetical illustration of the great benefits of three factors that can work in your favor in building a legacy: compounding interest Roth IRA tax laws (including IRA stretch provisions) time What follows is an example of how you can make those three factors work together to create this $33 million legacy. How It All Started… Once upon a time, there was this guy named Joe. Joe is 20 years old, working part-time making decent money, finishing up college, just generally living large (by a 20-year-old’s definition). On the advice of his father (yes, some 20-year-olds do listen to their fathers!), he opened up a Roth IRA, funding it with $5,000. The account was invested in a fixed 5% yield instrument of some sort (not important […]
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By Eve Kaplan, CFP® Unless you have a terminal illness you probably do NOT know when you will die. Accordingly, these tips are geared toward all individuals who hold investments, insurance, pensions and/or real estate and who want to pass these to a surviving spouse or other family members. Some of these steps may seem […]
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When you die, the way in which your property is handled will depend on the type of documents (or lack thereof) you’ve set up before your death. The following is a summary of the ways your property transfers to heirs when you pass away. Life Insurance. At death, life insurance proceeds are passed to your beneficiaries (and in most cases, tax free). For example, if you have a life insurance policy with a face amount of $500,000, when you die, your beneficiaries receive the $500,000 face amount tax free. When you purchase life insurance, you name your beneficiary or beneficiaries – those who receive the death benefit when you die. Most married couples will name each other as beneficiaries on their respective polices, some will name charities, and other will name other relatives, individuals, or trusts. Life insurance contracts generally avoid probate (the legal process of validating a will and […]
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Nearly any mortgage lender will tell you a VA loan is one of the very best deals in the industry. Some would even say it’s the best. But despite all its benefits – no down payment, relaxed credit guidelines, and less restrictive income requirements – there are disadvantages of a VA loan. There are only […]
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