There is one thing that we will most likely all do one day: regardless of your status in society, position at work, or whether you are tall or short, you may pass down assets to loved ones. When that day arrives, an estate plan is essential for managing and distributing those assets without too many hiccups. Physical real estate is one of the more valuable items on your asset list.
Planning for long-term care (LTC) is essential to financial management and personal well-being. Addressing this crucial need has become more pertinent with the ever-increasing healthcare costs and a growing aging population. Having the LTC resources available may concern single and divorced individuals seeking to live independently. This article is a comprehensive guide for singles and divorcees to help them prepare for LTC care and its associated costs.
Even when divorce is inevitable, it's not something you wake up one day feeling prepared to handle. If you plan to take this step in the new year, it's essential to start getting your situation manageable before life gets too complicated. Here are some tips to help you plan for this significant life change.
Retirement seems like a long way off, but it arrives faster than you think. The big question is, are you ready? What exactly does retirement entail? Analysts suggest there are four designated phases of retirement that a person often experiences. Individuals may have to modify their strategies throughout the different phases to align with changing incomes and expenses. Being prepared for these phases is key to realizing your retirement goals.
A 529 Plan, also known as a "qualified tuition plan," is an investment vehicle that offers numerous benefits to parents seeking to save for their children's future education. 529s are versatile and provide significant advantages that may help ease the financial burden of funding a child's college education.
Those who receive an inheritance with the passing of a loved one are potentially given the gift of financial freedom if they choose to manage the wealth carefully. Did you know that only about one-third of adults have a prepared will, and about 40% with investable assets of $1 million or more never discuss their estate plans with their children? The reality, however, is that the percentage of squandered inheritances is troubling. Studies indicate that 70% of inheritances are exhausted by the second generation, and a whopping 90% is gone by the third.
Money concerns can be overwhelming to the point that they affect other aspects of your life, including your mental and physical well-being. However, there are various strategies you can use to help you better manage and alleviate this stress while also staying on top of your finances.
Navigating the intricacies of Social Security (SS) after divorce or death can feel overwhelming, but it does not have to be. Whether you are a divorcee or a surviving spouse, understanding the rules surrounding SS benefits can significantly impact financial planning for retirement. This article provides helpful information on disbursing benefits after a divorce or death and how to navigate the process.
Alimony and child support are critical financial components often arising during divorce proceedings. These payments can significantly impact both parties' finances, particularly during tax time. Understanding how these payments are taxed may ease some concerns and provide clarity at tax time. This article explains the differences between payments from a tax filing perspective.
Divorce can significantly change life and has considerable implications on taxes. Tax filing after divorce requires understanding new filing statuses, exemptions, child deductions, alimony, and property settlements, among other things. Here are the steps to help navigate filing taxes the first year after divorce.
Each year when tax season rolls around, it comes with the burden of figuring out how to file your taxes correctly. The good news is that there are several ways to prepare and file your taxes, depending on your needs and the complexity of your taxes. Whether you’re trying to save money, increase your refund, or need professional tax advice, here are different methods to consider that can help you select a tax filing process that may be appropriate for your circumstances.
Embarking on retirement alone, either by choice or due to unforeseen circumstances such as the loss of a partner or divorce, presents a unique set of challenges and considerations. With the rise in divorce rates among those aged 50 and older, and the reality that over a quarter of individuals over 60 live solo – a figure that climbs significantly for women as they age – preparing for a solo retirement is more relevant than ever.
The death of a spouse is a profound loss, leaving a void in your life and often creating unexpected financial challenges. Even if you were actively involved in managing household finances, the complexities of estate settlement, long-term planning, and navigating unfamiliar territory can feel overwhelming.
Divorce is rarely simple. Beyond the emotional upheaval, separating your financial lives can be incredibly complex. At Ambient Financial Advisors, we understand the challenges you face. Here are a few topics to help you understand the key tax implications of divorce, empowering you to make informed decisions for your future.
With the cost of college expensive for many, receiving a tax break from the IRS for college-related expenses may be appealing. 529 Plans and Coverdell Education Savings Accounts (ESAs) offer tax-advantaged withdrawals when used for qualified expenses.
LPL Research is pleased to present Outlook 2025: Pragmatic Optimism. Our annual update offers a complete comprehensive analysis of the economic and market environment and highlights potential implications for investors and their portfolios.
When giving gifts to our children or grandchildren, we often default to the latest toys or gadgets. However, the value of these items tends to diminish over time in terms of both interest to the child and monetary value. A different approach to gifting can focus on investing in a child's future. This perspective offers more than instant gratification; it provides lasting benefits that may help provide an independent future for your loved ones.
As the year comes to a close, there are some important deadlines that you shouldn’t ignore. These deadlines affect your taxes, savings, and, perhaps, your financial future. Here’s a simple guide to help you stay on track before this year’s clock runs out.