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.
Losing a child is an unimaginable tragedy. In the midst of such profound grief, dealing with financial matters can feel overwhelming. Yet, there are practical considerations that need to be addressed. This guide offers support and information to help you navigate these difficult tasks during this heartbreaking time.
The story of Nelson Mandela is one of both tragedy and inspiration. Growing up, Mandela was told stories by the elders in his village of Mvezo, in the Eastern Cape of South Africa, of the heroism and courage demonstrated by his ancestors as Africans fought battles in the struggle against racism and resistance.
The concept of a debt ceiling has been a topic of significant discussion in the realm of economic policy, particularly in relation to government spending. However, the idea of imposing a debt ceiling can also be applied to personal finance. Families can benefit from adopting their own debt ceiling as a vital tool in creating a sound financial plan. Let’s explore the notion of a debt ceiling, its importance, and how families can leverage it to work towards financial confidence and stability.
We often discuss with our clients the idea of financial “headwinds” and “tailwinds.” Tailwinds being the financial factors that are positively pushing them closer towards their goals, while headwinds being the factors that are slowing them down on the same journey. Taking on certain debt without purpose or plan can easily become the largest financial headwind in your life. It can quickly result in constantly taking 1 step forward and 2 steps back for many years into the future.