Choosing the Right Life Insurance Policy | Compare Plans
How to compare plans based on your specific needs The basic premise behind life insurance is simple: You pay premiums to an insurance company, which then pays your beneficiaries a certain amount after you die. But not all life insurance policies are alike. In fact, the right policy for one person may be precisely the wrong choice for someone else. Understanding the basics of life insurance and what to look for in a policy can help you find coverage that [...]
Preparing for the 2021 Tax Season | Financial Advisor Advice
How a financial advisor can help you manage your taxes this year Reducing your tax burden can help you manage your wealth and free up money to meet your financial goals and build your legacy. But tax rules are complicated, and you may need help understanding all the methods you can use to minimize your tax burden. Your financial advisor is one resource you can tap to help you develop strategies that fit your plan and reduce your tax exposure in [...]
Tax Tips for Charitable Donations | CARES Act
Charitable giving is a great way to support the causes you care about while also getting a tax break. In 2020, Congress passed the Coronavirus Aid Relief and Economic Security (CARES) Act, which incentivized charitable giving by offering new rules for charitable deductions. As we move into the new year, now is the time to make sure you’re making your 2020 deductions properly and planning for your 2021 charitable giving. Here’s a look at what you need to know. 2020 Tax [...]
4 Smart Money Moves for 2021 | Brighten Your Financial Life
With the new year in full swing, it’s a great time to take stock of your personal finances. From building a budget and saving for retirement to getting a jump on this year’s taxes, here are some of the smart money moves to consider to help brighten your financial life in the new year. 1. Build a budget Creating a monthly budget can help you better understand your spending and identify how much money you can put toward your financial goals. [...]
How to Make a Wealth-Transfer Plan | Asset Management
A well-designed plan protects your wishes and helps avoid conflict among your heirs. A wealth transfer plan guides the movement of your assets from your estate to your beneficiaries. Baby boomers are already in the throes of the most significant wealth transfer in history. Over the next 25 years, they are expected to leave $68 trillion in wealth to their heirs. But you don’t need to be older to need a wealth transfer plan, nor do you need a large estate. [...]
The Importance of Long-Term Care Planning | Health Care Coverage
Long-term care coverage can fill in the gaps other health care insurance leaves behind. Long-term care insurance helps cover the cost of assistance with daily living tasks, including bathing, dressing, eating, and mobility. This type of care is not covered by Medicare, supplemental Medigap policies, or other traditional health care insurance. If you’re relatively young and healthy, you may feel you have plenty of time before you need to worry about long-term care—or you may even think you won’t need [...]
Preparing for Health Care Costs in Retirement | Retirement Planning
For many Americans, navigating the maze of health insurance options—from employer-based plans to individual policies—can be dizzying. Much of that changes at 65. That’s when individuals generally are eligible for Medicare, which covers routine health care expenses such as visits to doctors and prescription drugs. But the program doesn't cover everything. Here is a breakdown of how Medicare works—and your coverage options for filling in the gaps. Inside Medicare Medicare comprises four parts that cover different health care services and [...]
What You Need to Know About Investing During an Election
Elections can move the market, but that doesn’t mean you should change your approach. Like any big news event, U.S. presidential elections can cause ripples and even waves in the stock market. In November 2016, for example, Donald Trump’s victory sent Dow Jones Industrial Average futures plunging 900 points on election night, as investors reacted to the unexpected outcome. The next day, markets shot back up, rallying sharply. That kind of volatility may sound like a big deal, but election-related market [...]
Your IRA and Your Legacy | Retirement Saving Strategy
Individual retirement accounts can play a valuable role in the estate planning process Individual retirement accounts (IRA) are a cornerstone of many people’s retirement savings strategy, and for good reason: The ability to contribute pre-tax income—and to defer taxes until you start making withdrawals—means your savings can potentially grow more quickly than they could in a taxable account. But there’s more to IRAs than tax advantages for retirement savings. In fact, IRAs can play a valuable role in estate planning, offering [...]