For the Love of Your Family

Articles to LIFT Your Family

3 Deadly Sins of Retirement Planning

Retirement planning is one of life’s most important financial goals. Indeed, funding retirement is one of the primary reasons many people put money aside in the first place. Yet many of us put more effort into planning for our vacations than we do to prepare for a time when we may no longer earn an […]

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Don’t Transfer Ownership of Your House to Your Kids Before You Read This

With the cost of long-term care (LTC) skyrocketing, you may be concerned about your (or your elderly parents’) ability to pay for lengthy stays in assisted living and/or a nursing home. Such care can be massively expensive, with the potential to overwhelm even the well-off. Because neither traditional health insurance nor Medicare will pay for […]

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Avoid This Major Mistake When Adding an IRA to Your Estate Plan

Some people assume that because they’ve named a specific heir as the beneficiary of their IRA in their will or trust that there’s no need to list the same person again as beneficiary in their IRA paperwork. Because of this, they often leave the IRA beneficiary form blank or list “my estate” as the beneficiary. […]

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Donate to a Charitable Remainder Trust For Tax and Income Benefits

If you have highly appreciated assets like stock and real estate you want to sell, it may make sense to use a charitable remainder trust (CRT) to avoid income and estate taxes—all while creating a lifetime income stream for yourself or your family AND supporting your favorite charity.   A CRT is a “split-interest” trust, […]

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How Will the New Tax Law Affect Your Family?

President Trump signed the new Tax Cuts and Jobs Act bill into law on December 22, 2017, and the law includes a number of historic changes to the federal tax code. However, the vast majority of the most dramatic changes are aimed at business taxation, not individual taxpayers. That said, there are several fairly significant […]

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New Bill is Potential Game Changer for Your Family’s Tax Strategy

UPDATE: The new tax bill has been signed into law, so for information on the bill’s final provisions and how they might affect you, refer to the article posted on 2/9/18. If you follow the mainstream or social media news, you likely know the new Republican tax bill, which recently passed both the House and […]

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Pay For a Loved One’s Education With an Education Trust Fund

Today’s parents are all too familiar with the budget-busting cost of funding a child’s college education. It can be challenging enough to put aside sufficient savings for a single child’s education, but for multiple kids, the price tag can make donating a kidney for extra cash seem downright reasonable! In fact, a survey by The […]

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Tax Benefits of Buying a Second Home

Buying a second home can provide you with a place to relax, unwind, and escape from it all. It can also provide you with substantial savings if you take advantage of these tax benefits of buying a second home. Mortgage Interest Mortgage interest paid on up to $1.1 million in debt on your first and […]

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Tax Lessons to be Learned from Celebrity Estate Plans

A celebrity’s image and likeness can continue to produce considerable income after death. This type of intellectual property is considered part of your estate, and the IRS can tax its value. In the case of pop star Michael Jackson’s estate, that recently meant an IRS bill to the tune of $64.5 million, years after his […]

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Recently Divorced? Here’s Why You Should Put Aside Your Differences Come Tax Season

Divorce can wreak havoc on your finances. But what many divorced couples don’t realize is that they can expect to face recurring financial challenges during tax season for years after the divorce is finalized. While divorce is often adversarial, leaving both spouses with animosity in its wake, tax season is an opportune time to put […]

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Think Your 401(k) Is Flexible? 6 IRA Benefits Your 401(k) Doesn’t Have

When it comes to retirement plans, IRAs and 401(k)s provide many of the same benefits. But in certain situations, an IRA can outperform a 401(k). IRAs aren’t right for everyone, so you should become familiar with the advantages IRAs have over 401(k)s before you transfer funds or set up a new account. To help you […]

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