Structuring The Terms Of Your Loan
Often it is necessary to borrow money in order to make large purchases like cars, home improvements, college expenses and emergency purchases. Fortunately, our financial institutions make such loans readily available, and fairly easy to get. However, such loans can be fairly complex financial transactions. The more you know before going into a loan, the better prepared you will be to select the loan that best meets your objectives.
Using Credit Cards Wisely
Credit cards were first introduced to the public just over 40 years ago, in 1959. With the introduction of credit cards, consumers were given new choices in how to pay for costly purchases that they had previously had to save for and pay in cash. Using credit cards allowed people to purchase goods without having sufficient funds immediately on hand, and without reaching new terms every time they wanted to purchase on credit.
Loss Of A Key Employee
Business owners accept without question the wisdom of insuring the firm against the loss of its property values. We take care to insure the physical assets against fire, tornados and other disasters. Yet, protection from the loss a key executive may be far more important.
Minimum Retirement Plan Distributions
Most qualified retirement plans offer significant tax benefits for those willing to follow a few IRS specified rules. The government wants to make these plans (401(k)s, Keoghs, SEPs and traditional IRAs) available for specific needs, and has established tax law to help eliminate potential abuses of these tax advantaged investment alternatives.
Year End Financial Planning
The best financial decisions are made with the benefit of time, thoughtful consideration and trusted professional advice. As tax time once again approaches, there are many things you can do to give you the flexibility to make the best long term financial decisions and prepare to minimize expenses, taxes and the headache of organizing your finances at the last minute.
Use Of Living Trusts
A revocable living trust provides financial protection in the event you are no longer able to manage your financial affairs yourself. You can be trustee while you are healthy, but if you have a stroke or become otherwise incapacitated, your successor trustee would manage your assets in the trust.
The Basics Of Homeowners Insurance
Your home and the things in it generally represent the largest asset your family will ever have. For this reason it is very important to have your home and its contents insured at all times. One should have insurance on its contents, against theft, fire, windstorm, or some other disaster. It is also wise to be insured for personal liability. This would cover an accident that might occur to someone who is visiting your home.
Gift Tax Fundamentals
The federal government imposes a substantial tax on gifts of money or property above certain levels. Without such a tax someone with a sizable estate could give away a large portion of their property before death and escape death taxes altogether. For this reason, the gift tax acts more or less as a backstop to the estate tax. And yet, few people actually pay a gift tax during their lifetime. A gift program can substantially reduce overall transfer taxes; however, it requires good planning and a commitment to proceed with the gifts.
