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Gift Tax Fundamentals

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Tax

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.

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A Living Will

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Estate Planning

You may recall that during the final weeks of his life, former President Richard Nixon refused "heroic measures" and received only palliative (comfort-easing) care at his home. Similarly, former First Lady Jacqueline Kennedy Onassis refused life-prolonging medical intervention before her death from non-Hodgkins lymphoma. Former President Nixon and Mrs. Onassis both retained control over their final medical care through use of a living will and a health care power of attorney.

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The Increasing Cost Of Education

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College

A college education is an investment that pays off. According to The College Board's annual report, Trends in College Pricing, median annual income for bachelor's degree recipients is 80 percent higher than median income for those with only a high school diploma. Over a lifetime that difference exceeds $1,000,000.

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Keeping Your Plan In Balance

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Investments

No matter what type of investor you are, it is important to keep your plan on track. Revisit your asset allocation periodically (every year or two, depending on market conditions) and see whether it needs adjustment. You should also periodically re-examine your risk tolerance and investment profile, especially as you get closer to your goal. You may discover you need to tweak your portfolio’s risk exposure over time.

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An Introduction To Budgeting

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Finances

Budgeting is the systematic allocation of one's limited resources (income) to a potentially unlimited number of needs and wants (expenses.) Budgeting your income, though oftentimes tedious and difficult to maintain, can help you better control how your income is being spent.

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Mortgage Basics

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Consumer Finance

Many home buyers search for a home they want, then apply for a mortgage and hope for the best. A better approach is to find out how much mortgage you can qualify for, then look at homes that you know are within your price range.

You will probably save time, aggravation and money by having your lender tell you the size of mortgage you qualify for and the likelihood that you will be approved. Pre-qualification may also give you added bargaining power with the seller if he knows there will be no delays in closing the deal.

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Loss Of A Key Employee

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Business

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.

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Use Of Living Trusts

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Estate Planning

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.

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Our Founder

Knowing what's happening is Good. Making it happen is Better.

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Jed Raynor

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Our team of dedicated professionals specialize in assisting clients to prepare for the unexpected, insuring they are well informed every step of the way.

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