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Articles
Effective Cost Management Builds a Solid Foundation
From the smallest proprietorship to the largest international conglomerate, cutting costs can often be perceived as a "quick fix" toward improving financial results. However, such business decisions may not always be in the best long-term interest of an otherwise healthy company.
Family Business: How Children Can Help Their Parents Plan
Fred and Linda -- siblings who were newly involved in running the family business -- finally decided to take bold action. They whisked away, for a long weekend, the domineering president of their company, who also happened to be their father. The purpose of the trip? Fred and Linda simply wanted to know more about the business -- its history, successes and failures, customer base, competitors, and prospects for the future.
Ten Ways to Involve Your Children in Philanthropy
Through your own philanthropic generosity-whether volunteering, supporting a charity as a benefactor, attending fundraisers or setting up a family foundation-you are educating your children about your values and teaching them to be generous. While you may identify your philanthropic values more formally in a family charitable mission statement, children learn a lot through observation.
The Gift of Giving
The charitable remainder trust (CRT) is a tax-advantaged estate planning tool that allows you to plan for a future charitable gift while providing an income, lowering your taxes and reducing your estate.
Business Trends - Women in the Workplace
The business landscape is always changing - technological advances, corporate downsizing, restructuring, and telecommuting have reshaped the marketplace. Although these improvements have a great impact on our working environment, perhaps the most notable trend has been the rapid growth in the number of women-owned businesses. According to the Center for Women' s Business Research (2007), women own a majority share in 41% of all privately-held businesses, and women-owned businesses currently generate almost $1.1 trillion annually in sales.
Economic Trends and Your Dollar
If you are like most people, you probably think of the U.S. dollar in terms of what it purchases in your local community. A gallon of gas costs. . .a loaf of bread costs. . .a ticket to a ballgame costs. . .etc. And, you probably understand that when economists talk of inflation eroding the purchasing power of the dollar, they mean simply that over time a dollar will buy less than it does today. However, the dollar is subject to not only domestic economic forces but international economic forces as well. What may be less understood is how those forces affect the dollar and what it may mean for you.
Financial Planning: A Natural Career Choice For Small Business Owners
Much has been made of the fact that the first of the 76 million baby boomers turned 60 years old in 2006. And with good reason: over the next 50 years, an unprecedented amount of money - at least $41 trillion1 - will change hands, generally being handed down to the next generation as the boomers age.
Education Planning For Today
Paying for a child's college education is an expensive proposition - but not an impossible one. With the right strategies, you can go a long way to meeting this challenge whether your child is still in preschool or already in high school.
Education: One of the Best Investments You'll Ever Make
It wasn't long ago that an individual went to school, got an education, and embarked on one career that usually lasted a lifetime. Many companies provided on-the-job training, and little thought was given to "going back to school." It was common to be asked in a job interview where you saw yourself in five or ten years. Many people fresh out of school could see a fairly predictable career track ahead.
Removing Money from Your 401(k) Before Retirement
From time to time, circumstances may warrant taking money out of your 401(k) account. If you're older than age 59½, become disabled, get divorced (in specific situations), or die, money can be removed from your 401(k) without paying the 10% federal income tax penalty for early withdrawals. (Of course, income taxes will still be due.)
The Entrepreneur's Dilemma
As larger corporations downsize to meet the competitive challenges of the 21st century, many middle managers are taking the opportunity to strike out on their own as consultants. They often seek the independence and satisfaction of working for themselves. Wouldn't everyone?
"UGMA" and "UTMA" in Action
Parents who would like to give property to their minor children may be unaware of their options regarding the ways in which property can be held for the benefit of their children. Essentially, there are only four ways in which a parent can give property to a child: 1) give it outright; 2) give it in a trust; 3) give it by means of a guardianship; or 4) give it through the use of a custodial account.
A Conservation Easement Can Block Land Development and Reduce Taxes
Owning land has its rewards. But when the land is a ranch, farm, or other undeveloped property, those rewards are often measured more in satisfaction than in cash flow. This can create a huge tax problem for family members who inherit valuable undeveloped property.
Cultivating Financially Responsible Children
For someone with $2 million dollars, buying a second new car for a son who wrecked the first one is not a problem-financially, that is. But it creates this awful sense for the child of not having to be responsible.
Holding a Family Meeting
If you've been working hard and investing for years, you probably have enough resources to live well and feel confident in your financial future. Your next consideration may be how to build a legacy for your family and future generations. No matter what your asset level, holding family meetings to clarify your values and plans for the transfer and management of your wealth can be an essential part of this process.
Variable Universal Life - Insurance for the 21st Century
Many individuals view life insurance as a means of providing a financial "safety net" for loved ones after the family provider is gone. While correct, this view may be limited when one realizes that insurance companies work to continually enhance their offerings to give insurance consumers more return for their premium dollars
What We Take for Granted
Daily family life means the mortgage gets paid ... clothes and groceries are bought... and summer vacations are taken with family and friends. All this is part of what many of us take for granted every day of the week.
Prospectus! Prospectus! Read All About It!
How often have you heard: "Read the prospectus before investing"? But, how many times do people actually read the prospectus before investing?
Risks vs. Rewards of Annuities and Mutual Funds
When it comes to investing, trying to decide where to put your money is not easy, especially in today's changing market. How can you know what is really best for you?
Evaluating the Costs of Home Ownership
The decision to own or rent a home is usually based on three key elements - cost, investment, and personal preference. The recent increase in house and condominium prices has made the investment aspect more of a "sure thing," and has converted many would-be renters into potential home buyers
Financial Perspectives on "The Car Buying Experience"
Many factors make up the search for the perfect new vehicle, including make, model, color, and price. In addition, the car shopping experience often begins with the question, " Should I buy or should I lease?" Depending on your answer, there may be a substantial difference in what you will get for what you can afford. In addition, if you decide to buy, rather than lease, you have the added consideration of how to arrange financing.
The Four Forms of Co-Ownership
Owning property with another individual or partner may be a complex relationship. Because of the complexity, the way you agree to take title or ownership must be worked out in advance. Consulting with your legal professional can help you establish the ownership form in a way that will benefit you and your heirs.
Refinancing? Look at the Whole Deal
When you bought your home, you probably inspected the entire property, as opposed to just the roof. You most likely realized that it takes many elements to make a sound structure. Likewise, if you are thinking of refinancing, it’s important to focus on more than just the interest rate. There are other factors to consider, such as the amount of closing costs, if any; the length of time you expect to remain in your home; and how far you are into your existing mortgage.
Do Retirees Need a New Investment Strategy?
First growth, then income. If you're like most investors, you want to achieve growth while you're working and income after you retire. But that doesn't necessarily make it smart to change your investment strategy when you retire by shifting your portfolio completely out of stocks into less volatile, "income" investments like bonds and cash equivalents.
Don't Wait To Plan Your Retirement
Most of us find it easier to earn and spend money than to save it. Planning and saving for retirement too often takes a back seat to other priorities. Why is procrastination the rule, rather than the exception when it comes to retirement planning?
1031 Exchanges, A Tax-Deferred Real-Estate Strategy
This article is for educational purposes. 1031 exchanges have restrictions and limitations.
When the time comes to sell your real estate, some owners of highly appreciated real estate could be staring at a substantial capital-gains tax bill. A section of the Tax Code may help you convert your appreciated property into an income stream-while deferring up to 100% of the capital-gains tax that would otherwise be due on the sale.
Does Your Automobile Donation Qualify as a Tax Deduction?
If you are looking to increase your charitable donations this year, you may want to consider donating your old automobile to charity. But, taxpayers looking for a way to reduce their tax liability, and "do good," need to understand the requirements necessary to receive the deduction.
