Of the two sure things in life, death and taxes, you might be surprised to know taxes have nearly an equally lengthy history. The United States was founded in large part to avoid taxes; however, once the Constitution gave Congress the authority to tax in 1789, citizens have weathered scores of changes. For more on the history of U.S. taxation, read this C.P.A.Insight.
Uncertainty overshadows the entire estate planning process including the changing tax laws and the value of your estate when you die. To combat uncertainties when developing an estate plan, you should realize that an estate plan is not a one-time endeavor. Rather, it is a plan that should be flexible to accommodate both lifestyle and law changes. For more on building flexibility into an estate plan, read this Financial Strategy.
Is gold a good investment during these current economic times? While it does have some benefits, The Henssler Financial Group generally advises against investing in it, as there are more efficient alternatives. For more information about the pros and cons of investing in gold, and for some alternative investment options, read this Investment Whys.
In order to protect the confidentiality, accuracy and relevance of credit information, Credit Reporting Agencies, or CRAs, are required to follow reasonable procedures as mandated by Congress and the courts. Although there are limits on the use of credit reports, there are certain purposes in which it can be used. For more on consumer protection laws and to learn about some permissible uses of your credit report, read this Financial Strategy.
For a minor to own investments in his or her own name, a custodial account must be used. A custodial account is established through the Uniform Gift/Transfer to Minors Act and allows a custodian to control a savings account until the child reaches the age of majority, when the account becomes the sole possession of the child. For more information about custodial accounts and to learn about some the advantages and disadvantages, read this Financial Strategy.
In the event that you move, you are required to inform the IRS of your new address and contact information so that they can update it in their files. If you fail to do so, any vital information regarding your taxes that is sent to your "last known address" is legally effective, even if you never received it. For more information about the steps to take to keep your information up-to-date with the IRS, read this C.P.A Insight.
Real estate is a common investment option for many investors, often done through the purchase of Real Estate Investment Trusts, or REITs. There are several different kinds of REITs, as well as many advantages and disadvantages to purchasing them. For more on the different types of REITs and to learn a little bit about investing in them, read this Investment Whys.
Statistics show that an individual is much more likely to become disabled in their earning years rather than suffer death; however, many professionals are still surprised to learn that disability insurance is more important than life insurance. For more information on disability insurance for professionals, types of policies, and to learn which policy may prove to work best for your needs, read this Insurance Know-How.
The decisions a company faces after one or more of its owners pass away are hard, especially when several parties are involved. One way to preempt confusion regarding the shares of a company left behind by the deceased party is to consider a buy-sell agreement. For more information about buy-sell agreements and the two types that are available, read this Insurance Know-How.
When dealing with the validity of a Last Will and Testament, cases such as these go to the Probate Court. Assets involved can be divided into probate and non-probate assets. For more information on the probate process and to determine which type of property you may be dealing with, read this Financial Strategy.