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.
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.
There are several benefits involved when dealing with tax-loss selling, which is selling a stock that has lost value in order to realize a taxable loss. Losses can be used to eliminate both long-term and short-term gains. For more on tax-loss selling and an example of its benefits, read this C.P.A. Insight
Backing up vital information and data from your personal computer is important in the event your computer is stolen or destroyed. One way to back up personal data, such as pictures and files, is to store it on a removable hard drive. For more information and tips on backing up personal data and protecting your PC, read this Financial Strategy.
When you change jobs, it is generally a good idea to roll assets in your company-sponsored retirement plan into a Rollover IRA.
By adjusting how you allocate your savings for retirement, you are able to benefit the greatest from two of the most popular savings strategy plans, 401(k)s and IRAs. We suggest a savings strategy that is designed to maximize your after-tax return and investment flexibility. For more on savings strategies and how to determine the best amount to contribute, read this Financial Strategy.
For most high-income earners, the decision to make an IRA contribution is a personal one. One significant benefit of contributing to a Traditional IRA is the tax-deferred growth; however a significant drawback is the growth portion of future distributions is taxed as regular income. For the benefits and drawbacks of IRA contributions for high-income earners, read this Financial Strategy.
Legislation in Georgia has made credit freezes an effective and economical way to curb identity theft. Credit freezes lock your credit records so that no one other than you can establish new credit in your name. For more on credit freezes and how they differ from fraud alerts, read this Financial Strategy.
Your identity can be stolen in many obvious places, such as businesses you patronize, your mailbox or directly from you. It is virtually impossible to eliminate the risk of identity theft. For more information on how thieves may potentially obtain your information and how you can minimize your risk of becoming a victim, read this Financial Strategy.