The last few days, I’ve gotten four calls from single parents…okay, moms…asking for guidance with a divorce or parenting issue. Not unusual, considering I’m a single parent too. Though I did get married last weekend to a wonderful man, I’ll always be a single parent of these two amazing boys. And their dad will be […]
Do you own a family business? If so, you’re in very good company. More than 90% of U.S. businesses are family businesses. Out of the Fortune 500, 150 are family businesses. Now, would you like to hear some really startling statistics? Only 30% of family businesses will survive into the family’s second generation, 12% to […]
You have a 401(k), right? Sure you do. And you have one (or more) because everyone tells you it’s a heck of a deal. But has anyone ever told you that your IRS qualified fund strategy could end up being a horrible weight on your retirement?
Every January, you opt in to contribute to your 401(k) the maximum allowed that year. You’ve been told over and over that this type of retirement fund will become a nice big nest egg for your retirement on dollars you never paid tax on! Isn’t that something?! What could possibly be wrong with stiffing Uncle Sam every year for the taxes you owe on that maximum contribution?
Well, a lot, actually.
Photo by Nicki Varkevisser on Flickr (http://www.flickr.com/photos/clickflashphotos/)
Picture this scenario…
You’ve worked hard, saved and managed to accumulate some wealth.
You’re not a robber baron by any means but you’re comfortable. Your siblings haven’t fared as well and you want to make sure that their children have the benefit of a solid higher education. With no children of your own, it seems the right thing to do.
What does this have to do with estate planning?
Nothing. I just like it.
So you set up 529 college education savings plans for your nieces and nephews, make them the beneficiaries, and mention everything in your will.
Last week, I promised to give you some thoughts on nursing home care. And here it is!
Now that we’re living longer than ever, we need to ask some tough questions about how to care for our elders (and ourselves) when the time comes. Making the decision to place a loved one in a nursing home can be one of the most heart-wrenching decisions you’ll ever make.
Mom, long before her last illness.
Can you believe this woman had 10 kids?