Let me just say this… No. Do not add your kids to your deed. …Unless…(I am a lawyer after all) There are few questions in law with a pretty definitive answer. But this is one. Let’s start with the hard and fast rule of “Don’t add your kids to your deed.” Here’s why. Adding […]
“Please, please, please. I beg you. Don’t take estate planning advice from your banker, financial advisor, insurance broker, mortgage broker, escrow agent, real estate agent, or your friends. I can’t tell you how much terrible, ill-informed advice there is out there that results in harm. Let these other professionals do what they do best and […]
From the “crappy estate planning advice professionals give their customers” file: I’ve heard a TON of terrible advice that comes from financial professionals about estate planning–but this is probably the most common and the most damaging. And it usually comes from banks and bankers: “You should put one of your kids on your account so they […]
Or “I want a Trained Squirrel and I want it NOW!” One of the most frequently asked questions I get is, “How can I ask my parents about my inheritance without seeming like a gold-digger?” Well, the short answer is, you can’t. If you want to ask your parents about what and how much you’ll […]
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/)