Limited Liability Company Frequently Asked Questions A limited liability company is a business structure that millions of businesses use. In this article, we will answer 8 limited liability company frequently asked questions. 1. What is an LLC? A limited liability company, or LLC is a popular type of business structure. It creates an entity [...]
Kiddie Tax Basics The kiddie tax was introduced by The Tax Reform Act of 1986. It was set up to prevent parents from transferring wealth into their children’s names for the sake of reducing tax liability. In this article, we will go over the basics of how the kiddie tax works. The Basics Kiddie [...]
UTMA and UGMA Accounts UTMA and UGMA accounts allow you to provide a minor with financial savings and a head start. UTMA stands for Uniform Transfer to Minors Act. UGMA stands for Uniform Gift to Minors Act. These accounts can give adults an opportunity to transfer assets to a minor without setting up a [...]
Indexed Universal Life Insurance Myths Indexed universal life insurance is a type of permanent life insurance. It offers both a death benefit and a cash value. The growth of the cash value is directly tied to an index. It is a bit more complex than a traditional whole life policy, so there are some [...]
Living Trust Frequently Asked Questions A living trust is a very useful estate planning document and is a piece in the puzzle of a complete estate plan. In this article, we will go over 5 living trust frequently asked questions. 1. What is a Living Trust? A living trust is a legal entity that [...]
How to Prepare for Tax Season Want tax season to go by smoothly this year? Then you should start preparing now. In this article, we will go over 5 steps that will help you to prepare for tax season. 1. Understand Your Filing Status There are five potential filing statuses. These include single, head [...]
Life Insurance Frequently Asked Questions Life insurance can be a useful wealth management planning tool. But many people have questions about how it works. In this article, we will go over 8 life insurance frequently asked questions. 1. What is Life Insurance? Life insurance is a contract between you and an insurance company. In [...]
529 Plan Frequently Asked Questions A 529 plan is a type of education savings plan. It comes with certain tax advantages. But often these plans are not used to the full. In this article, we will go over 529 plan frequently asked questions to help you better utilize these plans. 1. Who Can Utilize [...]
Frequently Asked Questions About Special Needs Trusts A special needs trust is a unique type of trust that allows a disabled individual to receive supplemental support without putting their eligibility for government benefits in jeopardy. In this article, we will go over 7 frequently asked questions about special needs trusts. 1. What is a [...]
Alternative Minimum Tax Alternative minimum tax ensures that those with high income by ensuring they pay at least a minimum amount of tax. It prevents high net worth tax payers from over utilizing certain tax benefits to greatly limit their tax liability. In this article, we will go over the alternative minimum tax. How [...]
