Planning for Incapacity For many people, estate planning is focused on distributing assets after death. But you also need to plan for incapacity due to injury, illness, or aging. Incapacity means you are unable to make decisions and cannot manage financial, personal, and health care matters. In this article, we will go over what [...]
Above-the-Line Deductions There are both itemized and above-the-line deductions. They will affect your Adjusted Gross Income in different ways. In this article, we will go over the basics of above-the-line deductions. Adjusted Gross Income Before you can understand above-the-line deductions, you must understand Adjusted Gross Income. Your AGI includes your combined income from wages, [...]
Dealing With Market Crashes During Retirement Throughout history markets have recovered from crashes given enough time. However, if you are in retirement, you may not have time to wait for the market to recover. You may be forced to sell at lower price to fund your retirement. But a downturn is manageable with adequate [...]
Variable Life Insurance A variable life insurance policy is a contract between you and an insurance company. In exchange for a premium the insurance company promises to pay specified amount to your beneficiaries upon your death. In this article, we will go over the basics of variable life insurance. The Basics Variable insurance differs [...]
What Information is Needed to Set Up a Trust? Now that you have decided that a living trust is the right estate planning tool for you, what do you do now? What information do you need to set up a trust? In this article, we will go over what you need to set up [...]
Home Office Deduction The home office deduction is available to small business owners who regularly and exclusively use a portion of their home for business related activities. This deduction is taken if you file a Schedule C. In this article, we will go over the basics of the home office deduction. The Basics You [...]
Exchange Traded Funds Exchange traded funds, or ETFs serve as a building block to a diverse portfolio. They are a type of investment fund that allows investors to pool their money in a selected basket of securities that are traded on a stock exchange. In this article, we will go over the basics of [...]
Long Term Care Insurance Riders Long term care insurance comes with optional add-ons that allow you to customize coverage. These typically come with an additional cost. In this article, we will go over some common long term care insurance riders and what they can accomplish for you. Inflation Protection The first long term care [...]
Testamentary Trust Frequently Asked Questions A testamentary trust is a type of trust that only comes into existence through the probate process. In this article, we will go over five frequently asked questions about testamentary trusts. What is a Testamentary Trust? A testamentary trust is a type of trust that is created through a [...]
Understanding Form 1120-S Form 1120-S is the name of the tax return for S-Corporations. It calculates the business’ taxable income and liability, which is passed on to shareholders to report on their personal tax returns. In this article, we will go over some basic information about Form 1120-S. Required Information First, you will need [...]
