Modified Endowment Contracts Modified Endowment Contracts, or MECs, refer to the tax qualification of some life insurance policies. In this article, we are going to go over exactly what modified endowment contracts are, their taxation, and how a life insurance policy qualified as one. Technical and Miscellaneous Revenue Act The Technical and Miscellaneous Revenue [...]
Dealing With a Market Correction A market correction is a 10% or greater decline in the price of a security. For most investors, they are scary and hard to deal with. In this article, we will go over 5 tips to help you deal with a market correction. 1. Understand What a Market Correction [...]
Gift Tax Gift tax is a tax that you potentially may have to pay for gifting property to another person. In this article, we will go over the basics of how gift taxes work, so you can understand how it affects you The Basics Whether or not your gift will be subject to tax [...]
Irrevocable Trust FAQs An irrevocable trust is often a confusing estate planning document to many people. In this article, we will go over commonly ask irrevocable trust questions to help you better understand them and how they work. What is an Irrevocable Trust? An irrevocable trust is a type of estate planning document. It [...]
You Need a Long Term Care Plan A long term care plan is an important component of any financial plan. Any type of long term care, whether it is in a nursing home, at home, or adult daycare, it is very expensive. Because of this, you need to plan in advance. In this article, [...]
Bond Basics A bond is a type of loan that large companies use to generate income. As an investor, you lend a company money by purchasing a bond. In exchange for that money, the company will pay interest to you. It will have a maturity date, which will end the loan and return the [...]
Charitable Donations and Tax Deductions If you are making charitable donations throughout the year, you may be able to use them as itemized deductions. In this article, we will go over the different types of charitable donations. As well as what qualifies as a deductible donation and limitations. Types of Charitable Donations There are [...]
Probate FAQs Probate is a complex legal process and leaves many people confused and with unanswered questions. In this article, we will go over probate FAQs to help guide you along in the process. What is Probate? Probate is the court-supervised process that is often necessary to distribute assets after someone passes. It becomes [...]
Payroll Basics As an employer, it is your responsibility to understand payroll basics. This important because it is your responsibility as the employer to make sure that everything is executed properly. You can outsource these services or you can do it in-house. There are a number of professional employer organization (PEO) companies that could [...]
SHOP Basics SHOP stands for Small Business Health Care Options Program. The SHOP allows small business owners to be able to offer Health Care coverage to their employees. In this article, we will go over SHOP basics so that you can successfully enroll in a plan for your small business. Eligibility The first step [...]
