Estate Planning for Unmarried Couples When you are in an unmarried relationship there are extra steps you need to take to protect each other. You are not automatically set up as each other’s beneficiaries. Additionally, you would have no rights if a probate was involved. In this article, we will go over the basics [...]
Business Tax Classifications There are several different types of business tax classifications that you can choose from with the IRS. Which one you decide to implement will have a large effect on your taxes, so it is important that you understand how they all work. In this article, we will go over the four [...]
10 Life Insurance Myths Life insurance is a common financial planning tool. But it can be misunderstood. In this article, we will bust 10 life insurance myths. 1. You Only Need Life Insurance When You’re Older Many have the misconception that you do not need life insurance until later in life. But younger people [...]
Index Fund Basics An index fund is a group of investments that’s aim is to mirror an existing index’s performance. It is usually made up of the same investments as the index it tracks. Some benchmarks include the S&P 500, Dow Jones Industrial Average, Nasdaq, Russell 2000 index, Wilshire 5000 Total Market Index, and [...]
Spendthrift Trust A spendthrift trust protects your assets from being wasted by a beneficiary who is a reckless spender. This type of trust lets you distribute assets to your beneficiaries under specific conditions. In this article, we will go over the basics of how a spendthrift trust works. People Involved There are three sets [...]
Taxes for Freelancers-Made Simple Taxes for freelancers can seem foreign and overwhelming. There are many moving parts that need to come together. In this article, we will go over the basics of taxes for freelancers. The Basics If you earn more than $400 in freelance/self-employment income you must report this on your taxes as [...]
Picking the Right Payout Option for Your Annuity Picking the right payout option for your annuity is vital for the success of your retirement. You have 3 different options you can choose from. These include the annuitization method, systematic withdrawal schedule, and a lump sum payment. In this article, we will go over these [...]
Budgeting for Retirement Budgeting for retirement is an important topic those nearing retirement age need to consider. According to the Bureau of Labor and Statistics the average American age 65 or older will spend close to $60,087 a year. In this article, we will go over some basics regarding budgeting for retirement to help [...]
Domestic Asset Protection Trusts Domestic Asset Protection Trusts, or DAPTs, are a type of irrevocable trust. They can be helpful estate planning tools and potentially provide protection from creditors. In this article, we will go over the basics of DAPTs. Set Up Only 17 states currently allow Domestic Asset Protection Trusts. These include Alaska, [...]
Filing Taxes as an American Expat Filing taxes as an American expat can feel very confusing and overwhelming. If you are a United States citizen, you have a tax obligation to the United States. In this article, we will go over the basics of filing taxes as an American expat. Paying Taxes When You [...]
