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Taxes can be confusing, and the gift tax is one of the most perplexing of the Internal Revenue Code.    What is the gift tax? The gift tax is a federal tax on the transfer of money or property to another person while getting nothing (or less than full value) in return.  Many people don’t get hit with the gift tax, because the IRS generally doesn’t care about what you give away to other people unless that giving exceeds some lofty amounts. And even if it does, it might mean you just have to fill out some paperwork. How much can you…
The year is 2020. A global pandemic has swept the nation and a highly controversial presidential election looms on the horizon. The market fell significantly in Q2 and has been highly volatile ever since. So, why could now be the right year to take advantage of a Roth IRA conversion?   Essentially, three conditions unique to this year could make a conversion more appealing: the waiver of Required Minimum Distributions under the CARES Act, the volatility in the stock market, and the possibility that you may have earned less income this year than in year’s past. Of course, there are a…
It’s pretty simple: having financial resources translates into freedom—the freedom to travel, live where we want, help others, send our kids to the best schools, and decide when, how, or if we want to work. Wealth grants us the freedom to enlist the help of others when time or energy is limited, help those we love when they are in need, or contribute to the community at large in generous and impactful ways. Fundamentally, wealth grants us options and choices to live a fulfilled life.  Even though it may feel overwhelming at first, accumulating wealth doesn’t have to be hard…
2020 has been an eventful year thus far, and this November will be no exception when millions of Americans cast their vote for the next President of the United States. Although we cannot predict the outcome of the election, we can expect there to be plenty of speculation regarding the election’s impact on the markets. But, should long-term investors focus on the impact the presidential election could have on the markets or stick to their long-term plan?…
Seeking Financial Independence in an Uncertain World As the world at large has learned in recent months, unexpected events can alter the intended trajectory of our lives in a moment’s notice.  These life-changing transitions impact our finances in many ways. When life transitions happen, being financially independent can help you weather the storm and regain the stability needed to begin adjusting to your “new normal”.  Financial independence is typically defined as having enough resources to make working optional. Having this financial security translates into flexibility and freedom. It allows us to be self-insured against a financial catastrophe and take care of…
If there is a single inarguable truth about our experience living in this pandemic fraught world, it may be that all of our lives have changed in ways we did not foresee. Everything from our personal relationships to our professional lives to our finances has been affected. Of course, some have been challenged with more changes than others, but it is doubtful there is a single person this virus has not impacted in some way. The process of adapting to change is termed “transition.”…
If you take a moment to look around at the different generations of women in your life, you may notice quite a range in their attitudes toward money.  Older generations, raised under more traditional societal norms, often took the backseat in both earning and managing the finances. Today more and more women are earning–owning their own businesses, competing in the corporate world, and are the family breadwinners.…
A recent dip in interest rates and highly valuated US stocks have investors looking further into alternative investment options, including private equity. But economic conditions aren’t the only reason PE has grown in popularity. As Larry Swedroe of Buckingham Strategic Wealth points out, “PE excites many investors, offering the opportunity for spectacular returns (although, as with most investments, we generally hear only the stories with happy endings). Even the term conveys an exclusive nature, especially for investors who yearn to be ‘players.’” …