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Financial Planning Archives | Page 3 of 13 | Wealthspire | Page: 3

finances divorce

Organizing Finances Before, During, and After Divorce

By Blog, Guides & Whitepapers
Most people don’t begin their marriage expecting it to end in divorce. For those who are ending a marriage, having a sound financial plan can help keep you organized during the process and help you plan for your future after. Here's how to organize your finances before, during, and after divorce. Getting Organized You will need to gather important documents to start the divorce process. Both parties will have to complete a sworn statement of their income, expenses, assets and liabilities. This document, which is filed with the court, shows the divorcing couple’s financial situation and is what the judge…
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IDGT

What is an Intentionally Defective Grantor Trust (IDGT)?

By Guides & Whitepapers
Intentionally Defective Grantor Trusts (“IDGTs”) are a commonly used estate planning vehicle to transfer wealth to family members during the life of the grantor. In this White Paper we will explore the four tax types relevant to IDGTs, and the mechanics of how IDGTs work. The use of the phrase “intentionally defective” is confusing, but it simply refers to an irrevocable trust where the grantor pay the trust’s income tax bill during his or her life. What taxes relate to an IDGT? There are four types of taxes to consider: estate, gift, generation-skipping transfer (GST) and income. An IDGT allows…
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tax cheat sheet

2020 Federal & State Estate and Gift Tax Cheat Sheet

By and Guides & Whitepapers
Here we have provided a “cheat sheet” to keep in mind for 2020 federal estate, gift and GST exemptions, as well as exemptions and inheritance tax consequences in specific states where a number of our clients reside. Federal Estate, Gift, and GST Tax Below is a summary of the current federal estate, gift, and generation-skipping transfer tax provisions for 2020. Note that, under current law, the increases in exemption amounts that began in 2018 are set to expire in 2026, at which point they will revert back to the pre-2018 numbers (i.e., $5,490,000 per person, indexed for inflation). Gift and…
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Executive Risk

Executive Risk Management: Tips for Playing Defense

By Blog
Most executives rightly focus on their offensive strategy—saving and investing—but a defensive strategy is essential, too. As high earners, executives are often in a position to self-insure for some potential needs, but in almost all situations there remain gaps to fill with wisely chosen insurance strategies. Essentially “delegating” your defensive strategy to your HR department—in the form of workplace-provided policies—is unlikely to be wise. Ideally, a risk-aware strategy will include some base components available through the workplace, such as group disability and life insurance policies, augmented by tailored products purchased personally. Across both workplace and personal products, there are subtleties…
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WeWork

An Important Lesson from WeWork

By Blog
The appeal of the company mission As a millennial, I grew up during the tech era and social media “boom.” Facebook was born in Mark Zuckerberg’s Harvard dorm room in 2004, a story now made famous by the 2010 movie “Social Network.” The first Apple iPhone was launched to market in 2007, after the massive success of the iPod in the half dozen years prior. Uber launched in 2009 as an alternative to expensive and inefficient taxicab options, paired with new technology that made it possible to summon transportation from a cell phone. These companies have changed the way people…
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life insurance

How Much Life Insurance Do I Need?

By Blog
The prospect of our inevitable journey to the pearly gates is a tough conversation to have in any context, let alone attaching a dollar amount to our existence. However, for many people, life insurance is the backbone of any strong financial plan. Without it, all your other financial goals can easily fall apart. Life insurance can replace lost income, pay off debts, leave a charitable legacy, and create an income and estate tax-free pool of capital, if structured correctly. But how much life insurance do I need, if any? As with most questions, the answer depends on the facts and…
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gifting 2019

Do I need to make gifts before the end of the year?

By Blog
With all of the political uncertainty and recent changes in the tax law, our clients are wondering what to do about gifting. Below are answers to three commonly asked questions that we are getting this time of year. Note that this blog covers non-charitable gifts.* 1. Do I need to make gifts before the end of the year? Only if you are making annual exclusion gifts. You may give away $15,000 per person ($30,000 if gift-splitting with a spouse) each year tax-free. If you want to use your annual exclusion for 2019, the gift needs to be completed before the…
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good credit

How to Make A Good Credit Score Better

By Blog
Do you pride yourself on having a good credit score? In the world of credit, there’s good, and then there’s excellent. Even if you are doing most things right when it comes to watching out for your score, there are several lesser known ways to maintain what you have and take your credit to the next level. Understanding how your credit score is calculated is an important place to start. Six basic credit factors go into calculating this score. While all factors matter, some affect your score more than others. From roughly highest impact to lowest, these factors are: Derogatory…
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