Answer: Some people leave instructions about who gets what property in a legal document known as a will. If you do not have a will, you leave no legal instructions about how your property is to be distributed to your heirs. The state then steps in and dictates how your property will be distributed. The
Business succession planning — what is it? One of the important decisions a business owner must face is when and how to step out of the business — in other words, business succession planning. Do you expect to retire from your business? Do you have a plan in place? What would happen to your business
What are strategies to replace income in the event of disability? For most of us, our greatest asset is our ability to earn money. We protect our other assets (our home, our car, our life), and yet many of us never consider the importance of providing adequate income in the event of disability. It is
In general If you participate in a traditional pension plan at work (technically known as a qualified defined benefit plan), you’ll generally be entitled to receive monthly benefits from the plan after you retire. These benefits are usually based on your age at retirement, as well as your years of service and your average earnings
As the cost of a college education continues to climb, many grandparents are stepping in to help. This trend is expected to accelerate as baby boomers, many of whom went to college, become grandparents and start gifting what’s predicted to be trillions of dollars over the coming decades. Helping to pay for a grandchild’s college
Setting financial and investment goals Setting goals is an important part of life in general and financial planning in particular. Investing without knowing what you’re trying to achieve is like trying to drive across country without a map or GPS. Your goals and circumstances may change over time, but it’s easier to adjust your plan
Answer: Many financial professionals suggest that you put away three to six months’ worth of living expenses for emergencies. If you lose your job, or become disabled and don’t have adequate disability insurance, you’ll need that money to pay your regular monthly expenses, such as mortgage payments, insurance premiums, groceries, and car payments, until you
Answer: The right answer for you will depend on your situation. First of all, don’t underestimate the psychological impact of early retirement. The adjustment from full-time work to a more leisurely pace may be difficult for you. So ask yourself if you’re ready to retire yet. Next, look at what you’re being offered. Most early
Answer: Although there’s no hard-and-fast rule about when you should review your estate plan, the following suggestions may be of some help: You should review your estate plan immediately after a major life event You’ll probably want to do a quick review each year because changes in the economy and in the tax code often
Answer: If you’re asking this question, you probably have a 401(k) or other retirement plan through a former employer. The short answer is yes–most retirement plans allow you to roll your plan funds over into an IRA after you’ve left your employer’s service. However, there is more than one way to do a rollover, and
