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The gift and estate tax system is a federal transfer-tax system composed of two main taxes: the gift tax, which applies to transfers made during an individual’s lifetime, and the estate tax, which applies to the decedent’s estate at death. This system is designed to tax the transfer of wealth, with specific exemptions and deductions available to reduce tax liability.
There are some important tax strategies to consider adding to your checklist as you approach the end of the year.
Health care remains important throughout life, but it often becomes an even greater focus after retirement. As you age, maintaining your health becomes a top priority, which may involve more frequent doctor visits for routine exams and preventive screenings. Additionally, aging can bring a higher likelihood of health issues, potentially leading to increased expenses for medications and medical procedures. That’s why having reliable health insurance is essential to help manage these rising costs.
When developing your estate plan, you can do well by doing good. Leaving money to charity rewards you in many ways. It gives you a sense of personal satisfaction, and it can save you money in estate taxes.
Risk is multifaceted and deeply personal. Whether you are building a long-term portfolio for growth or for capital preservation, understanding how risk functions—and how it aligns with your financial plan—is essential.
While no investment strategy can guarantee success and all investing carries risk— including the potential loss of principal—a successful investor aims to maximize returns and minimize losses. The following six fundamental principles may help guide you toward more effective investing.
Not educating yourself about which investments may be able to help you pursue your financial goals and how to approach the investing process is a mistake for any saver. Read on to find out how knowledge about your investments creates financial independence.
In 1984, college acceptance notifications came in the mail. June Gardener found a thick envelope in her mailbox—a good sign. She opened it and could see the line, “Welcome to New York University!”