Everyone needs a will, but some people need more than that. To save on taxes and make for a smooth transition, they could really use a revocable trust, a family limited partnership or a gift trust. Estate planning is not a one-size-fits-all proposition. The strategies used by young couples just starting their careers and families …

Does Your Estate Plan Call for More Than Just a Will? Read More »

says CPA. Here’s what it could be costing them May 16, 2022 KEY POINTS Nearly two-thirds — 62% — of workers identified company matches to 401(k) plans as important for reaching retirement goals in a recent survey from Principal Financial Group. Just 22% said that starting to invest in your twenties is key to a …

78% of workers ignore ‘the greatest money-making asset’ for retirement, Read More »

KEY POINTS The cost of college can be a challenge for families, but a few tax breaks may lessen the burden. The American opportunity tax credit offers up to $2,500 per student for undergraduate expenses, and the lifetime learning credit extends to graduate or professional courses, worth up to $2,000 per return. Working students may …

As tuition continues to climb, these are the top tax breaks for college expenses Read More »

Howard University – Photo: Darreonna Davis College is a time when you learn so many new things so quickly — you’re learning about your major and future career, meeting people from around the world and learning how to live independently. But one area that is sorely lacking for most college students: learning about money. Nearly half …

An easy guide to help college students set up their first budget Read More »

KEY POINTS The latest Federal Reserve Survey of Consumer Finances found the median amount of savings in Americans’ retirement accounts was $65,000. About half of all Americans are at risk of not being able to maintain pre-retirement standards of living, said Angie Chen, research economist at the Center for Retirement Research at Boston College. But …

Are you saving enough for retirement? Odds are, probably not Read More »

College is a time for exploring your independence — you can eat, sleep and go out whenever you want without having to check with someone like your mom or dad. The awesomeness of that cannot be understated. But it’s also a time when some real-life money issues come at you fast — and many college …

College Money 101: From student loans to setting up a budget Read More »

KEY POINTS You may have options for how to handle the retirement savings you accumulated at your former employer, depending on your situation. Sometimes, the decision is made for you if you don’t take action. Here are some tips for evaluating how to handle the 401(k) plan from your old job. Three Spots | Istock …

Changing jobs? Don’t forget about your 401(k) plan Read More »

But they may wait years for those contributions to be their own KEY POINTS Vesting schedules — the length of time you must be at an employer for its 401(k) contributions to be 100% yours — can be as much as six years.The most common matching formula is 50 cents for each dollar contributed by …

62% of workers view 401(k) employer match as key to reaching retirement goals. Read More »

KEY POINTS As consumer prices soar to historic highs, the Federal Reserve plans to raise interest rates. As a result, the cost of borrowing will get more expensive. Meanwhile, savings will benefit from higher interest rates. Here’s how consumers may want to rethink how they handle their credit cards, savings and mortgages now. RgStudio | …

Here are some smart money moves to make now amid high inflation, rising interest rates Read More »

U.S. Supreme Court Justice Warren Burger is famous for more than just his time on the bench. When he died in 1995, he left a 176-word will that gave no specific power to his executors. As a result, he reportedly cost his estate tens of thousands of dollars in attorney’s fees.1 Judge Burger’s case shows …

And the Executor Is Read More »