Month: April 2016

What You Need to Know About Asset Protection Planning

Asset protection planning, no matter what anyone tells you, was never meant to be a tax avoidance tactic. Asset protection planning is a legal option for planning your wealth in advance of a claim or the threat of a claim.retirement trust

Asset protection planning is used to improve your bargaining position, make options available for settling claims, and avoid litigation – not to escape paying your taxes or debts or hiding your wealth from certain people.

And while there are some who insist asset protection planning is a form of cheating, this is only a perception because the truth is: There are some who try to use this option to cheat and lie, but it does not make it right and eventually they get caught.

Top 5 Universal Estate Planning Mistakes to Avoid

Top 5 Universal Estate Planning Mistakes to Avoid

As the saying goes, “Death and taxes are something you simply can’t ignore.” Both are inevitable and although most people understand this phenomenon and in turn, prepare by paying their taxes on a quarterly or yearly basis and others set up their estates to ensure that their affairs are in order and their families are protected when they make their transition. For many, however, death is simply too scary, safeDepositBoxpainful and heart wrenching and many people choose to not even think about it. Most realize that they will eventually pass on and have a general mental vision of what they want to happen to their estate but, for one reason or another, they fail to write it down or even when they do, they don’t keep it regularly updated. In fact, studies as recent as the last quarter of 2015 show that only 34% of Americans have a drafted will, while 69% have considered it but delayed doing anything concrete. …

Take Care of Your Most Valuable Asset

How to Take Care of Your Most Valuable Asset – You

Many people don’t realize that material wealth is not the only wealth they have. Part of a person’s assets include skills, expertise, health, experiences, and talent. Taking care of these is just as important as taking care of your physical, tangible assets.

How to Take Care of Your Intangible AssetsUsing Bankruptcy to Protect Retirement Funds and Other Assets for Seniors

Your intangible assets can be taken care of just as much as you would your savings, retirement fund, and properties.

Invest in health, life, property, liability, and professional insurance.

Invest in your health by going to the gym or starting a fitness program. Get enough sleep and watch your diet. Make it point to see your doctor and dentist regularly. Preventive medicine is far better (and cheaper) than trying to fix the bigger, more serious health problems.

Planning Your 2016 Retirement Plan Contributions

Planning Your 2016 Retirement Plan Contributions

Retirement planning and contributions have been a part of America since 1875 when they were first introduced to the workforce as a private pension plan. Twenty-four years later, there were 13 private pension plans in the country and in 1913, the federal government stepped in and began taxing pensions paid, stating they were similar to wages and therefore must be taxed.

Over the years, the government has set limits and added new regulations to ensure the continuity and effectiveness of retirement plans. Most people who are financially-savvy like to view the retirement plan contributions periodically. The best time to review is towards the end of a calendar year or the beginning of a new calendar year. This way, you can contribute more to your retirement plan, if you can afford it and have not reached your limits.

In December of 2015, the IRS announced that retirement-related items and limitations for pension plans for 2016 would remain the same. …

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