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How to Receive Charitable Tax Deductions
Every year, charitable individuals and households make one saying a reality when they make a donation to nonprofits: It's better to give than to receive. However, when you give, the IRS also allows you to receive something in return: Charitable tax deductions. When you donate money to a qualifying public charity, you can deduct up […] The post How to Receive Charitable Tax Deductions appeared first on SmartReads by SmartAsset.
I Was Planning on Taking My RMDs and Converting Them to a Roth, But Was Told I Can't. Is That True?
If you’re looking for a tax-savvy way to deal with you required minimum distributions (RMDs), converting them into a Roth IRA isn’t an option. A financial advisor can help you plan for RMDs and figure out if a Roth conversion is right for you. It's relatively common for retirees to need a plan for their […] The post I Was Planning on Taking My RMDs and Converting Them to a Roth, But Was Told I Can’t. Is That True? appeared first on SmartReads by SmartAsset.
Payable on Death Account vs. Transfer on Death Account
Payable on death (POD) and transfer on death (TOD) accounts both offer a unique mechanism for streamlining the transfer of assets when an account holder dies. Assets held in POD and TOD accounts swiftly pass to the named beneficiary, bypassing the often time-consuming and costly probate process. Despite their similar names and purposes, the POD […] The post Payable on Death Account vs. Transfer on Death Account appeared first on SmartReads by SmartAsset.
How to Create a Financial Power of Attorney in Georgia
In the state of Georgia, a financial power of attorney is a legal document that grants a trusted individual the authority to manage your financial affairs when you are unable to do so yourself. A financial power of attorney carries significant weight, often serving as a safety net during times of incapacity or absence. But […] The post How to Create a Financial Power of Attorney in Georgia appeared first on SmartReads by SmartAsset.
How to Avoid Probate in Massachusetts
Probate is the legal process through which a deceased person's estate – including their assets and debts – is managed and distributed. Probate can be complex, time-consuming and potentially costly in Massachusetts, especially in cases of larger or disputed estates. However, there are ways to avoid probate altogether in the Bay State, but they require […] The post How to Avoid Probate in Massachusetts appeared first on SmartReads by SmartAsset.
How to Avoid Prohibited Transactions With Your Self-Directed IRA
A self-directed IRA is a retirement savings plan that allows you to decide what investments will be made. These accounts can hold a variety of investments and provide opportunities that you may not have with other accounts. However, there are certain rules you must follow with a self-directed IRA, like the prohibited transactions rule. Violating […] The post How to Avoid Prohibited Transactions With Your Self-Directed IRA appeared first on SmartReads by SmartAsset.
Financial Planning vs. Estate Planning
Both financial planning and estate planning can help you reach long-term financial goals. But while they are very different in which aspects of your finances they can focus on, both financial approaches could also complement each other to offer you a healthy balance between growth and protection. To execute either, it’s important to understand how […] The post Financial Planning vs. Estate Planning appeared first on SmartReads by SmartAsset.
How to Avoid Probate in the State of Georgia
Probate can be a lengthy process, and cost your beneficiaries more than it should. It’s the process of distributing your assets if you haven’t properly planned out your finances for when you pass away. Avoiding this could help you save time and money. Here’s how you can avoid probate, generally, but you may need to […] The post How to Avoid Probate in the State of Georgia appeared first on SmartReads by SmartAsset.
How to Create a Financial Power of Attorney in Wisconsin
A financial power of attorney can be a valuable tool to help protect your finances and empower you to make important financial decisions for a loved one who can’t make decisions for themselves. It’s often used as part of an estate plan, but might also be needed to sell a house, pay bills or even […] The post How to Create a Financial Power of Attorney in Wisconsin appeared first on SmartReads by SmartAsset.
How to Change the Beneficiary of Your 529 Plan
The 529 Plan is a tax-advantaged savings plan designed to encourage saving for future education costs. The beneficiary of the plan is the individual designated to use the funds for educational expenses. This plan is an excellent way to secure the educational future of a child or any designated individual. However, there can be instances […] The post How to Change the Beneficiary of Your 529 Plan appeared first on SmartReads by SmartAsset.
What Are Exempt Reporting Advisers (ERAs)?
Exempt reporting advisers (ERAs) are specialized financial advisors who offer their services primarily to certain private investment and venture capital funds. These advisors are not required to register with the U.S. Securities and Exchange Commission (SEC) but still must report certain information. This unique role sets ERAs apart from other investment advisors, making them a […] The post What Are Exempt Reporting Advisers (ERAs)? appeared first on SmartReads by SmartAsset.
Americans Sleep Least in These U.S. Cities – 2024 Study
The Centers for Disease Control and Prevention notes the connection between lack of sleep and long-term health issues, as well as a higher inclination for dangerous accidents. Long-term health issues can greatly affect your quality of life, including your financial well-being. Health care and long-term care can be a tremendous expense in retirement. But on […] The post Americans Sleep Least in These U.S. Cities – 2024 Study appeared first on SmartReads by SmartAsset.
I'm Selling My House to Downsize for Retirement, and I'll Net $620k. Do I Have to Pay Capital Gains Taxes?
When you sell your primary home, the IRS allows you to exclude a significant portion of the profit from your taxes. This exclusion – $250,000 for single filers and $500,000 for married, joint filers – is large enough that many sellers don't end up paying federal taxes on the capital gains from a home sale. […] The post I’m Selling My House to Downsize for Retirement, and I'll Net $620k. Do I Have to Pay Capital Gains Taxes? appeared first on SmartReads by SmartAsset.
How a Chief Compliance Officer (CCO) Can Help Your RIA Firm
A chief compliance officer (CCO) is a member of your firm’s team who can help protect your business from potential legal or regulatory issues. Registered investment advisors must have a CCO serving at the firm, but hiring an experienced one could make a huge difference and avoid potential penalties, fees or lawsuits that could cost […] The post How a Chief Compliance Officer (CCO) Can Help Your RIA Firm appeared first on SmartReads by SmartAsset.
Flu Vaccines Are Most Popular in These U.S. Cities – 2024 Study
Across the largest cities in the U.S., the uptake on flu vaccinations has been split. While an average of 50.7% of people aged 65 and over were inoculated, some cities ranged much higher or lower. When a given year’s flu vaccines can be matched to the spreading virus strains, the Centers for Disease Control and […] The post Flu Vaccines Are Most Popular in These U.S. Cities – 2024 Study appeared first on SmartReads by SmartAsset.
I Turn 73 This Year. How Do I Avoid RMD Taxes?
The IRS allows workers to put aside pre-tax earnings in traditional Individual Retirement Accounts, 401(k) and similar workplace accounts, and for all the money to grow – tax-deferred – to give you cash for retirement. But the national tax collector only waits so long to collect, and once you turn 73, the law forces retirees […] The post I Turn 73 This Year. How Do I Avoid RMD Taxes? appeared first on SmartReads by SmartAsset.
Ask an Advisor: We Have $1.6M in a 401(k) Plus Another $650k and Social Security. Should We Shift Assets to a Target Date Fund or an Annuity?
We have a combined pension and Social Security income of $8,400 per month that will only drop to $6,730 if one of us passes away. Our RMDs will start soon and we have $1.6 million in a 401(k) which we feel we can use a low-cost (expense ratio 0.12%) total return target fund to avoid […] The post Ask an Advisor: We Have $1.6M in a 401(k) Plus Another $650k and Social Security. Should We Shift Assets to a Target Date Fund or an Annuity? appeared first on SmartReads by SmartAsset.
We're 64 Years Old With $750k in an IRA and Social Security. Is It Too Late to Convert to a Roth IRA?
If you’re nearing retirement and you have a sizeable IRA balance, you face some significant decisions surrounding required withdrawals and taxes. Converting a traditional IRA into a Roth account is one move that can increase your planning flexibility. And even at 64 years old, shifting an account from a tax-deferred to tax-free status can result […] The post We’re 64 Years Old With $750k in an IRA and Social Security. Is It Too Late to Convert to a Roth IRA? appeared first on SmartReads by SmartAsset.
Is It Better to Take My RMD Later or Earlier in the Year? How Do I Decide?
People often think they don't have any choice about taking the IRS-mandated required minimum distributions from their retirement accounts – but they do. While you can't skip making the withdrawal they can choose how to time it in a way that works best for their individual financial situation. Required minimum distributions – RMDs, for short […] The post Is It Better to Take My RMD Later or Earlier in the Year? How Do I Decide? appeared first on SmartReads by SmartAsset.
5 Reasons to Get a Financial Advisor in Your 20s
Why You Should Get a Financial Advisor in Your 20s Financial planning is a crucial aspect of life, irrespective of one’s age or economic status. It necessitates making educated decisions about your finances to effectively pursue your life ambitions. For many, this process might seem quite difficult to figure out. This is where the role […] The post 5 Reasons to Get a Financial Advisor in Your 20s appeared first on SmartReads by SmartAsset.
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