When should one begin to plan their estate? The answer is now. It is never too early in your life or financial journey to plan for a time when you will no longer be in control or around to manage your assets, your estate. What makes up your estate? “An estate is everything comprising the net worth of an individual, including all land and real estate, possessions, financial securities, cash and other assets that the individual owns or has controlling interest in.” Net worth is everything … [Read more...] about Now is the Time for Estate Planning
The personal Finance Wizard
Risk Management: Protecting your Assets
As you progress through life and build your wealth, it becomes necessary to protect yourself, your family and your assets. The most common way to protect is to buy some form of insurance. When you buy insurance, you shift the risk to a third party and away from you. At different times in your life, it will be necessary to have different levels of protection. In some cases, being self-insured is an alternative. Life Insurance If you have anybody dependent upon you, life insurance is … [Read more...] about Risk Management: Protecting your Assets
Maximize Tax Savings with Health Benefits
Many employer-sponsored health plans offer a variety of options all focused on reducing your tax liability. Health plan premiums are generally paid with pre-tax dollars, reducing your tax liability. The type of plan you choose can have other tax savings benefits. Flexible Spending Account A Flexible Spending Account (FSA) can be used to pay for dependent care as well as medical expenses. Contributions are made pre-tax, reducing your tax liability. If you plan on using it for dependent … [Read more...] about Maximize Tax Savings with Health Benefits
