Understanding the Gift Tax Most of us will never face taxes related to money or assets we give away. Provided by Peck Financial Advisors “How can I avoid the federal gift tax?” If this question is on your mind, you aren’t alone. The good news is that few taxpayers or estates will ever have to pay it. Misconceptions surround this tax. The I.R.S. sets both a yearly gift tax exclusion amount and a lifetime gift...
Will You Be Prepared When the Market Cools Off? Markets have cycles, and at some point, the major indices will descend. Provided by Peck Financial Advisors We have seen a tremendous rally on Wall Street, nearly nine months long, with the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average repeatedly settling at all-time peaks. Investors are delighted by what they have witnessed. Have they become irrationally exuberant? The major indices do not always rise...
Will You Really Be Able to Work Longer? You may assume you will. That assumption could be a retirement planning risk. Provided by Peck Financial Advisors How long do you think you will work? Are you one of those baby boomers (or Gen Xers) who believes he or she can work past 65? Some pre-retirees are basing their entire retirement transition on that belief, and that could be financially perilous. In a new survey on...
A Primer for Estate Planning Things to check and double-check. Provided by Peck Financial Advisors Estate planning is a task that people tend to put off, as any discussion of “the end” tends to be off-putting. However, people without their financial affairs in good order risk leaving their heirs some significant problems along with their legacies. No matter what your age, here are some things you may want to accomplish this year regarding estate planning...
Should Millennials Be Your Money Models? Gen Y is doing some things right when it comes to saving & investing. Provided by Peck Financial Advisors Financially, Generation Y is often criticized for being risk averse & unaware. Is this truth, or is it fiction? In some instances, pure fiction. Here are some good financial habits common to millennials – habits their parents and grandparents might do well to emulate. Millennials are good savers. Last year...
Should the Self-Employed Plan to Work Past 65? Some solopreneurs think they will “work forever,” but that perception may be flawed. Provided by Peck Financial Advisors About 20% of Americans aged 65-74 are still working. A 2016 Pew Research Center study put the precise figure at 18.8%, and Pew estimates that it will reach 31.9% in 2022. That estimate seems reasonable: people are living longer, and the labor force participation rate for Americans aged 65-74...
Keep Calm, Stay Invested Avoid letting the headlines alter your plans. Provided by Peck Financial Advisors Headlines can disturb what has been an unusually calm stock market. The political uproar in Washington may continue for weeks or months, and it could mean turbulence for Wall Street. As an investor, a retirement saver, how much will this turmoil matter to you in the long run? Perhaps, very little. There are many good reasons to remain in...
For those of who might have missed this Associated Press article explaining what ransomware is and some ways to protect your computer and information, we reference it here: https://www.nytimes.com/aponline/2017/05/12/us/ap-ca-ap-explains-ransomware.html
The term beneficiary crops up every now and again. Usually you’ll see it on an insurance form or hear about it in relation to a will, but despite the nonchalance we toss the term around with, beneficiaries are incredibly important. Let’s break down the details on how and why beneficiaries matter. What’s a beneficiary actually mean? A beneficiary can be anyone—a person or a nonprofit organization like your church or the local homeless shelter—who you...
Vacation season is almost upon us and, for many Americans who haven’t traveled abroad in several years, their vacations have been years in planning. However, even the best laid plans can quickly come unraveled if you don’t take some extra measures to ensure that your finances are protected before you leave on your trip. Your vacation planning checklist needs to include these essential steps of how to protect your finances while traveling on vacation: Stick...
If you haven’t reviewed your insurance coverage in a while, you might be surprised with how many ways you can save costs. Here are three tips for lowering your insurance costs while improving your coverage in the coming year. Is Your Deductible Costing or Saving You Money? Buying auto insurance doesn’t have to be a complicated issue, but if you’re not paying attention, some of the seemingly small decisions that need to be made in...
There’s a good reason there’s an estimated 74 to 96 million owned cats and 70 to 80 million dogs in the U.S. With wagging tails, slobbery kisses, and little whiskers that make for adorable Instagrams, pets give us that warm, cuddly feeling inside. They are part of our families and some of our best friends. But, they can also be a substantial part of a personal budget, especially since it (hopefully) is a long-term commitment...
