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Income Tax Planning and 529 Plans
The income tax benefits offered by 529 plans make these plans attractive to parents (and others) who are saving for college or K-12 tuition. Qualified withdrawals from a 529 plan are tax free at the federal level, and some states also offer tax breaks to their residents.
Read MoreTax Planning Tips: Life Insurance
Understanding the importance of life insurance is one thing. Understanding the tax rules is quite another. As insurance products have evolved and become more sophisticated, the line separating insurance vehicles from investment vehicles has grown blurry. To differentiate between the two, a mix of complex rules and exceptions now governs the taxation of insurance products. […]
Read MoreMaking Your Money Work for You Through “Giving” Strategies
Part of the joy of making money and building wealth is not solely the aim to live a flexible life of convenience; it is also giving to those we love. Typically when we think of passing down money to loved ones, it is through a will drafted years earlier or even an estate plan. However, […]
Read MoreIt’s Never Too Late to Improve Your Financial Awareness
Financial education is constantly evolving. As investments, financial priorities, and the economy change, so do financial strategies and plans. To stay on top of your retirement and ensure that you are on your way toward your financial goals, it’s vital to keep up with your financial education and awareness so that you will be able […]
Read MoreCharitable Ideas for What to Do With Your Money
Giving away some of your money is a great way to support the people and organizations you love. But there are smart ways to do it, minimizing your taxes and avoiding pitfalls along the way. Once you have provided for your own retirement and met your personal expenses, think about benefiting others – whether it’s […]
Read More5 Tips for Saving and Investing as a Small-Business Owner
As a business owner, putting all your profits back into the business may be tempting, especially during the lean years. However, when it comes to saving and investing as a business owner, there are other paths you could consider for the long run without so much emphasis on the short term. Maintain Liquid Assets Everyone […]
Read More6 Retirement Tips for Surviving the Sandwich Generation Squeeze
Adults caring for aging parents and children simultaneously have now become known as the “sandwich generation.” While each generation comes with its own array of financial challenges, the sandwich generation often feels a tight financial squeeze as they juggle the cost of care for their elderly parents with care for their children. Due to the […]
Read MoreAn Introduction to Estate Planning for the Sandwich Generation
For members of the “Sandwich Generation”—those currently in their 40s and 50s who are caring for children and their parents who are over 65-years old—estate planning may seem like a low priority. After all, when you’re juggling multiple caregiving responsibilities daily, sitting down to draft a will is easy to put off. But estate planning […]
Read MoreLPL Financial Research Midyear Outlook 2023: The Path Toward Stability
Our 2023 investing outlook started with a theme of returning to normalcy. Considering 2022’s market volatility and the aftereffects of the pandemic, the idea of finding balance was certainly a welcomed change. It’s a theme we could all embrace six months ago and what we will continue to rally around through year-end. That’s not to […]
Read More4 Sandwich Generation Survival Tips
Members of the “sandwich generation”—those taking on the care of their aging parents while also raising children or financially supporting adult children—may feel stressed and overextended. Most current sandwich generation members are Gen X or millennials. Some are still dealing with their student loan debt as they try to help their children navigate college selection […]
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