A Last-Minute "New Tax Law" Tactic as published in InsideNova.com
As I write this, I assume that the GOP tax plan will be signed into law and mostly go into effect January 1, 2018. Is there anything you can do now, before the rules change? The general advice is to push income into 2018 when tax rates should be lower and accelerate tax deductions into 2017 where they should affect a greater tax savings. At this late date, you likely have little control over the timing of your income and tax writeoffs with one exception: how much you contribute to charity.
You Can't Take it With You...But as published in InsideNova.com
Raise your hand if you care about the well-being of your loved ones. Say, look at all those hands!
Now raise your hand if your estate plans are in place. Hmmm. I see a lot fewer. A recent caring.com survey found less than half of us (42%) have estate plans; and only 36% of parents with minor children.
Covering the Cost of Dying as published in InsideNova.com
For better or worse, “until death do you part” doesn’t apply to a family’s living expenses, which continue even if your major bread winner passes away. Of course nobody wants to leave their family accidentally impoverished, so proper life insurance is an imperative for most working families.
But what qualifies as “proper” for you and yours?