By Jessica Searcy Kmetty
Maybe it’s a small action, like moving your Amazon packages to a room your spouse rarely visits. Or perhaps you use cash to buy that fast food meal so there’s no paper trail (throw those wrappers away, too!)
But is that ok?
Is this simply human behavior, or are these lies?
And what if it becomes more?
Raising a child is expensive and can cost about a quarter of a million dollars, excluding college. For a child with special needs, that cost can more than double. If you’re the parent of a child with special needs, it’s vital to ensure your child will continue to be provided for after you’re gone. It can be difficult to contemplate, but with patience, love, and perseverance, a long-term strategy may be attainable.
Even though the financial costs may be a major factor in your caring and planning for a child with special needs, finances can seem like a small part or afterthought when it comes to also dealing with the emotional needs, physical needs, caregiver needs, and more that go along with making sure you, your family and your dependent are cared for in the best manner.
Let’s take a look at 4 important steps to protecting a child with disabilities:
Income tax planning can be critical to your financial success. Navigating our complicated federal pay-as-you go income tax system can be difficult. Adding further complexity, you must understand and adapt to changes in tax laws and in your personal circumstances. In each tax year, it is important to ensure that you are properly paying your federal income tax liability in order to avoid penalties. Frequently, individuals may need to make estimated payments to avoid penalties for late payments and/or underpayments.
Planning for the sale, disposition, or succession of one’s business is a challenging process. This topic may be on your mind as a business owner, yet many struggle to take action and start planning.
Where should you start? What questions should you ask when addressing your exit strategy?
One thing to note: we RARELY hear people say they started the process too early. Consider starting earlier than you have planned, as these transitions are often years in the making.
This checklist covers key issues to consider when making decisions regarding the sale, disposition, or succession of your business, such as:
In the final days of 2022, Congress passed a new set of retirement rules designed to facilitate contributions to retirement plans and access to those funds earmarked for retirement.
The law is called SECURE 2.0, and it is a follow-up to the Setting Every Community Up for Retirement Enhancement (SECURE) Act passed in 2019.
The sweeping legislation has dozens of significant provisions; here are the major provisions of the new law.
Are you thinking about retirement in the next few years or sooner? Feeling prepared for such a major life transition could help you manage the stress and even look forward to this exciting time. This checklist covers 32 important planning issues to identify and consider for anyone who is about to retire. We’ll look at:
Although retirement should be a priority throughout your lifetime, when children leave the house, financial priorities tend to become more focused on preparing for retirement. At this stage, you may very likely be at the height of your earning potential and fast approaching peak savings as you lay the groundwork for retirement. During this final leg toward retirement, and throughout your retirement years, wealth protection is critical.
The preservation of your assets may not be solely a function of your financial planning and investment strategy but may also include a comprehensive insurance approach to protect you against an array of financial risks, most especially health care.
In addition to wealth protection, you may also now be seriously contemplating a number of important estate and legacy objectives.
By Jessica Searcy Kmetty
I KNOW how to work out. I KNOW how to play tennis and lift weights. I KNOW how to run a business.
Knowing isn’t enough.
Ask the millions of people who are struggling with any number of issues and chances are they could rattle off 5-10 things they KNOW would change their situation for the better. And if you ask them how many of those 5-10 things they’re doing, the answer might be ZERO.
Knowing isn’t enough.
The start of a new year is a great time for a financial check-up and to consider the various factors influencing your financial planning. In addition to reflecting on the prior year, many are motivated in January to consider making financial resolutions for the...
The start of a new year is a great time for a financial check-up and to consider the various factors influencing your financial planning. In addition to reflecting on the prior year, many are motivated in January to consider making financial resolutions for the future.
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