Retirement Plans for Small Businesses
As a business owner, you should carefully consider the advantages of establishing an employer-sponsored retirement plan. A retirement plan can provide you with a tax-advantaged method to save funds for your own retirement, while providing your employees with a powerful and appreciated benefit.
What is a Trust?
There are many different reasons why you may want to use a trust. For example, you may want to: (1) avoid probate, (2) have professional management of your assets, (3) provide for your minor children, (4) avoid estate taxes, and (5) protect your assets from creditors.
Choosing an Insurance Provider
The sale of insurance products has undergone enormous change in the past 10 years. Before 1990, the only way to buy property and casualty insurance was through the insurance company’s agent or an independent insurance broker. Gradually, over the last decade, states have allowed banks to enter the arena and sell insurance.
5 Tools For Asset Protection In Estate Planning
You’re beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims, health-care providers, credit card issuers, business creditors, and creditors of others.
How To Cut Costs And Understand Your Spending
If you feel that you are spending too much, you’ll want to determine when you do your spending and what items you spend the most money on. One way to get started is to track your spending for a period of time and try to determine if you have a spending pattern.
Estate Planning: Protecting Your Assets
You’re beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. To insulate your property from such claims, you’ll have to evaluate each tool in terms of your own situation.
3 Lessons To Teach Your College-Age Child About Money
Perhaps your child already understands the basics of budgeting from having to handle an allowance or wages from a part-time job during high school. But now that your child is in college, he or she may need to draft a “real world” budget, especially if he or she lives off-campus and is responsible for paying for rent and utilities. Here are some ways you can help your child plan and stick to a realistic budget.
How to Protect Your Small Business from Cyber Threats
Risk management is a key component in any successful business plan. In today’s world — where data breaches are common occurrences — it’s especially important for business owners to understand the digital risks they face. Are you doing all you can to mitigate the risk of a cyberattack?
401(k) Plans for Small Businesses
Small business owners looking to adopt 401(k) plans are sometimes discouraged by the typically high costs and complicated testing requirements associated with plan administration (see italicized note below). Fortunately, over the past few decades, legislators have introduced a number of simplified alternatives to the traditional 401(k) to help encourage more business owners to adopt these potentially valuable retirement benefit programs.
Estimating Your Retirement Income Needs
Your annual income during retirement should be enough (or more than enough) to meet your retirement expenses. That’s why estimating those expenses is a big piece of the retirement planning puzzle. But you may have a hard time identifying all of your expenses and projecting how much you’ll be spending in each area, especially if retirement is still far off. To help you get started, here are some common retirement expenses: