Throughout the year, many taxpayers contribute money or gifts to qualified organizations. These are often tax-deductible charitable contributions if they meet certain criteria. If you are a taxpayer planning to claim a charitable deduction on your tax return, you must do two things: have a bank record or written communication from a charity for any monetary contributions. A written acknowledgment from a charity for any single donation of $250 or more is vital for your records.
Sometimes when dealing with someone you consider an expert, it may seem overwhelming to question what they are telling you—especially when that person is your financial advisor. However, we are all human and make mistakes. Questioning can lead to many great discussions and help keep communication channels open. So how do you properly question your advisor without coming across the wrong way?
Millennials typically get a bad rap. Ask any baby boomer and you will likely hear how this generation is lazy with no vision. I actually had that very conversation recently with a client that is in his late 70s and very much a traditionalist. While some millennials may fit that bill, I’m finding quite the opposite to be true. The millennials I work with are actually very driven. They’re asking all the right questions to garner as much knowledge as they can about financial issues in a way their parents just never did.
Planning for your own retirement is enough of a challenge. Combine that with aging parents that haven’t adequately prepared for their’s and the task is beyond overwhelming. When faced with the task of financial planning for elderly parents, where do you turn? That is precisely the question a client of mine faced recently. His father died, and his mother now faced doing life alone. So he came to me asking how to make his mother’s income last for the rest of her life.