August 3, 2016

5 Estate Questions to Ask About Real Estate

Preparing your estate in advance is one of the greatest gifts you can give your family. Many estates include real estate in the form of a primary home, vacation home, and other family properties. While inheriting a property can be a wonderful legacy, it also comes with obligations that heirs may be unprepared or unable to fulfill. If you intend to leave real estate to your heirs, ask yourself these five questions to help avoid creating problems for your loved ones. 5 Estate Questions Will the Property Have a Mortgage? If the property comes with a mortgage or home equity loan, your heirs will need to negotiate with the lender to satisfy the terms of the loan. In many cases, they may need to sell the property to pay off any loans if financial provisions aren’t made elsewhere in the estate. Life insurance is one option for giving loved ones […]
July 15, 2016
graduation savings

Where Do I Invest My Money for the Maximum College Savings?

If you’ve got yourself on track financially and you’re ready to start saving for your child’s college expenses, then you may be asking yourself where do I invest the college savings? There’s a myriad of saving options. Let’s look at where you can put it to get the most out of it. 529 Savings Plan The most popular way to invest your college savings is a 529 Plan. This is a state-sponsored plan that was created in 1996 that allows you to put money in that will be invested in mutual funds, index funds and things of that nature. The great thing about these plans is they grow tax-free and can be used for qualifying college expenses. For example, let’s say you invest $10,000 over a period of time and your money grows to $20,000. You can then pull the whole amount out to pay qualified expenses for tuition, books, etc. TAX-FREE!!! 529 […]
March 15, 2016
life insurance

How Much Life Insurance Do I Really Need?

When it comes to preparing for the future, most people are ready to make a plan for retirement, but 4 out of 10 Americans fail to even think about life insurance. While no one wants to plan for their demise, it’s just as important as retirement. What will financially happen to those you leave behind? Will they be left with a solid future or scrambling to make ends meet while also trying to pick up the pieces of their life? Even if you have made the effort to implement some sort of arrangements for those you cherish most, is it enough? Can you really know how much life insurance you need? There are a few ways to look at it. First, let’s look at a couple that perhaps one spouse is the only breadwinner and they have three kids. The immediate thing you’ll need to do is analyze your debt. […]
March 11, 2016
child not college, first time parent

Saving for a child who may not go to college

Saving for a child who may not go to college One of your primary responsibilities when you welcome a child into the world is preparing them for adulthood. Of course you feed them, clothe them and house them. You make sure they have a good education, and you instill them with a solid sense of right and wrong. Many families, though, want to go a little further and save for the time a child enters adulthood. This savings will often be in the form of a college fund, but that’s not the only choice. There are ways to prepare for a child’s wedding, their first home, or even a mission trip overseas. The direction you take will depend on your resources, your location, and the likely end use for that money. Last week we discussed your options for college savings. This week we will look at savings for other purposes. […]