For parents seeking tax-advantaged strategies for transferring funds to their minor children—whether as a way to save for college or simply to give their kids a financial head start when they become adults—a popular type of custodial account called a UTMA account may provide a solution. However, understanding the tax implications of UTMA accounts is
If you are fortunate enough to be eligible to receive a pension from your employer when you retire, one of the main decisions you will face is whether to accept a lump-sum distribution or lifetime monthly payments. As you approach your retirement date, it’s important to think carefully about this decision, since it is usually
When approaching the estate planning process, many people assume that a simple will is all they need to effectively distribute assets among their heirs. While a will is an integral component of any estate plan and an important tool for spelling out your wishes after you die, trusts offer a variety of benefits and, in
If you have been fortunate enough to invest steadily for the long term in stocks, real estate, or other appreciating assets, you may find yourself holding a sizable fortune late in life. The smart move is to leave these assets to heirs, to take advantage of the step-up in basis rules and avoid taxes. A