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Whether you are Bill Gates, Warren Buffet, or just an ordinary Joe, the gifting principles, tax benefits, and philanthropic rewards of charitable giving can be relatively the same, regardless of how large, or how small, your gifting program. The potential for a charitable income tax deduction or an estate tax reduction, coupled with an enhanced charitable image and sense of personal fulfillment, can make the gifting of assets very attractive. The fact is, you don’t

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BCG_SOCIAL-IMAGES_CHARITY_AH_V01

Did you know that you can gift a new or existing life insurance policy to your favorite charity? When properly designed, a charitable life insurance program may improve your overall financial situation and offer tax benefits, all while supporting a charitable cause. Generally, there are three methods used to gift a life insurance policy to a qualifying charity: a charitable bequest, a charitable gift, and a charity-owned policy. Regardless of the strategy, policy ownership and

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The Internal Revenue Service (IRS) requirements for the valuation of a business through a buy-sell agreement for estate tax purposes are as follows: 1. The buy-sell agreement must be a bona fide arm’s length transaction. 2. The agreement must obligate the estate of the deceased shareholder to sell only to the surviving shareholders (who, in turn, are not obligated to buy the shares). 3. The agreement must prohibit all shareholders from disposing of their interests

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Qualified plans, such as a 401(k) plan, offer excellent benefits for small business owners. These plans can provide a multitude of tax advantages that combine to deliver far more tax leverage than most people may imagine. Here is a list of the advantages a 401(k) plan may provide for your company: 1. Within the limits of the present tax and ERISA (Employee Retirement Income Security Act) rules, the business receives a current income tax deduction

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You’re certainly not alone if the words Individual Retirement Account (IRA) cause your mind to spin in confusion. The original IRAs were mind-boggling enough. However, now you have several options, including what many have called the “American Dream” IRA—the Roth IRA. Let’s take a moment and ferret out some of the nuances on the IRA landscape. Nondeductible IRA. This is the “plain vanilla” IRA. You simply write a check for up to $5,500 per year

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Prior to the popularity of 529 plans, many people saving for their children’s education opted for either a Uniform Gifts to Minors Act (UGMA) account or a Uniform Transfers to Minors Act (UTMA) account, depending on their state of residence. Today, for those looking to reap the tax benefits 529 plans offer, it is possible to fund most 529 plans with assets from an UGMA or UTMA; however, no two 529 plans are alike. Before

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Many parents put off education funding because they believe the task is overwhelming, or they think saving the required amount of money will force them to compromise their current lifestyle. While these may be legitimate concerns, they need not hinder you from establishing and maintaining an effective college funding plan. Whether considering a public or private college for your child, the key to effective planning is to begin as early as possible. One way to

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It’s never too early to think about how and where you want to live when you’re older. How far in advance do you plan vacations? A month at the very least, right? You’ve booked the flights and hotels, taken time off of work, gotten the kids out of school and looked forward to it from the moment you made the final arrangements. This is the positive way we like to view Eldercare. Granted, the circumstances

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Getting old is hard. Your parents’ ability to manage their own finances may decline as they age. Helping them with money matters is a sensitive issue you need to approach carefully. When you hit a certain age of your life, you may realize that one topic keeps coming up in conversations with your friends: care for aging parents. The concerns aren’t limited to health care managing money is also a big problem. Parents aren’t likely

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Whether you are just starting your career, in your peak earning years, or enjoying retirement, your insurance protection needs may change over time. Life cycle planning helps identify insurance needs that are common to particular stages of life. This can help individuals and families examine their insurance requirements in order to make future plans. Starting Out Between the ages of 25 and 35, many people are just starting out in life—getting married, establishing families, and

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