Often people are focused on appointing a Power of Attorney (POA) in the event that they are unable to make their own decisions, but have you thought about guardianship? What happens if your POA is unable to make decisions on your behalf? This is where guardianship plays a role.
Any actions you take today can significantly benefit your future self. The sooner you establish a comprehensive personal financial plan that includes tax planning, the greater your long-term benefits will be.
The goal of tax planning is to minimize the amount of income tax you pay so that you may optimize your savings for retirement, as well as for other long-term financial goals such as wealth transfer and philanthropic giving.
The most common goal in retirement is to be able to live off investment income free of the stress of financial uncertainty. However, there is no one-size-fits-all financial plan that works for everybody.
Some rules of thumb can provide you with guidance. The key to every retirement plan is working with a financial professional and starting your planning as early as possible.
Are you a luxury car enthusiast? Do you have a love for flying planes or driving boats? If so, you may have heard about the Select Luxury Tax Act of up to 10% that came into effect on September 1st, 2022. Luxury Tax is applicable to personal vehicles and aircraft priced over $100,000 and boats priced over $250,000, as a way to ensure people pay their fair share of taxes, as stated in section 10.1 of the 2021 Budget.
The risk of outlasting your retirement savings, also known as “longevity risk,” is one of the greatest sources of anxiety among retirees.
Of those who reached the age of 65 in 2022, men have an average life expectancy of just beyond age 84, while the average life expectancy for women is over 86 years of age. Keep in mind that these are just averages and that many individuals live well into their 90s.
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