Blogs in Real Estate

One of the most difficult things to do in the current economy is understand how to control your finances with the tax laws and other new proposals that the current office is establishing.  By using an NJ wealth management firm, or a Certified Financial Planner in Philadelphia, or even a financial planning guide, this can be more easily dealt with.

“Concerned with the current economy and your estate?

You’re not the only one.

The bottom line is either you’ve prepared your assets and investments for after you’ve died or you have not. There is no grey area. But careful, even those who may think they’re prepared are greatly misled. Why? Because they filled out their estate planning documentation and Will once and left it alone. No, a prepared individual should plan, review, and revise the documentation and Will at least once a year.

As your children grow and grandchildren appear in the picture, the way you want to allocate those assets may change vastly. This is why it’s important to stay on top of the documentation.

Remember that an “I love you Will” (will that gives all assets to the surviving spouse) is a popular way to avoid any taxation from the state or federal levels. Also certain gift tax exclusions exist such as an unlimited exemption dedicated to education and medical expenses. While the current hold on gift tax exclusions is $13,000, the education and medical expense write-offs are unlimited and do not put a hold on the amount given to the beneficiary.

President Obama’s proposed budget for 2010-11 desires to keep the exemption set at $3.5 million.

Because of the uncertainty with taxes, the answer for everyone is not clear. There is no simple answer for everybody. No strict rules to play by. There are a lot of factors that go into accounts as to who may want to defer and who may not. That is why it’s important to review your documentation with your financial advisor.

Yes, the current “Robin Hood effect” is taking place in Congress and shared by President Obama. The deduction caps and a lower taxation exemption could hurt the wealthy in the near future and the assets left behind after they pass.

Protect yourself and your family any way possible.”

By using this type of advice, it will be easier to find a financial advisor to suit your needs.  A Philadelphia wealth management group or an NJ financial planner could fill the need, as could financial planning help from just about anywhere.

While it is important to find a financial advisor, use a financial planning guide, or utilize the services of a Philadelphia wealth management firm (or anywhere you live), there are some mistakes that parents make regarding financial decisions about college that they themselves can change.

“Parents make seven vital mistakes when it comes to their child’s extended education.

1. Parents and start too late on college planning.
2. Parents unable to position the student correctly.
3. Too many or too few of schools applied to.
4. Lack of understanding regarding student loans.
5. Parents and rely too much on the school counselor’s advice.
6. Poor consideration in regard to the school’s social environment and other factors.
7. Parents afraid to say “no” to their children.”
   

Understanding these mistakes and being able to fix them yourself will allow for less time to be spent in the office with a New Jersey certified financial planner, and more time enjoying your child’s accomplishments.  By doing this, the college process will become less stressful and a lot more cost efficient.