1. Use it or lose it- Use Your Annual Exclusion. The annual gift tax exclusion amount is the amount a person can gift to any number of recipients with out gift tax consequence.
2. Utilize your gift Tax exemption. Each person has a lifetime gift tax exclusion of $1,000,000, in addition to the annual exclusion gifts (explained above).
3, Pay Your Tuition and Medical Expenses-Payments for tuition and medical expenses are not considered taxable gifts.
4. Preserve Your Estate Tax Exemptions; with a proper Estate Plan. Who knows what the estate tax will be prepared for the worst.
5. Fund a 529 plan. This IRS code affords a taxpayer with an opportunity to establish a special account for the purpose of paying higher education expenses. Investments in a 529 Plan Accumulate income tax free.
6. Choose a guardian for your kids. Goes with out saying
7. Prepare a will or a Living Trust. Otherwise your estate may end up in probate and divided in ways you would not choose, and expect to pay fees and taxes. Tragedy knows no age.
8. If you are 21 and older make sure you have a Power if Attorney for Financial & Health.
9. All businesses need a review of their IRAs and 401.k.. We must make sure that our retirement plan is not dead on arrival when we need it. Our money has to last a life time. Most retirement failings happen on the downside. And be sure to check your beneficiary designations, make sure the information on these forms is correct and accurate.
10 Make sure you obtain coverage for long term care catastrophic nursing home coverage. How will you run your business? Most people are not prepared and do not realize that 1 in 5 of everyone in a nursing home now is under 65. And 1 out of 2 of us after age 65 use Long Term Care facilities, of which our insurance does not cover. The bottom line is how will we pay? Be PREtirement Ready.
PREpare Now
Don't Put It Off. Take time now while you are clear and competent to consider the elements of your overall plan for the management of your business and estate and your care in the event of misfortune to avoid having a court of the state step in and do it for you. No one plans to be incapacitated, but if you are, who will make health care decisions for you? Only if you complete a health care proxy can you be protected. Safeguard your assets: And remember giving can reduce taxes. Ready For PREtirment.
For a free report on '7 Retirement Mistakes' click on the following link to download
http://www.krismillermoneymaestro.com/retirementmistakes
2. Utilize your gift Tax exemption. Each person has a lifetime gift tax exclusion of $1,000,000, in addition to the annual exclusion gifts (explained above).
3, Pay Your Tuition and Medical Expenses-Payments for tuition and medical expenses are not considered taxable gifts.
4. Preserve Your Estate Tax Exemptions; with a proper Estate Plan. Who knows what the estate tax will be prepared for the worst.
5. Fund a 529 plan. This IRS code affords a taxpayer with an opportunity to establish a special account for the purpose of paying higher education expenses. Investments in a 529 Plan Accumulate income tax free.
6. Choose a guardian for your kids. Goes with out saying
7. Prepare a will or a Living Trust. Otherwise your estate may end up in probate and divided in ways you would not choose, and expect to pay fees and taxes. Tragedy knows no age.
8. If you are 21 and older make sure you have a Power if Attorney for Financial & Health.
9. All businesses need a review of their IRAs and 401.k.. We must make sure that our retirement plan is not dead on arrival when we need it. Our money has to last a life time. Most retirement failings happen on the downside. And be sure to check your beneficiary designations, make sure the information on these forms is correct and accurate.
10 Make sure you obtain coverage for long term care catastrophic nursing home coverage. How will you run your business? Most people are not prepared and do not realize that 1 in 5 of everyone in a nursing home now is under 65. And 1 out of 2 of us after age 65 use Long Term Care facilities, of which our insurance does not cover. The bottom line is how will we pay? Be PREtirement Ready.
PREpare Now
Don't Put It Off. Take time now while you are clear and competent to consider the elements of your overall plan for the management of your business and estate and your care in the event of misfortune to avoid having a court of the state step in and do it for you. No one plans to be incapacitated, but if you are, who will make health care decisions for you? Only if you complete a health care proxy can you be protected. Safeguard your assets: And remember giving can reduce taxes. Ready For PREtirment.
For a free report on '7 Retirement Mistakes' click on the following link to download
http://www.krismillermoneymaestro.com/retirementmistakes
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