When you are working, you get to set up a retirement account that will assist you to live well after you retire from active work. The retirement account is ideal for both office workers and small business owners. Some of the common accounts include the IRA and the 401(k) accounts. Having a retirement plan gives…
When planning your estate, reality remains that the worth of your assets changes with time. By the time you are done with the estate plan, the value might have shifted up or down. This is the reason you need business valuation services. When you handle business valuation using an expert, you are sure that the…
In the last part of this series on estate planning, we look at the other ways to sell off the house successfully. Tidbit The number of houses that were sold in 2019 is 12.4 percent more compared to the previous year. Meaning more and more people are opting to sell their homes. Selling to an…
Statistics show that more than 80 percent of people have homeowners insurance. This means that the house you inherit most likely has an existing insurance policy. After you determine the mortgage and other debts on the property, you can now go ahead to see if your parents had an insurance policy on the house, and…
Scenario When her parents died, Anne received all the property as the sole heir. Since she was busy, she failed to notice that the mortgage was accruing, only for the house to be repossessed by the company after a few years. It happens, especially when estate planning isn’t in your mind. This part of the…
Scenario Ignatius was surprised that his parents had given him their home as an inheritance. Being a drifter, he didn’t expect to get anything from the will. He only had one thing on his mind – sell the house and use the proceeds to explore the world. However, he didn’t know where to start, because…
Statistics show that only 30 percent of businesses make it through the second generation of ownership. This can be attributed to poor succession planning. As a businessperson, your life revolves around the business. However, have you ever stopped to wonder what will happen to your business when you can’t make essential decisions anymore? Apart from…
Studies show that the number of people filing for bankruptcy is still high, even with improvement in economy. Say you are planning your estate, and then you decide to declare bankruptcy, what transpires after this? Do you shelve it or do you still proceed? What if your kid declares bankruptcy when you are busy coming…
According to studies, only 17 percent of Americans work with a financial advisor when it comes to matters finance. They believe in handling their finances, which is a huge mistake. Proper financial management is vital in planning your estate, the reason to work with an advisor to help you with the process correctly. Still, many…
Scenario When Jane’s mother passed away, she knew she would get a good share of the estate that her mother had grown over the years. She knew that the mother had real estate and money in the bank. When the will was finally read out, she was surprised to discover that the mother hadn’t left…