How can you make things easier on them later in life? Worldwide, the number of people aged 60 and older is growing.By 2050, this demographic will be more than twice as large as it was in 2015.¹ Some of these seniors could face a financial test.Will they be able to look after their investments or financial matters at age 80 or 90 with the same level of scrutiny they exercised earlier in life? Your parents may be facing such a challenge.If you sense that they are not quite up to it, then a conversation about financial issues could be in order. If you need to have this kind of talk with your parents, it is best to proceed gently, while acknowledging some potential risks that may heighten if t
Not all gifts are taxable. I’d like for you to meet my friend, Hugh. He’s a retired film stuntman who, after a long career, is enjoying his retirement. Some of what he’s enjoying about his retirement is sharing part of his accumulated wealth with his family, specifically his wife and two sons. Like many Americans, Hugh likes to make sure that, when he’s sharing that wealth, he isn’t giving the I.R.S. any overtime. Hugh knows about the gift tax and knows how to make those gifts without running headlong into a taxable situation. This is Hugh’s responsibility because the I.R.S. puts the onus on the giver. If the gift is a taxable event and Hugh doesn’t pay up, then the responsibility falls to t
The hows and whys of charity in America. According to Giving USA 2018, Americans gave an estimated $410.02 billion to charity in 2017. That’s the first time that the amount has totaled more that $400 billion in the history of the report.1 Americans give to charity for two main reasons: to support a cause or organization they care about or to leave a legacy through their support. When giving to charitable organizations, some people elect to support through cash donations. Others, however, understand that supporting an organization may generate tax benefits. They may opt to follow techniques that can maximize both the gift and the potential tax benefit. Here’s a quick review of a few charitabl
Expect volatility, but avoid letting the headlines alter your plans. Recent headlines have added volatility to the markets. There will always be new headlines, and any of them could mean turbulence for Wall Street. As an investor and retirement saver, how much will this turmoil matter to you in the long run? Not as much as you may expect. There are many good reasons to remain in the market rather than attempting to intuit or guess when and where big shifts in fortune may arrive. What is market timing? Michael Tanney, one of the directors at Magnus Financial Group, puts it plainly: “Market timing doesn't work […] Every bear market has historically given way to a bull market […] No one can pre