Have you ever considered joining an investment club? Two heads are better than one….right? Using that logic, 5 or 6 people (or more) must be a brilliant way to invest. Right? Well……..joining together with others can have huge benefits. But there are some dangerous pitfalls to be aware of as well. Let’s take a look […]
Why Turning Your 401k Into A Pension Is A Bad Idea
You may have heard about a recent Treasury Department ruling that allows investors to buy deferred income annuities (DIAs explained below) within 401k plans. DIA plans convert your 401k into a pension. Up until now you could make IRA contributions to DIAs but with this Treasury ruling target-date funds operating within a 401k or other […]
Are Life Insurance Death Benefits Taxable?
No they are not – if you take a few simple precautions. In fact, it’s very easy to avoid paying income tax on life insurance proceeds. Then again, all it takes is a little sloppy bookkeeping and you can inadvertently name Uncle Sam your new life insurance beneficiary. Who needs that? Let’s make sure that […]
How to Get a Full Tax Deduction for Your 529 Contributions
You can actually get a full tax deduction for your 529 contributions. This is completely legal and available to almost anyone. Have I got your attention? Good…..let’s get to work. Quick Primer – What Is A 529 A 529 plan allows people to sock money away to help pay for college down the line. While […]
Debt Settlement Companies. Are They Safe?
There are a lot of ways to deal with debt but using a debt settlement company isn’t a good choice in most cases for most people. That’s because people who use debt settlement companies almost never walk away with less credit card debt. In fact, many consumers end up with more debt and in a […]
The Hidden Trouble With Limited Powers of Attorney
A limited power of attorney is granted from one person to another with the hope that if the first person is unable to conduct business on their own behalf, the person who is granted the Limited POA can step in. Think of a “pinch hitter” and you’ll get the idea. You might think that […]