What is a family Limited Liability Company (LLC)?

July 7, 2024 No Comments

A: A family limited liability company (LLC) is formed by family members to conduct business in a state that permits such form of incorporation. The family LLC is a popular method to protect the assets of a family against claims by creditors, divide income among

What is estate planning?

July 7, 2024 No Comments

A: Estate planning involves making plans for the transfer of your estate after death. Your estate is all the property that you own. It can include cash, clothes, jewelry, cars, houses, land, retirement, investment and savings accounts, etc. Estate planning usually has several objectives and

What is the average cost of a making a will?

July 7, 2024 No Comments

A: The fee for having a basic will written can be as little as $150, but it can cost $1,000 or more if complicated or additional estate planning documents are required. A do-it-yourself will creation kit can be purchased online or in stores for less,

What is the difference between a revocable trust and a living trust?

July 7, 2024 No Comments

A: A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. Trusts Explained A trust is a separate legal entity a person sets up to manage his assets. Once

What is the difference between early retirement and full retirement as it applies to Social Security retirement benefits?

July 7, 2024 No Comments

A: If you were born in 1929 or later, you’ll need forty Social Security credits to be eligible for Social Security retirement benefits. You can earn up to four credits per year, which means that you will need to work at least ten years to

What is the difference between portfolio management and financial planning?

July 7, 2024 No Comments

A: Utilizing the expertise of a financial professional can be beneficial to an individual wanting to reach an investment goal or other financial objective. However, it is important to know which types of services are provided by the financial professional. Although it is common to

What are the tax consequences of a Roth IRA?

July 7, 2024 No Comments

A: The tax treatment of a Roth IRA distribution depends on whether the distribution is qualified. Qualified distributions from Roth IRAs are tax and penalty free, but non-qualified distributions may be subject to tax and an early-distribution penalty (known as an excise tax). Generally speaking,

What is the difference between revocable and irrevocable intervivos trusts?

July 7, 2024 No Comments

A: Within estate planning, individuals have a myriad of options for maintaining control over assets beyond the grave. A tool often used in estate plans to control the flow of assets is an inter vivos trust, more commonly referred to as a living trust. An

What are the differences between a Registered Retirement Savings Plan (RRSP) and a Registered Pension Plan (RPP)?

July 7, 2024 No Comments

A: Registered Retirement Savings Plans (RRSP) and Registered Pension Plans (RPP) are both retirement savings plans that are registered with the Canada Customs and Revenue Agency. RRSPs are individual retirement plans, while RPPs are plans established by companies to provide pensions to their employees. Contributions

What are the differences between a self-directed IRA and a traditional IRA?

July 7, 2024 No Comments

A: Individual retirement accounts are restricted savings accounts intended to provide a source of income for retirement. Contributions to IRAs are made by the individual account owner and, depending on the particular type of IRA, by the employer. The funds are held by a financial

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