Only 32% of Americans are investing in 401(k) plans. Even though 59% of American companies offer these plans to their employees, many U.S. citizens opt out of one. If you work for a company that offers a 401(k), it is in your best interest to sign-up, especially if you want to live comfortably after you retire. 

While having a 401(k) is a great investment, people go through rough patches and need additional financial support to help pay for expensive situations. If you have a 401(k), you can get a loan to help you with your finances. Before applying, we want you to know how much a 401(k) loan will actually cost you. 

Real estate owners and investors use the 1031 exchange as a way to build wealth by deferring the capital gains tax. For those unfamiliar, the IRS requires investors to pay taxes on the value of sold investments when that investment realizes a profit. Real estate and other investments are subject to capital gains taxes. 

Named after IRS Section 1031, the exchange has many different variables. All investors must understand the ins and outs of Section 1031 before performing an exchange. It comes with many rules, such as the type of property and certain time frame restrictions. 

Saving for retirement is a big deal. The average American will spend nearly a million dollars between the time they retire and their death. Social Security payments won’t cover those expenses, so having savings and investments is essential. 

One of the most common retirement plans is the 401(k). It’s a benefit that some jobs offer. You and your employer generally get some sort of tax advantage, which makes it a popular choice.

This post was last updated on July 24, 2024, to reflect all updated information and best serve your needs.

Retirement accounts grow from pre-tax (deductible) contributions during employment. During retirement, account withdrawals, or distributions, are then taxed as ordinary income. To many entering retirement, it would make sense to let these accounts sit, accruing tax-deferred value to further build their savings and/or inheritance to pass on.

This post was last updated on July 24, 2024, to reflect all updated information and best serve your needs.

The IRS established required minimum distribution (RMD) rules on IRAs and similar tax-deferred savings plans to eventually collect on the taxes previously deferred. RMD rules require you to begin making withdrawals from certain retirement accounts when you reach age 73.

Let’s just get right to the point; joint tenancy is a legal arrangement involving two or more individuals co-owning property. All parties share equal rights, title, and obligations. “Property” can include bank accounts, businesses, or personal items but joint tenancy most often pertains to real estate. 

These ownership arrangements can be made between business partners, married or unmarried couples, friends, or family members. Joint tenancy also includes right of survivorship. This means that if one owner passes away, the surviving owner(s) can immediately take ownership without going to probate court.

Usually, when people think of estate planning, they imagine filling out a will or establishing a trust. However, some assets allow you to name beneficiaries directly through a process called transfer on death (TOD). 

Transfer on death can be beneficial in various circumstances, particularly if you want to avoid probate. Today we’re going to discuss the ins and outs of TOD and when it is most beneficial. 

This post was last updated on June 29, 2025, to reflect all updated information and best serve your needs.

Investing in yourself is one of the most important things you can pursue. It’s more than setting up a retirement account or buying a home. Self-investment comes in many forms, including:

The world of family trusts is not just for the fabulously wealthy, the aristocrats, or the savviest of investors. Most do not know what a family trust is, and fewer still ask whether they need one. 

We will cover some of the basics of trusts to help shed some light on a topic that so many people could benefit from.

As you begin estate planning, you will face difficult choices, further complicated by the current pandemic. However, it’s essential that you have a plan in place to protect your loved ones financially. There are many different ways you can do so. 

Today, we’re going to discuss two of them. Wills and trusts are both estate planning tools, meaning they help you control who inherits your assets after you pass away. The similarities between the two end there, though.