High-net-worth individuals (HNWIs) often face a complex financial landscape characterized by diverse investments and sophisticated financial concerns. They require comprehensive financial planning to preserve and manage their wealth. Strategic tax planning is also integral to HNWI’s wealth management because it allows them to manage their tax liability as they work toward their financial goals. While…
Divorce can significantly change life and has considerable implications on taxes. Tax filing after divorce requires understanding new filing statuses, exemptions, child deductions, alimony, and property settlements, among other things. Here are the steps to help navigate filing taxes the first year after divorce. Understand your filing status Tax filing status largely affects how much…
Alimony and child support are critical financial componentsoften arising during divorce proceedings. These payments can significantlyimpact both parties’ finances, particularly during tax time. Understanding howthese payments are taxed may ease some concerns and provide clarity at taxtime. This article explains the differences between payments froma tax filing perspective. Alimonyvs. child support: What’s the difference? Alimony,…
Starting a business may seem scary, but it’s also agreat way to turn something you love into a successful career. If you’ve everthought about being your own boss, here are some top reasons why today might bethe perfect day to begin. Follow Your Passion Do you have a hobby that you really like to do…
Freedom, unfortunately, doesn’t come free. Along with those fighting on the front lines and the men and women working behind the scenes to help them safeguard our freedoms, we also mustn’t forget their families that are making sacrifices of their own. These military families who do so much to support the men and women who…
In today’s society, blended families, where at least one parent has children not genetically related to the other spouse or partner, are increasingly common. This family structure has its dynamics and challenges, especially regarding financial planning and security. One key aspect to consider in these circumstances is the role of life insurance. Life insurance can…
Although inflation has finally begun to slow, many consumers are still reeling from the impact of several years of high inflation.1 During these challenging times, it’s crucial to adopt money-saving habits that ease the impact of rising prices on your finances. Aside from keeping a detailed budget and reducing non-essential purposes, below are a few…
As we reach the halfway point of 2024, a sense of persistence defines the economic and market landscape. Trends from late 2023 have continued, with surprisingly resilient economic growth mixed with stubborn but decelerating inflation. Equity markets have thrived and regained all the lost ground from 2022. On the other hand, the bond market still…
Going through a divorce can be an emotionally charged and stressful event. Aside from the emotional toll, there’s often the challenging task of disentangling finances and assets, a process that frequently leaves many divorcees in a precarious financial situation. However, it is essential to remember that this is not the end of the road—with a…
If you’re a high earner, you may be interested in partnering with someone with similar education, income, and goals. Becoming a financial “power couple” can help you both achieve your goals sooner. Because money disputes are one of the leading causes of divorce, finding someone with whom you’re financially compatible can smooth the path of…