Financial Planning

The calendar says it’s still winter, but many of us are dreaming of spring break or summer excursions. Have you been surfing the Internet for that next great trip idea or deal? Travel doesn’t have to break the bank. There are ways to save while having an adventure and creating memories. Here are some ideas to make travel planning easier and for spending your hard-earned dollars right where you want them.

Are you happy with your child’s understanding of money? Many people want to ensure their children learn positive values when it comes to money, but they are not sure how to instill them. The Ohio Society of CPAs offers these five tips for parents who want to teach their children how spending—and saving—work.

When planning for lifetime income and expenses, veterans may qualify for resources unavailable to civilians. Financial planners need to help determine which are available to the dependents of veterans, which are exclusively for veterans with a service-connected disability, which are actionable only upon discharge and which include choices available during the financial planning process later in life. Three major considerations are major life-cycle events, income and insurance.

The Credit Card Accountability, Responsibility and Disclosure Act of 2009 (known as the Credit CARD Act) placed limits on the ability of those under 21 to get a credit card. It also set strict limits on card companies’ ability to market to college students. However, whether they get a credit card now or later, it’s a good idea for young adults to learn good credit habits early. The Ohio Society of CPAs recommends these tips for avoiding credit pitfalls.

If you’re like most people, your mailbox is overflowing with credit card offers. Before you shred the next batch, take a look and see what the credit card companies are offering. You might find a deal that’s better than what you already have.

The Credit Card Accountability, Responsibility and Disclosure Act of 2009 (known as the Credit CARD Act) placed limits on the ability of those under 21 to get a credit card. It also set strict limits on card companies’ ability to market to college students. However, whether they get a credit card now or later, it’s a good idea for young adults to learn good credit habits early. The Ohio Society of CPAs recommends these tips for avoiding credit pitfalls.

If you are handling the disposition of an estate, you are probably already aware that there was an unexpected reprieve from taxes on the estates of those who died in 2010. But if you’re involved in future estate planning for a loved one or yourself, it’s important to know that high estate tax rates have come back in force this year and beyond. The Ohio Society of CPAs offers a rundown on some of the complexities of estate tax issues.

Do you own a life insurance policy that you no longer need? If so, there are a number of options available to you, including surrendering the policy to receive the cash value or letting it lapse. Another option is a life settlement, in which you sell the policy to an investor. Life settlements have become a $12 billion industry, but The Ohio Society of CPAs warns that there are a few questions you should ask before you sign up.

When planning for lifetime income and expenses, veterans may qualify for resources unavailable to civilians. Financial planners need to help determine which are available to the dependents of veterans, which are exclusively for veterans with a service-connected disability, which are actionable only upon discharge and which include choices available during the financial planning process later in life. Three major considerations are major life-cycle events, income and insurance.

There have been some important changes in laws affecting Medicare during the last year, but some other aspects of the program remain the same. With a new wave of Baby Boomers turning 65 each year, the Ohio Society of CPAs offers these tips on what you need to know to ensure your coverage and minimize any potential added costs.

When planning for lifetime income and expenses, veterans may qualify for resources unavailable to civilians. Financial planners need to help determine which are available to the dependents of veterans, which are exclusively for veterans with a service-connected disability, which are actionable only upon discharge and which include choices available during the financial planning process later in life. Three major considerations are major life-cycle events, income and insurance.

The good news: we’re all living longer. The bad news: we’re all going to have to come up with a way to pay our living expenses for our longer lives. How do you make sure your retirement income lasts as long as you do?

With the New Year just around the corner, now is the perfect time to make some financial resolutions to help you ring in 2012 with confidence. According to a survey by Fidelity Investments, most people are likely to say they want to save more and spend less. If the recession is grinding on a little longer than you thought or you’re ready to change the way you look at your money, it’s time to create a plan to go above and beyond the basics.

Unless you’ve been stuffing your life savings in your mattress, you probably have your money in either a bank or a credit union. You may not have given the financial institution where your money is stashed much thought before now, but banks and credit unions offer different benefits, depending on what you’re looking for. And you might be better off making a change. With a little research, you can determine which type of financial institution best meets your needs.

The year 2011 was a tough one for natural disasters, with hurricanes soaking the Atlantic coast, tornadoes wreaking havoc in Southern and Midwestern states and wildfires hitting Texas, among other events. If you were affected by a natural disaster this year, you should be aware of Internal Revenue Service rules on casualty losses, as well as other financial considerations.

Tax planning is likely not on the minds of many as the hustle and bustle of the holiday season dominates December. There are real opportunities to save with proper planning, including strategies that can be implemented before December 31. Here are 31 tax-saving strategies to implement before December 31.