When the time comes to pay for college, it's important to understand what is involved in withdrawing funds from a 529 plan, including reimbursing yourself, paying the school directly, and important considerations like FAFSA implications and qualifying expenses.
Charitable giving is an excellent way to support causes that you care about and make a meaningful impact in the world. Whether you want to donate money, assets, or time, there are many charitable giving strategies available that provide both tax benefits and flexibility in your retirement planning.
Transferring wealth is a multifaceted process that entails navigating intricate legal, financial, and emotional considerations, and hence demands thorough and meticulous planning. Planned giving, in particular, is a significant decision that has far-reaching financial and emotional implications. Therefore, it is crucial to approach planned giving with careful consideration and attention to detail.
Transferring wealth to our families and to causes we care about fosters connection with others and a sense of gratitude, but how do we know we are financially secure enough to give? Creating a financial plan with clear implementation goals removes ambiguity and allows us to see how much we can reasonably give while still taking care of ourselves.
There are certain subjects that are off limits in polite conversation. Transferring wealth is one of them, but secrecy about wealth within families can do more harm than good. Leaving a lasting legacy and ensuring the next generation can handle family wealth starts with a conversation.