The amount of Social Security benefits generally depends on a worker’s lifetime earnings. The Social Security Administration uses this earnings record to calculate the PIA and to determine the dollar amount of the payable benefit.
Wall Street made promises to all of us. They promised to provide us with products that had value and an agreed upon level of safety. They failed in that promise. The reason is very simple; they are greedy and placed their own needs and goals over the people who trusted them and their products. I happen to feel the blame is very narrow on the Wall Street category and responsibility really lies with only a handful.
All too often, investors (or their accountants and financial advisors) wait until the very end of the year to worry about the losses that can and should be taken for tax purposes. At the very least, a better way is to practice tax-loss harvesting (and be far more proactive in tax planning in general) throughout the year—not just as the annual clock ticks down.
If a couple resides in a state that permits common law marriage, estate planning can proceed just as it would in the case of a traditional marriage union. Couples who do not live in a state that permits common law marriage may still be able to claim married status if they have lived together for more than fifty years, have filed joint tax returns for most of this time, and under other specific conditions and special circumstances.
A Non Traditional Family is an all encompassing term that is used to describe many different types of familial relationships. These may include, but are certainly not limited to: common law marriages, same sex partnerships, blended families, and domestic partnerships. The number of non-traditional families in United States has doubled since 1970, and Census figures estimate that 5.5 unmarried, cohabitating couples live in the United States alone.
Unmarried persons, whether single or recognized as domestic partners, are at an advantage in terms of making gifts for tax planning transfer for the purposes of reducing an estate. This is because unlike married couples, unmarried couples, even domestic partners, are not permitted to split gifts, and tax free transfer of property, afforded to spouses, is not applicable in the cases of transfers between unmarried or domestic partners.
A Probate Conservatorship is a court proceeding in which a Judge selects a person, known from then on as a conservator, to manage the personal needs (known as Conservatorship of a person) and/or finances (Conservatorship of the estate) of a legal adult. This differs from the Guardianship appointment, which involves an appointed adult and a minor child.
In a Probate Conservatorship, the Spouse of the proposed Conservatee is given first priority for Conservatorship under the law, followed by any adult children, parents of the proposed Conservatee, siblings, anyone else approved by law, and then, finally, a court appointed Public Guardian.
Anytime the cash flow in a business, large or small, starts to tighten up, the money management of that business has to be run as a tight ship. Some of the things you can do include protecting yourself from expenditures made on sudden impulse. We’ve all bought merchandise or services we really didn’t need simply because we were in the mood, or perhaps in response to the persuasiveness of the advertising or the persuasiveness of the salesperson.
You will find that most of your customers have the money to pay at least some of what they owe you immediately. To keep them current, and the number of accounts receivable in your files to a minimum, you should call them on the phone and ask for some kind of explanation why they’re falling behind. If you develop such a habit as part of your operating procedure, you’ll find your invoices will magically be drawn to the front of their piles of bills to pay.