After all your business trips to New Jersey you finally have enough frequent flyer miles for a roundtrip ticket to Hawaii. Now the question is, "Are those frequent flyer points considered taxable income?" For more information on the IRS’ treatment of frequent flyer miles, read this C.P.A. Insight.
A successful estate plan takes more than good intentions. If you do not have a Will in place, a nameless, faceless court will decide how your assets will be distributed. This is one of many pitfalls you could face if you do not revisit your estate plan, as your family situation or federal and state laws change. For more information on areas you should consult your estate planning attorney or tax adviser on, read this Financial Strategy.
Of the two sure things in life, death and taxes, you might be surprised to know taxes have nearly an equally lengthy history. The United States was founded in large part to avoid taxes; however, once the Constitution gave Congress the authority to tax in 1789, citizens have weathered scores of changes. For more on the history of U.S. taxation, read this C.P.A.Insight.
Uncertainty overshadows the entire estate planning process including the changing tax laws and the value of your estate when you die. To combat uncertainties when developing an estate plan, you should realize that an estate plan is not a one-time endeavor. Rather, it is a plan that should be flexible to accommodate both lifestyle and law changes. For more on building flexibility into an estate plan, read this Financial Strategy.
Is gold a good investment during these current economic times? While it does have some benefits, The Henssler Financial Group generally advises against investing in it, as there are more efficient alternatives. For more information about the pros and cons of investing in gold, and for some alternative investment options, read this Investment Whys.