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In this space two weeks ago, we began discussing the wisdom of educating our kiddos in the area of personal finance and age-appropriate concepts that should be taught, getting up to about age 11. This week let's continue on with ideas for older children. 11 to 12 Year-olds: At this age, I think it is appropriate to begin teaching youngsters about credit cards. I don't mean letting them have one necessarily, but at least introducing ...

But personal finance is one of those subjects that will impact our children for their entire lives! It's imperative that we, as the grownups (i.e., parents) figure out a way to teach this stuff to our children because they likely won't get it anywhere else. In a blog earlier this year on BusyKid.com, Mike Prusinski wrote "We don't allow teenagers to drive a car, fly a plane or operate heavy equipment without requiring sufficient education ...

A couple of weeks back, this space was devoted to up front tax breaks that could aid in building up savings to help pay for college and other education costs. But what if you are already in the throws of shelling out the big bucks for current education? Well, good news, there are significant tax benefits that may help subsidize those costs you are incurring now! First and foremost among these benefits are a couple ...

The numbers can stagger the mind! According to the College Board, a "moderate" budget for sending your kiddo to a four-year public college for the last academic year was $24,610. Have something more upscale in mind for Baby Einstein? Average cost for a four-year private school was $49,320, according to the organization. It's ok to swallow hard here! So with that in mind, short of being Daddy Warbucks, how will you pay for your child's ...

Transferring wealth to a loved one who is disabled is a gesture filled with wonderful intentions, but in some cases it can cause problems that were not foreseen and certainly never intended. What do I mean by that? Perhaps an example will help explain. Suppose for purposes of this example that a family has a minor child who is permanently disabled and is receiving SSI and Medicaid benefits because the family has limited assets and ...

When it comes to transferring assets from one generation to the next, there are many commonly used strategies, including life insurance, "transfer on death" accounts, trusts of various kinds, beneficiary designations, durable power of attorney, charitable gifts, and business succession plans. Usually, the main focus is the passing of personal or real property, or financial assets while minimizing tax exposure. Many people, however, view wealth as more than money or their "stuff". Wealth, for these ...

It's just the beginning of summer, but many college age kids are gearing up to head to college, if not already there. And with them goes their stuff! It's not like it used to be, where the most expensive thing a college kid took with him might be a cheap stereo. Today, it's not unusual for students to have a virtual army of computers, plus smart phones and other high-tech devices, all of which they ...

You may remember last fall when news broke that millions of fake bank and credit card accounts had been created from 2011 to 2015 by employees of Wells Fargo in the names of the bank's customers without the customers' permission. Wells Fargo was subsequently nailed with $185 million in fines in response and over 5,000 bank employees were let go. Wells Fargo CEO John Stumpf was also, as a result, forced out in October 2016, ...

As I write this, it's Spring Break time, with the resultant trips to the beach, ski slopes or favorite amusement parks for many families. Even more are in the planning stages for summer vacation trips. If that's you, my guess is that while you're busy lining up travel options, making sure you don't break the budget and arranging to be gone from work and other responsibilities, you probably aren't giving much thought to financial planning ...

Chances are you have heard of revocable living trusts. After all, living trusts have become a very popular estate planning and wealth transfer tool. But living trusts are not necessarily for everyone, and likely you have questions about them. Here are some frequently asked questions to help you know more about this useful tool, and perhaps help you decide whether one is right for your situation. Question: How does a living trust work? Answer: With ...

If you are an employer, you know that interviewing job candidates has never been an easy task. A growing list of legal pitfalls is making that tough job even tougher. Fortunately, there are techniques that can help you hire the right person and stay out of trouble while you are doing it. Here are some of the most important: Talk less, listen more. Most interviewers talk too much. They spend too much time discussing the ...

With the start of filing season, it's a good time to remember that the IRS and you have a common enemy - identity thieves. We all have a part to play in the fight against tax-related identity theft, and there are proactive steps you can take to protect your data online and at home. The first step is to understand how tax fraud happens. Dishonest individuals may steal taxpayers' personal and financial information from sources ...

As it does every year during filing season, the IRS released its annual list of the Dirty Dozen tax scams, updated for the 2017 filing season. Anyone following the news will not be surprised that the top scam is phishing, which has affected tax preparers, company payroll and human resources departments, and individual taxpayers. So without further ado, here is the IRSís list of this yearís dozen top worst scams, which while happening all year ...

A few weeks ago, this column addressed tax fraud awareness and provided some tips on how to prevent identity theft and protect your assets. That has prompted people to ask me what someone should do if they become a victim and a tax return is falsely filed in your name. Given the concern out there, I thought it would be helpful in this article to give you some guidance on what to do should you ...

In an era of hyper-connectedness and a burgeoning global cybercrime industry, if you are in business, you cannot afford to just hope you will be lucky and avoid a successful attack. It's essential to establish policies and procedures to minimize risk to train employees on how to protect your business. The basic kinds of criminal acts you need to guard against include: Theft of proprietary or sensitive business data that could be sold to competitors ...