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Even if your employer doesn't offer a 401(k) plan, it shouldn't stop you from getting the most out of your retirement savings. You have other tax-advantaged options available to save for the future, including individual retirement accounts, Roth IRAs or health savings accounts — all of which can help your money grow. However, only about 11% of Americans max out their 401(k) contributions. If you don't have an employer retirement plan like a 401(k), all of those contributions are tax deductible. And unlike traditional IRAs, you don't have to take minimum distributions at any point.
Persons: Roth, Justin Rucci, Roth IRAs Roth, Alyson Basso Locations: Newport Beach , California, Middleton , Massachusetts
The richest 0.1% of Americans own $1.8 trillion in real estate, according to the Federal Reserve. Currently, individuals and married couples can gift or bequeath $13.61 million and $27.22 million, respectively, before a 40% federal estate tax kicks in. Here are nine little-known techniques that wealthy real estate owners use to pay less to Uncle Sam:Qualified personal residence trusts, better known as "QPRTs," effectively freeze the value of a real estate property for tax purposes. With an FLP, an individual — often a parent or two parents — pools their business assets, commonly real estate or stocks. The heirs don't own the trust assets, but rather have lifetime rights to the trust's income and real estate.
Persons: Uncle Sam, Trump, Sam Walton, Wrigley, Jeff Bezos, Rich, Ron Wyden, PPLI, Jackie O, I've, Edward Renn, remarries Organizations: Federal, Business, Walmart, Biden, Blackstone, Lombard, Taxpayers, IRS Locations: Trump, Florida, Wyoming, Plenty
Three booming businesses that make Denver stand out
  + stars: | 2024-04-08 | by ( Chris Dilella | ) www.cnbc.com   time to read: +4 min
Two cities in Colorado are experiencing tech-fueled economic booms, with Denver's skyline transforming and Boulder's gross domestic product surging. However, the influx of people and businesses has brought challenges like a growing homeless population, affordability issues and infrastructure strain. A recent report shows a 24% drop in Denver's cannabis revenue compared with 2021. Major league moneymakersCameron Fleming #73 of the Denver Broncos runs onto the field before a game against the Kansas City Chiefs at Empower Field at Mile High on January 8, 2022 in Denver, Colorado. A stage for economic successA concert at Red Rocks Park and Amphitheatre outside Denver.
Persons: Amy Sparwasser, Matthew Staver, Jared Polis, Polis, Mike Johnston, moneymakers Cameron Fleming, Dustin Bradford, Deion Sanders, Prime's, John P Kelly Organizations: Denver &, Bloomberg, Getty, CNBC, Denver Department of Excise, Licenses, trailblazer, Industry, State Planning, Denver, Denver Broncos, Kansas City Chiefs, Broncos, Nuggets, Rockies, Avalanche, Analysts, University of Colorado Boulder's, NFL, University of Colorado, Boulder, Rocks Locations: Denver, CNBC's, Colorado, Success, Denver & Boulder, Denver , Colorado, Chicago , New York, Los Angeles, University of Colorado Boulder
Why did billionaire Leon Black pay Jeffrey Epstein $158 million for estate-planning advice? Black has an answer: He wasn't keeping track of it; $158 million doesn't mean much to him. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Or, at least, that's what financier Leon Black says about his relationship with disgraced pedophile Jeffrey Epstein. This story is available exclusively to Business Insider subscribers.
Persons: Leon Black, Jeffrey Epstein, Black, , Black's, Epstein Organizations: Service, Business
Here are some of the biggest financial blind spots, according to several certified financial planners on CNBC's Digital Financial Advisor Council. 1. Credit scoresConsumers often don't understand the importance of their credit score, said Kamila Elliott, CFP, co-founder and CEO of Collective Wealth Partners based in Atlanta. The average person with a credit score between 760 and 850 would get a 6.5% interest rate, according to national FICO data as of April 1. The latter's monthly payment would cost $324 more relative to the person with a better credit score — amounting to an extra $116,000 over the life of the loan, according to FICO's loan calculator. "Ten out of 10 people couldn't explain how the tax withholding system works," said Ted Jenkin, CFP, CEO and founder of oXYGen Financial based in Atlanta.
Persons: Kamila Elliott, Wills, Barry Glassman, I'm, Glassman, Elliott, That's, Ted Jenkin, Uncle Sam, Jenkin Organizations: Getty, Digital Financial, CFP, Wealth Partners, Consumer Financial, Bureau, Wealth Services, Westend61, Collective Wealth Partners, Business, Employers, Workers Locations: Atlanta
Private College 529 Plan locks in today's tuition rates, saving big on future costs and giving flexibility with school choice. Both LaShanda and Ben have been saving for their children's higher education using Private College 529 Plan. Learn more about setting your child up for success with Private College 529 Plan. When you save with Private College 529 Plan, you purchase tuition at then-current rates for each college in the plan. This post was created by Insider Studios with Private College 529 Plan.
Persons: Ben S, Ben, LaShanda, Spelman, they're, prepaying, It's, Roth Organizations: Private, Private College, College Board, Stanford, MIT, Princeton, Spelman College, Roth IRA, Insider Studios Locations: Arizona , Arkansas , Kansas , Maine, Minnesota , Missouri, Montana , Ohio, Pennsylvania
For Love & Money is a weekly Business Insider column answering relationship and money questions. Write to For Love & Money using this Google form. Dear For Love & Money,My mother recently sold her home, and I am in the process of selling mine. Giving up the habit of relationship management when your desire is so innate and well-meaning can feel terrifying and even impossible. Write to For Love & Money using this Google form .
Persons: , She's, she'll, You've, they'll, can't, shortchanged, doesn't Organizations: Service
Estate planning may not be a topic you want to think about, but it's essential for small-business owners. Estate planning is a very sensitive, emotional topic, but as a financial planner, I believe it's essential to discuss. Estate planning should be a top priority — especially for Black business owners seeking to build generational wealth and preserve their legacies. Digital estate planning documentA common blind spot in estate planning is the digital asset space. Digital estate planning will make it easier for your heirs to access your digital assets as needed.
Persons: , doesn't Organizations: Service
I thought it wasn't worthwhile to invest in an estate plan if I didn't have any assets. In the United States, the primary intellectual property categories are patents, trademarks, copyrights, and trade secrets. You can also detail the uses of your intellectual property that are allowed in the future." Since your family might not know the full extent of your intellectual property, Hayes recommended making a list of any intellectual property you might have. "Everyone in today's world has digital assets," Hayes said.
Persons: , Monique Hayes, Hayes, It's Organizations: Service Locations: United States
By James Pomfret, Kevin Yao and Ellen ZhangHONG KONG/BEIJING (Reuters) - Facing its deepest economic challenges in years, China's leadership has tasked ministries and local governments with implementing a new mantra from President Xi Jinping: unleash "new productive forces". Beijing hopes the “new productive forces” campaign will strengthen China at a time when geopolitical pressures including steps by the United States to “decouple” or “de-risk” have curtailed access to foreign technology. "To support innovation, we should give people more freedom to think and talk, because many innovations result from the collision of ideas. The new mantra was also taken up by China's state planning agency, the National Development and Reform Commission. Its annual report on Tuesday pledged support for industries including satellite internet applications, China's BeiDou Navigation Satellite System, and research into nuclear fusion.
Persons: James Pomfret, Kevin Yao, Ellen Zhang HONG, Xi Jinping, Li Qiang, Xi’s, Xi, Tianchen Xu, Li, Steve Tsang, Ellen Zhang, Nick Macfie Organizations: Communist Party, Party, Reuters, Economist Intelligence Unit, SOAS China Institute, National Development, Reform Commission Locations: Ellen Zhang HONG KONG, BEIJING, China, China’s, Beijing, United States, London, Pearl
With password management company NordPass saying each person has an average of 100 online accounts, the deaths of loved ones have become ever more complicated. And while digital legacy planning can ease some of that burden, experts say far too few people take advantage of those tools. And even for some people who can access their loved one’s accounts, the process can be daunting. These plans aren’t typically legally binding, unless they’re directly incorporated into a will, but they can be invaluable for loved ones after one’s death. Charday Penn/E+/Getty ImagesPick a digital executorDesignate a digital executor who can help carry out your digital legacy plan.
Persons: Rebecca Bistany’s, Paul, Paul didn’t, Bistany, ” Bistany, , Laura Orrico, , they’re, Tracey Woo, Here’s, Abby Schneiderman, Charday Penn, Woo, Jamie McDonald, ” McDonald, Everplans, “ I’ve, Lucy Watts, James Norris, Nikki Earnhart, Earnhart, It’s, Apple, , there’s, Schneiderman, Scheiderman Organizations: CNN, Apple, , RBC Royal Trust, Services, Google, Facebook Locations: Long, , New York, Chicago, Baltimore, Illinois
But this year we're celebrating our first Valentine's Day as new parents. Craig said assets that are co-owned, owned in a trust, or already have a listed beneficiary don't need to go in a will. Advertisement"You're going to talk about dying with this person and tell them about your family, relationships, and assets," she said. "If you work with someone you don't feel comfortable with, you might not give them all the information needed to get the right estate plan. If you don't get the right estate plan, then there could be problems later on."
Persons: , we've, Tracy Craig, Craig, who's, who'd Organizations: Service, Business Locations: New York City
This is how Doug Boneparth, a certified financial planner, starts what he calls a "death note" to his wife, Heather. Sun refers to this concept not as a death note, but as the assembly of one's "financial first aid kit." Don't forget social media accounts, physical itemsOne's online presence is also an important element of a death note, the advisors said. For example, how would you like your social media accounts and professional websites managed after you die? Importantly, don't keep your note secret — tell your loved ones that you've drafted it and where to find it, they said.
Persons: Kathrin Ziegler, Doug Boneparth, Heather, one's, Boneparth, , Franklin, Matthew Perry's, they're, Winnie Sun, It's, Sun, you've Organizations: Digitalvision, Finance, Sun Group Wealth Partners Locations: New York, Irvine , California
Read previewWhen the rich give to charity, they find a way to get the most bang for their buck. If the trust assets are invested and achieve an annual rate of return of 9% a year, the CLT's remainder will be $2.1 million. Advertisement"It's a fantastic low interest rate play," said Renn. "The problem now is rates have really risen and it's to the point where some investments clearly can outperform a 4% or 5% interest rate, but others might struggle." In this interest rate environment, charitable remainder trusts (CRTs) have better odds.
Persons: , Jacqueline Kennedy Onassis, Walton, Lance Morgan, Ed Renn, I've, Renn, Dan Griffith, Griffith, CLTs, Onassis, CLATs, Alice, Jim Walton, Rick T, Jennifer Galvagna, Michael Prinzo, they're Organizations: Service, Tax, Business, Bloomberg, Huntington Private Bank, Walmart, Bank of America Private Bank Locations: Withersworldwide, CLTs, Fayetteville , Arkansas, Israel, Palestine
If the calculations predict that the trust's remainder interest is zero, the beneficiaries are exempt from estate tax even if the assets actually appreciate by a greater amount. If the trust assets are invested and achieve an annual rate of return of 9% a year, the CLT's remainder will be $2.1 million. Advertisement"It's a fantastic low interest rate play," said Renn. "The problem now is rates have really risen and it's to the point where some investments clearly can outperform a 4% or 5% interest rate, but others might struggle." In this interest rate environment, charitable remainder trusts (CRTs) have better odds.
Persons: , Jacqueline Kennedy Onassis, Walton, Lance Morgan, Ed Renn, I've, Renn, Dan Griffith, Griffith, CLTs, Onassis, Jennifer Galvagna, Michael Prinzo, they're Organizations: Service, Tax, Business, Bloomberg, Huntington Private Bank, Bank of America Private Bank Locations: Withersworldwide, CLTs, Israel, Palestine
Purcell was among the dozens of passengers who signed up for a three-year cruise with Life at Sea — an around-the-world journey that was canceled two weeks before its departure. A representative for Miray Cruises denied the passengers' fraud accusations and said they would refund the passengers by February 15. I thought, "God, this cruise is really something I could do." I've been putting off processing my grief, and I'm going to join a grief group in the next couple of weeks. I'm not on that ship, but I'm taking charge of my life.
Persons: , David Purcell, Purcell, Beth, We'd, they've, I'm Organizations: Service, Miray Cruises, Business, Navy, Miami Airport, US Department of Justice, FBI, US Locations: Southern Florida, Kansas, Norway, Antarctica, New Zealand, Australia, South America, Asia, Roatán, Honduras, Kirkwood , Missouri
One client, a law firm partner, refused to consider Oyesanya's suggestion of alternative investments. AdvertisementBanking to wealthy law firm partners is a desirable niche. Law firm partners averaged $1.12 million in compensation in 2022 according to a survey by recruiter Major, Lindsey & Africa, and top partners in Big Law can make more than $10 million a year. Now global head of JPMorgan's law firm and professional services group, Oyesanya is up against a formidable rival: her former employer. AdvertisementShe plans to strengthen JPMorgan's law firm group with the same ethos: serving customers well to earn their loyalty and their referrals.
Persons: Bola Oyesanya, Oyesanya, Wells, , We're, Major, Jamie Dimon, Bola, Philip Waxelbaum, Waxelbaum, She, I've, what's Organizations: Citi, JPMorgan, Service, Banking, Big, Financial Times, Wells, Lagos Law School, Ogun University, City Trust Merchant Bank, Partners Locations: Nigeria, Wells Fargo, Lindsey, Africa, York
If you don't have children — and don't plan on having any — the normal rules of personal finance don't necessarily apply to you. Unless you have major financial obligations your spouse couldn't bear if you died, "it's very rare that childfree people will need life insurance," says Zigmont. Another major consideration: long-term care insurance. "[Considering long-term care insurance] something I want people to be doing by about their mid-forties. And the reason for that is that's when long-term care insurance is the most reasonable.
Persons: Jay Zigmont, Dave Ramsey, Zigmont, childfree, , It's, Dad You've, You'll Organizations: Genworth, Medicaid
Fabric by Gerber Life launched a new investment account for parents to invest on behalf of their kids. Gerber Life's partner brand, Fabric by Gerber Life, offers affordable term life insurance, free wills — and now a new investment account for your child. Fabric by Gerber Life has launched UGMA custodial accounts on their digital platform so you can invest for your child's future. How to open a UGMA account with Fabric by Gerber LifeOpening an account with Fabric by Gerber Life is simple and only takes about five minutes. Flexible spendingA UGMA account is a type of custodial account that permits parents/guardians to invest on behalf of a child/dependent.
Persons: , Gerber, you'll, grantor, It's Organizations: Gerber Life, Service, Gerber, Fort Washington Investment Advisors, Social, Capital, IRS, Transportation Locations: There's
Read previewWell-known investor Charlie Munger has died at the age of 99 after a decades-long career. In the last decades of his life, Munger began selling or donating the majority of his Berkshire stock. You're going to crater immediately. If you've got two suitors who are eager to have you, but one is way better than the other, you're going to choose that one rather than the other. If you don't, you're going to need a lot of luck."
Persons: , Charlie Munger, Munger, Berkshire Hathaway, Warren Buffett, Buffett, I'm, Bonnie Schiffman, you've, it's, We're, Warren Organizations: Service, Forbes, CNBC Locations: Berkshire, Omaha, Berkshire Hathaway
The Matthew Perry Foundation is structured as a donor-advised fund, according to its website, a charitable investment fund that experts say offers certain advantages. Donor-advised fund charitable assets represent 20% of those in private foundations, according to National Philanthropic Trust's 2023 annual report. watch nowWhile wealthy donors may have both a foundation and a donor-advised fund, many are moving to just donor-advised funds, according to Douglas. "With a donor-advised fund, what it does is more streamlined," O'Neill said. Advantages of using a donor-advised fundFor all donors, regardless of income, there may be benefits to using a donor-advised fund.
Persons: Matthew Perry, Phillip Faraone, Matthew Perry's, Perry, Charlie Douglas, Matthew Perry Foundation's, Douglas, Brandon O'Neill, O'Neill Organizations: GQ, The West, Matthew Perry Foundation, HH, Investments, National Philanthropic Trust, Philanthropic Trust, Fidelity Charitable Locations: West Hollywood , California, Atlanta
Warren Buffett has made giving away Berkshire Hathaway stock a Thanksgiving tradition. He just donated $866 million worth of shares to his family's foundations, echoing last year's gift. Buffett discussed wealth and philanthropy, and revealed fresh details about his estate planning. The famed investor donated close to $900 million worth of his company's stock to four of his family's foundations on Tuesday, topping his nearly $800 million gift last November. He gave 1.5 million B shares to The Susan Thompson Buffett Foundation, named after his late wife, and 300,000 shares to each of his three children's organizations: The Sherwood Foundation, The Howard G. Buffett Foundation, and NoVo Foundation.
Persons: Warren Buffett, Buffett, , Warren Buffett's, Susan Thompson Buffett, Howard G, Melinda Gates, — Howard, Susan, Peter —, Greg Abel Organizations: Berkshire Hathaway, Service, Berkshire Hathaway's, Susan Thompson Buffett Foundation, The Sherwood Foundation, Buffett Foundation, NoVo Foundation, Melinda Gates Foundation, Berkshire Locations: Berkshire
HONG KONG (AP) — Asian shares were higher Monday after Wall Street closed its third straight winning week with a tiny gain. U.S. futures were lower while oil prices gained as investors looking ahead to OPEC plus meetings. Australia’s S&P/ASX 200 edged 0.1% higher to 7,058.40. The Dow Jones Industrial Average inched up less than 0.1% to 34,947.28 and the Nasdaq composite gained 0.1% to 14,125.48. It had been trading near 152 yen to the dollar last week, but analysts said expectations for lower U.S. interest rates are driving sales of dollars, pushing the yen higher.
Persons: Australia’s, Taiex, what’s, Jerome Powell, it’s, Brent Organizations: Nikkei, China, Dow Jones, Nasdaq, Wall, Ross, BJ’s Wholesale, Companies, Federal Reserve, Fed, U.S Locations: HONG KONG, Hong Kong, Shanghai, South Korea, Bangkok
Investment apps have made it too easy to check your investments, financial advisors say. Find a Qualified Financial Advisor Looking for the right advisor for you? Datalign Advisory makes finding a financial advisor specific to your needs easier than ever. "If you've done your homework or worked with someone to create a good long term investment plan, trust that it's going to work." Focus on what you can controlFinally, financial advisor Russ Ford of Wayfinder Financial says most people have limited time and mental energy to spend thinking about money.
Persons: , Thomas Kopelman, Jeff Rose, you've, Rose, Jordan Nietzel, Get, Stephen Carrigg, There's, Gregory J, Cameron L, Richard Cooke, David H, DeWitt, Russ Ford, Ford Organizations: Investment, Service, Dow Jones, Trek Wealth, SEC, Bentron Financial, of Sound Foundation, Advisors, Vincere Wealth Management, DeWitt Capital Management, Wayfinder Locations: Indianapolis, DeWitt
"The way this plays into estate planning or investing is we don't do it. We're not rich enough to do estate planning. I'm not wealthy, I'm not rich," Katz says. "It's a distorted view that we have around money that causes us to make poor decisions," Katz says. A suite of estate planning documents, which often includes a will, a health-care directive, and financial and health-care powers of attorney.
Persons: I'm, Katz, they're, Ali Katz, Jeff Bezos, Elon Musk, that's Organizations: Wealth Planning, Economic
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