A financial consulting practice helps businesses, individuals, and families with monetary goals and life plans. These experts can help develop tax strategies as well as investment portfolios. Small and large operations can use a financial consulting practice to assist their employees with retirement accounts, and these specialists can help families protect and grow their assets.
Education
Saving for college is often one of a family’s most significant expenses, but the government has created several products to make the process automatic. A 529 plan allows people to set money aside for tuition. Guardians can establish one to pay for standard fees. If you choose a prepaid 529 plan instead, the child can use the money to buy credits at participating schools, but the recipient cannot use this money for housing.
Another tax-friendly option is to create an education IRA for your children. When it is time to access the funds, the IRS does not tax the withdrawal. The beneficiary must empty the account by the time they reach 30. If they do not, they will have to pay taxes and a penalty on any remaining money. If the child never attends any qualifying higher educational platform, they still get to keep the IRA. It does not revert to the guardians.
Living Trusts
A living trust lets people designate what they want to happen to their property and money upon their death. A financial consulting practice can help write these, and if you need to modify it, they can change the terms and conditions. Trusts are legal tools that will protect your family from probate.
