Statistically speaking, women live longer than men; if you’re married, that means that the odds are that you’re going to outlive your husband. That’s significant for a couple of reasons. First, it means that if your husband dies before you, you’ll likely inherit his estate. More importantly, though, it means that to a large extent, you may have the last word about the final disposition of all of the assets you’ve accumulated during your marriage.
Statistics published by the Social Security Administration state that just over one in four of today's 20-year-olds will become disabled before they retire. Other statistics show that 68% of adults have no savings set aside for emergencies such as a period of disability. These facts lead to one conclusion: Most individuals should consider disability insurance in their financial planning.
As life expectancy rises, many adults find themselves in the position of taking care of their elderly parents who are often in deteriorating physical or mental health. Talking to your elderly parents about their financial matters can be stressful. There are some things you can do to make it easier.
Last year, the U.S. Supreme Court upheld the constitutionality of Obamacare’s individual mandate by concluding that imposing a penalty for not purchasing health insurance is a valid exercise of Congress’ power to tax. As of Jan. 1, 2014, all Americans will be required to purchase either a private health plan or health insurance through a state exchange if they are not otherwise exempt or covered by their employer.
The CPA Compass
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Major Tax Deadlines For June 2013 * June 17 – Second quarter 2013 individual estimated...