
If you're a co-owner in a business partnership, closely held corporation, LLC, or other joint venture, consider what would happen if you or one of your co-owners suddenly left the business, became disabled, or suffered an untimely death. For example, what would happen if a co-owner died unexpectedly? Would you be forced to work with his or her spouse or other heir? Or, if you died, could your family get a fair price for your interest in the business? Leaving such issues unresolved can result in financial problems and hardship for the co-owners and the business itself. Fortunately, you and your co-owners can settle such issues in advance with a document known as a buy-sell agreement.
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If you're concerned about the high cost of health insurance, you may be interested in learning more about health savings accounts (HSAs). An HSA is a tax-advantaged savings account that's paired with a high-deductible health plan (HDHP) to help you pay your current health costs and save for future ones. The HSA/HDHP option is part of a growing trend toward consumer-directed health care, and is becoming more popular with employers and individuals as a flexible alternative to traditional health insurance.
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If you own a home and expect to have a large taxable estate, you may want to consider this popular estate planning tool that can minimize federal gift tax and eliminate federal estate tax.
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It might, because there are several advantages to funding a 529 account no matter what your child's age. First, withdrawals that are used to pay college expenses are tax free at the federal level. So even if you've waited until your child is a sophomore or junior in high school to open an account, you'll still have a few years of potential tax-free growth on your money.
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Yes, you can open a 529 account before the birth of a grandchild, but you have to do it in a roundabout way.
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