When you visit a savings institution in the United States, you’ll often see a “Member FDIC” seal on the door. The Federal Deposit Insurance Corporation (FDIC) was established in 1933 as a response to the Great Depression’s bank runs. The FDIC provides each person with up to $250,000 of insurance for funds in that bank … Read more
You’ve worked hard all your life. You may not have started with much, but now you have a comfortable life. You have a family you love and you no longer have to clip coupons, though you may still out of habit. When your children were growing up, you had work and responsibilities and were not … Read more
In the 1997 book, “the Millionaire Next Door” the authors examined the typical millionaire in the United States. Surprisingly, they had lives that were rather commonplace. The typical millionaire had the following characteristics: The authors also have a simple rule of thumb for how wealthy you should be: Multiply your age in years by your … Read more
“In this world, nothing is certain but death and taxes.” Benjamin Franklin. While taxes may be a certainty, you can minimize your obligation with a little planning. The time to plan is before you sit down to file your taxes on April 15th. Minimizing your taxes is a yearlong process, with particularly important decisions to make as the end … Read more
Someone close to you has little time left in this world. What can you do? You want to do everything you can for them. You watch helplessly as they fight what you both know is a losing battle. The doctors have already written the final chapter in the story. There are planning strategies that can … Read more
For many of us, our retirement fund is our largest single asset. It could be an IRA, a 401(k), 403(b), or other qualified plan. Retirement assets require careful consideration because unique rules apply to them. Retirement assets are favored assets in some ways, and disfavored in others. Retirement assets are favored in that they are exempt from … Read more
Who will get your assets at your death? Do you think you know? You may not. While you probably know who is listed in your Will or Trust, most of us have significant value in assets that are not controlled by either a Will or Trust. Examples of assets not governed by your Will or … Read more
Compliments of the McGee Law Firm, Attorney Brandon McGee While “Estate Planning” is the process of planning to pass assets from one generation to the next, “Legacy Planning” is the next generation of Estate Planning. Estate Planning is the starting point, but Legacy Planning takes it beyond the basics. Legacy Planning recognizes that we are … Read more
Compliments of the McGee Law Firm, Attorney Brandon McGee Actor Wesley Snipes has given the anti-tax movement in the U.S. a new face. The actor earned more than $38 million between 1999 and 2004, but failed to file any income tax returns for those years. He and his co-conspirators claimed that a technicality in the … Read more
Compliments of the McGee Law Firm, Attorney Brandon McGee Nobody thinks they will be in an auto accident, have a heart attack, have a stroke, or a myriad of other unexpected, sudden incidents. Those are events that happen to other, unfortunate people – not to us. Yet, according to the National Highway Traffic Safety Administration, auto accidents … Read more