Money can often be an uncomfortable topic, especially when you have to talk with your parents about their money. It may eventually become your job to ensure your parent’s financials are in order and you have a plan that meets their wishes. Even if your parents are capable of managing their money now, it would be helpful to discuss what happens if they become unable to do so.
Sometimes paying the bills on time can slip through the cracks. Maybe you’ve been traveling and the due date sneaks up on you. Suddenly you have late fees, penalties, increased interest rates and sometimes your credit rating can be damaged. To avoid those consequences we’ve created steps to make your bill paying process a smoother one.
The six month tax return extension is fast approaching the October 15th deadline. If you filed an extension, you can file anytime before October 15th and fully or partially pay your tax bill anytime.
After years of saving for college in your 529 plan, the day has finally arrived that you need some of that money to start school. You have control of how much money you withdraw from your 529 account and what to spend it on. However, before you feel flush in cash, it’s important to know what is covered as a “qualified” expense.
As of January 2018, parents can now use their 529 plans to pay for private K-12 tuition. Originally designed for college, 529 plans allow tax-free earnings growth and tax-free withdrawals when the funds are used to pay for expenses that meet the requirements. That now includes private school tuition.
When approaching college financial aid for the first time, it can be difficult to navigate. Many parents wonder if their home equity is a factor in the FAFSA (Free Application for Federal Student Aid) and whether it impacts their student’s aid. For the majority of colleges that require the FAFSA, the value of your home and your mortgage payment will not affect your student’s financial aid.
AARP just came out with their annual 99 Great Ways to Save Money. Here are Wealth Legacy Institute’s Top 20 from the article.