As the year comes to an end, you may be accessing your financial plan in preparation for the New Year. While tax planning is something most working adults are generally informed about, there are tax obligations that some may not be fully aware of. If you have young children, it could come as a surprise that they may have US tax obligations of their own. If your child has earned income or even has unearned income in their name, they should be filing a Report of Foreign Bank and Financial Accounts or FBAR. Read more.
There has been a recent rise in “gray divorce” – a buzzword coined for those couples divorcing after the age of 50, many of whom have been together for a number of decades. The number of divorces in this age group may be increasing, but this does not change the unique challenges faced by these splitting couples. After all, the longer you are married the more intertwined your life, finances and obligations.
For many of these couples, the woman is at an additional disadvantage. While more and more women are nurturing their own careers and playing an active role in financial planning, there was a time when this wasn’t necessarily the case, and many women deferred the handling of financial matters to their husbands. While this may have made sense at the time, especially in a single income household, it can cause a number of tax related problems when a couple decides to divorce. Read more.