In tax lingo, your principal residence is the place where you legally reside. It’s typically the place where you spend most of your time, but several other factors are also relevant in determining your principal residence. Many of the tax benefits associated with homeownership apply mainly to your principal residence — different rules apply to second homes and investment properties. Here’s what you need to know to make owning a home really pay off at tax time.Continue reading “Tax Benefits of Home Ownership”
Vacation homes require a special type of insurance–one that protects your vacation home but doesn’t overlap with your already existing homeowners insurance coverage. Here are some things to consider when insuring your vacation home.Continue reading “Insuring Your Vacation Home”
What is it?
Personal liability insurance protects your assets if you injure another person or damage someone else’s property. It’s known as third-party insurance because it protects you if a third party files a claim against you. If you are found legally responsible for causing an injury or property damage, your personal liability insurance will provide a legal defense, if necessary, and pay the claim up to the limits of the policy. Personal liability insurance can be purchased as part of a package policy (such as a homeowners or automobile insurance policy) or as a separate policy (such as a personal umbrella liability policy).Continue reading “Personal Liability Insurance”
Getting married is exciting, but it brings many challenges. One such challenge that you and your spouse will have to face is how to merge your finances. Planning carefully and communicating clearly are important, because the financial decisions that you make now can have a lasting impact on your future.Continue reading “Merging Your Money When You Marry”
Buying insurance is about sharing or shifting risk, but you may think you’re covered for specific losses when, in fact, you’re not. Here are some common coverage gaps to consider when reviewing your own insurance coverage.Continue reading “Closing Gaps in Your Insurance Coverage”
Retirement health-care costs will vary depending on your health and longevity, but it may help to have a guideline. These are the estimated savings required for an individual or couple who turned 65 in 2019 to have a 90% chance of meeting expenses for Medicare Part B health insurance, Part D prescription drug coverage, Medigap Plan F, and out-of-pocket drug costs, assuming median prescription drug expenses.* These estimates do not include services not covered by Medicare or Medigap.Continue reading “How Much Will Health Care Cost?”
Original Medicare — Part A hospital insurance and Part B medical insurance — offers broad coverage, but many services are not covered.
Some may be fully or partially covered by a Part C Medicare Advantage Plan, which replaces Original Medicare, or a Medigap policy, which supplements Original Medicare. Both are offered by Medicare-approved private insurers. (You cannot have both a Medicare Advantage Plan and a Medigap policy.)
Whether you are looking forward to Medicare in the future or are already enrolled, you should consider these potential expenses.Continue reading “What Health Services Aren’t Covered by Medicare?”
The financial challenges millennials face can be overwhelming. Many young adults have to figure out how to pay off college loans, save to buy a home or start a family, and sock away money for retirement. Given these hurdles, it’s no wonder that life insurance as a financial asset gets little to no attention. But it should. There are many reasons to have life insurance at a relatively young age, but here are some common ones.Continue reading “Do Millennials Need Life Insurance?”
High-net-worth individuals often underestimate the value of their jewelry collection. Often, people do not think of jewelry as an investment, but view the purchase through an emotional lens. As more pieces are accumulated, the value of the collection can be quite significant. As a collection grows in value, it is important to review how you are safeguarding this asset.
Americans insure their health, their homes, their cars, and their lives, so why not their vacations? A study conducted by Princeton Survey Research Associates found that only 21% of respondents had ever purchased some type of travel insurance and only 7% said they purchase it regularly. Considering the wide array of product offerings and coverage options, this relatively unknown and underutilized market segment may be more useful than it appears.