Tax Planning
This form reports your income to the IRS every April 15th.
What is Form 1040?
This type of insurance protects your income if you become too sick or injured to work.
What is disability insurance?
This legal document allows someone to make financial decisions on your behalf if you're incapacitated.
What is a durable power of attorney?
This term describes spreading investments across different asset classes to reduce risk.
What is diversification?
In 2025, this type of account requires minimum distributions starting at age 73.
What is a traditional IRA or 401(k)?
These accounts offer tax-deferred growth and are often used for retirement savings.
What are traditional IRAs or 401(k)s?
This policy provides a death benefit to your beneficiaries if you pass away during a set period.
What is term life insurance?
This estate planning tool avoids probate and names beneficiaries for assets upon your death.
What is a revocable living trust?
These funds typically have lower expense ratios than mutual funds and are more commonly passively managed.
What are ETFs?
This income strategy includes withdrawing a fixed percentage of your portfolio each year.
What is the 4% rule?
This strategy involves selling investments at a loss to offset capital gains.
What is tax-loss harvesting?
This type of risk is not covered by traditional homeowners or auto insurance policies.
What is liability risk (umbrella insurance)?
If a retirement account names an ex-spouse as the beneficiary, but the will names the children, this person will receive the funds.
Who is the ex-spouse?
This ratio compares the return of an investment to its risk.
What is the Sharpe ratio?
This financial product provides guaranteed income for life, often used in retirement.
What is an annuity?
This IRS rule allows certain investors to avoid capital gains taxes by reinvesting in a similar property.
What is a 1031 exchange?
This insurance helps a business maintain operations, repay debts, or recruit a replacement when a key executive dies or becomes disabled.
What is Key Person insurance?
This federal tax is levied on the transfer of property after death and may be avoided with proper planning.
What is the estate tax?
This umbrella category includes investments outside of traditional stocks, bonds, and cash — such as real estate, private equity, and commodities.
What are alternative investments?
This Medicare premium adjustment climbs in brackets — making tax-efficient withdrawals crucial to avoid crossing thresholds.
What is IRMAA?
As of 2025, this exclusion allows an individual to gift up to approximately $13.61 million during their lifetime without paying federal gift tax.
What is the lifetime gift tax exclusion?
This type of policy is meant to protect against sustained and unexpected medical expenses from draining assets during retirement.
What is a Long Term Care policy?
This advanced trust type removes assets from the estate and provides income for a charitable beneficiary.
What is a charitable remainder trust (CRT)?
This investing approach uses options, inverse ETFs, or short selling to protect against market downturns.
What is a hedging strategy?
This tax strategy not only avoids RMDs but also provides tax-free income to heirs under the 10-year rule.
What is a Roth IRA conversion?