July 1, 2014
As the number of seniors in the U.S. population continues to increase, so does the number of people taking care of an aging parent. In 2011, an estimated 10 million adult children over the age of 50 were caring for an aging parent. Having to take on this type of responsibility, especially during your prime earning years, can take a toll—not only emotionally and physically, but financially as well. Research has shown that working Americans who must reduce their working hours or leave their jobs to care for an aging parent can sacrifice their own financial stability to do so.
Ideally, before you step into a caregiver role, you should have a discussion with your parent(s) or the relative who needs your help about their wants and needs and how finances will work. You should you also determine in what situation you will become responsible with the legal power to make decisions for them. While this conversation may be uncomfortable, it is critical.
Balancing your own financial needs with the need to care for your aging relatives can be stressful and challenging, so consider the following tips to help you manage both of these priorities:
Having a parent or other relative with health problems is stressful, and the burden of taking on the role of caregiver or finding affordable long-term care solutions only adds to the challenge. While it may be difficult to do so, talking through the situation and potential options with the individual needing care is critical before you make decisions that could impact your own financial future. Our trusted advisors can help you look at the financial implications of caring for your loved one. Please contact us if you would like to talk.
People do lots of things during the summer—take vacations, grill in the backyard, attend ball games and go to the beach, among other pursuits.
Being the owner of an LLC is an amazing accomplishment that entitles you to all sorts of rewards. Paying yourself should be the very first one. But how do limited liability company owners pay themselves? Well, there is more than one option, and the one you choose will largely depend on your personal preference.
Continue below to learn the 3 ways you can pay yourself as an LLC business...
If there is any united “American Dream”, it would have to be to own your own business, be your own boss, make your own rules. But even business owners have to follow some rules, namely ones dictated by the Internal Revenue Service (IRS). As a startup business owner, you are setting the pace for achieving your American dream. Just be sure you know the small business tax planning...