The New Year is a time to start fresh and make new goals for the year ahead. If you are looking at making some changes in your life, this blog will help you get started on the right foot and achieve your goals. This blog is about how to protect your money and financial planning for the 2023 year.
In short you need to move forward with purpose. We all want to be happy but sometimes it’s hard to find that happiness we need because of circumstances out of our control. By setting a realistic goal for yourself and working towards it, you could make the impossible possible over time. Here we are discussing real estate planning with Nima Bendavood.
Start Or Update Your Estate Plan
Nima Bendavood: A will is a legal document that directs how your property, money, and other assets are distributed after you pass away. A trust is a type of estate plan that allows you to make decisions about the distribution of property while you are still living. You can use either or both types of plans to direct who inherits your assets when you pass away. It’s important to keep in mind that if you don’t have an attorney draw up a will or trust, state laws may determine how your assets are distributed upon death without your control.
Protect Your Life Savings and Prepare For Retirement
Protecting your life savings and preparing for retirement is a comprehensive program designed to help you plan for the future. It’s not just about buying insurance; it’s about making smart decisions that will help you achieve your goals, protect yourself from financial risks, and preserve your hard-earned money.
-Healthcare Cost
Medical cost is one of the biggest expenses for American families. Don’t neglect this cost in your retirement plans. The best way to deal with these expenses is to have sufficient health care insurance.
-Retirement Plan
You must make sure that you put all your plans on paper before you retire in order to avoid any problems with taxes or other issues related to your retirement plan in 2023. Many factors can impact how much money you need for retirement. Some of them include age, income level, marital status, and whether or not you have children.
- Be Aware Of Elder Fraud
Educate yourself or your elderly loved ones about common scams that can wipe out a person’s hard-earned savings. Elder fraud is increasing day by day. Fake prize schemes are a very common way to trap innocent people.
Avoid the Rush and Get Your Tax Prep Done Early
Nima Bendavood says avoid the rush and get your tax prep done early. In the digital era, you can prepare your taxes online as well. There are lots of online tax tools and resources available to help. Make sure you pick an experienced accountant/CPA who is familiar with your line of business. In case you need more time, IRS allows extension for partnerships as well as individuals however you would need to apply and file your extension request in advance.
Originally Posted: https://medium.com/@nimabendavood/new-years-resolution-to-jumpstart-2023-544133acab0f
0 Comments:
Post a Comment