Have questions about special needs trusts, Roth IRAs for children, or the proper age for you to start collecting social security? This article is for you! Liz Weston for the LA Times answers these questions and more about the best ways to preserve your income and leave the most lucrative inheritances for your family.
Tag: children
Honesty in Spending
Financial Infidelity…
Have you ever been guilty of making a purchase and not telling your partner? What about buying something and then altering the actual cost when forced to admit your indiscretion?
Many couples fall prey to these kinds of buying practices says Jancee Dunn for the New York Times in her article, Your Cheatin’ Wallet. Read more to see how important it is to move towards total financial transparency with your partner and what pitfalls may arise if you don’t.
New Tax Changes Affect Gifting Money to Minors
As the end of school approaches, many parents and grandparents consider college expenses for their children. What once was an easy and low-tax way to give money to younger children will soon cost a good deal more. Ashley Ebeling for Forbes explores the changes in the so called “Kiddie Tax” in her article, The Kiddie Tax Grows Up: Beware The IRA Trap
It’s All Relative
Remember the holidays when you were little? Lots of hugs, kisses and breath taking squeezes from relatives, not to mention that one aunt who always wore bright red lipstick and left an impression on your cheek for all to see. Navigating the holidays with small children can be difficult, especially when they appear shy or snub the advances of loved ones. Sue Shellenbarger for the Wall Street Journal offers a variety of ways to help both your children and the relatives connect and enjoy their time together.
When Your Child Won’t Hug the Relatives
Save A Penny, Watch It Grow
Did you know that saving $667.95 in a year is as easy as putting your spare change into a jar each night? With this simple formula and free printable provided by Smart School House, you could be on your way to a great weekend trip or some extra Christmas cheer. It also makes a good savings activity for children. Try it and let us know how it goes for you!
Sharing the Gift of Sharing
Tis the season for giving…
Want to help your teenager or younger child learn more about sharing what they have? Ron Leiber for the New York Times has great recommendations for talking to children about your family’s legacy of both giving and receiving, a history of why you feel it is important to share what you have with others and he offers a simple plan for explaining exactly how you divide the money between various charities.
Six Ways to Give the Gift of Generosity to Children and Teenagers
Progressive and Evangelical?
Is it possible to have a church that both holds to the doctrine of scripture and is open to all? Sounds like the kind of place we’d all like to attend. A church where the doors are open for all, the sermons biblically based with a refreshing twist on the classic stories and no secret code of membership. One church working toward this model is Hillhurst United Church in Calgary, Canada. Check out the story in Christian Century, Biblical, evangelical—and progressive. What do you think? Are they headed in the right direction?
Instagram, Snapchat, LinkedIn?
Many teenagers are now creating LinkedIn profiles in order to share a more “adult” view of their achievements with colleges and universities during the admissions process. Some question the health of having our children so future-focused, while others make a living teaching students how to tailor these profiles to best showcase their skills and achievements. What do you think? In the current climate of highly competitive college admissions, should you pull out all the stops in an effort to land the college of your dreams?
New Item on the College Admission Checklist: LinkedIn Profile
Have You Written a Money Letter?
Dear Reader,
Did you know that writing a simple “money” letter to your children will have more of an impact on their spending habits than just telling them your thoughts and feelings about money?
This week, why not think back to your biggest money successes and failures (these are often most helpful), put pen to paper and send your child a note that can have a deep and lasting effect on their lives? If you’re lucky, they’ll listen to your advice and you might even find yourself featured in a book, like Gail Shearer did when her daughter Kimberly wrote the book, Smart Mom, Rich Mom, based on the money letter she received from her mother.
Need advice on just what to say? Check out this article from the New York Times, The Money Letter That Every Parent Should Write.
Industry Standard Paid Leave
If you are/were a working mother, how long was your maternity leave? Did your spouse also receive any time off after your child’s birth? Although some companies have been offering parental leave for many years, it’s nothing like what is happening at Netflix who is now becoming an industry leader for offering any new parents paid leave during the entire first year of their child’s life. Sound amazing and a little crazy? Well, it’s based on research showing that employees who are not worried about home life are more efficient and productive. Imagine being able to have your cake and eat it too.