Financial Planning

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How to Convert a Money Factor to an Interest Rate

Components of a lease payment are depreciation fee, finance fee and sales tax. The depreciation fee is a calculation based on the negotiated price of the car, the expected residual value, any trade-ins or down payments and dealer fees -- all items you would expect to affect your ...

How to Put Assets Into a Revocable Trust

A revocable trust provides a means of placing all of your valuable assets into a trust fund to be managed for your benefit. It is common for the grantor, who is the person creating the trust, and the trustee, who is the person who administers the trust, to be the same person in ...

Do You Need to File Taxes If You Receive Social Security Disability Benefits?

You do not file taxes if Social Security benefits are your only income. However, if you have other forms of income, there’s a possibility you owe taxes on your Social Security disability benefits. Depending on how much income you have, more than half of your Social Security ...

Do Children's Social Security Benefits Have to Be Accounted for Annually?

The Social Security Administration requires all representative payees -- individuals who manage Social Security payments on behalf of a beneficiary -- to file an annual report stating how the funds were used. When a child is the benefit recipient, a parent or legal guardian ...

Penalty for Withdrawing From a 529 Plan

The federal government gives tax advantages to investments made in 529 plans, which are operated by states and educational institutions to help individuals save for college. The Internal Revenue Service doesn't offer a deduction for contributions, but the money does grow ...

Can I Have an FSA & an HSA at the Same Time?

Flexible spending accounts and health care savings accounts are both tax-advantaged accounts that can be used to offset medical expenses, but they have some key differences. An HSA is used for more long-term savings, while an FSA can be used regardless of what type of health ...

Managing Lottery Winnings

The lottery might seem like a panacea to life's problems, but stories of lottery winners who end up broke or in tragic circumstances are readily available. Whether it's a small jackpot or a life-changing lottery winning, proper management of money you win through the lottery can ...

How to Invest Powerball Jackpot Winnings

According to Bankrate.com, two-time New Jersey lottery winner Evelyn Adams spent through $5.4 million in jackpots, saying, "I won the American dream but I lost it, too." The same article goes on to say that of the 12 things people spend money on when winning a lottery, investing ...

Can I Pay Medical Expenses From an Irrevocable Trust?

Irrevocable trusts provide distributions to beneficiaries on a set schedule or at the discretion of the trustee. The manner in which the trust is worded dictates the distribution of trust income. Additionally, grantors can remove assets from their own estates to qualify for ...

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