All About Revocable Trusts, Your Kids' Taxes Could Lead to Unequal Inheritances, How Much Can You Afford to Gift in Your Life?

How to Choose Between Traditional and Roth IRAs | How Much Money Can You Afford to Gift in Your Lifetime? | Resist the Taboo: Talk to Your Kids About Family Wealth Created for {EMAIL} | [Web Version]( April 14, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Building Wealth]( [Youtube]( [Building Wealth]( [SIGN UP]( ⋅ [WEBSITE]( [] Saving for Retirement [] [How to Choose Between Traditional and Roth IRAs]( [How to Choose Between Traditional and Roth IRAs]( (Getty Images) Financial expert Rich Guerrini [compares retirement accounts]( -- traditional IRAs, traditional 401(k)s, Roth IRAs and Roth 401(k)s. Which might work best for you could depend on your income and tax status. [] Charitable Giving [] [How Much Money Can You Afford to Gift in Your Lifetime?]( [How Much Money Can You Afford to Gift in Your Lifetime?]( (Getty Images) Deciding [how much of your wealth to give to charity or your kids]( depends on your life stage. Here are key considerations based on age, courtesy of estate planning attorney Leslie Gillin Bohner. [Ask a Pro: What's the Best Way to Lower RMD Taxes?]( Ask an advisor. Try this no-cost tool to get matched with up to 3 vetted fiduciaries serving your area who can help you with your finances. It's never too late to work towards a comfortable retirement. [Get Started]( ADVERTISEMENT [] Family Matters [] [Resist the Taboo: Talk to Your Kids About Family Wealth]( [Resist the Taboo: Talk to Your Kids About Family Wealth]( (Getty Images) Family discussions about money are important in educating children about financial concepts and the family's legacy. Financial literacy expert Charline E. Burgess offers tips on [how to have the conversation](. [] Estate Planning [] [All About Revocable Trusts, the Most Common Trusts]( Revocable trusts allow the trust maker complete control over the assets and can be quite efficient when it comes to capital gains and income taxes. Estate planning attorney Rustin Diehl explains. [Read More]( [You can do better than the 4% rule for retirement income]( Many advisors say you should only withdraw 4% of your savings at the start of your retirement. With Go2Income you'll get a plan with income that: 1. Starts between 4.5% to 6.5% 2. Increases to age 85 3. Does not run out 4. Factors in your personal objectives See how you can increase your retirement income with a complimentary Go2Income plan. [Order Your Plan]( ADVERTISEMENT [] Taxes [] [Your Kids' Taxes Could Lead to Unequal Inheritances]( Sometimes, divvying things up equally means one child might end up with less because of their tax bracket. Here's how to avoid that, according to financial planner Antwone Harris. [Read More]( [Minimize Your Businesses Tax Liabilities]( Navigate post-tax changes with this guide, unlocking significant savings. Craft a secure financial future tailored to your wealth, fostering peace of mind on your journey to prosperity. 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