New IRS rules require reporting income for some transactions of just $600 or more, down from a much higher previous threshold. Wealthy clients who routinely pay domestic help and other workers could get tripped up in tax reporting.
A new law that requires cash apps and online marketplaces including Venmo and eBay to send tax documents to millions of Americans is ensnaring a surprising demographic: the wealthy.
If you offer bill-pay services to clients, or are thinking about it as a value-add, read on.
Growing wealth is one thing. Preserving and passing it down to the next generation while confidently knowing it will be maintained is something else entirely.
Financial advisors often encourage clients to put their bills, including rent, mortgage, and utilities, on autopay. Some advisors even set up auto-payments on clients’ behalf. But despite some of the benefits auto-payments offer, it can also lead to problems, especially for people who take a hands-off approach to their finances.
Parents shouldn’t wait until their kids are old enough to have an allowance before teaching them about money.
In our experience working with wealthy families, it is not uncommon to find a situation in which there is division of labor between spouses, each taking on decision-making roles in different aspects of the couple’s life.
Some estimates indicate as many as 50–80% of retired professional athletes go bankrupt within five years of retiring. The statistics vary somewhat, and they depend…
You are probably aware of the risks of someone stealing your Social Security number, etc. and stealing your identity to commit fraud. But what about…
Nearly every family has one person who manages most of the financial chores and activities. In our experience that person is often considered the family…