“It’s never too early to put the estate planning wheels in motion,” says Chi Wen Liang, a regional manager and Certified Financial Planner with Altamira Investment Services. “Having an estate plan clearly states how you want your assets distributed to loved ones after you’re gone. You can start this planning as soon as you begin to accumulate wealth, whether in property or investments. In fact, many people turn their attention to their estate when they get married or start a family.”

The first step in the process is consultation and financial guidance. A qualified advisor will walk you through the process, part of which includes: making a list of your assets and liabilities; planning for insurance if needed; and/or connecting you with a lawyer for the creation of a will and powers-of-attorney.

“Together with your financial advisor, you can develop a strategy that first builds up your estate,” Liang explained, “and then documents exactly how to pass it on smoothly to your heirs.”

More information is available at altamira.com.

Credit: www.newscanada.com

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Credit: www.newscanada.com

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“Estate planning is much more than just putting a will in place,” says Nick Spencer, regional manager and Certified Financial Planner with Altamira Investment Services. “It’s the complete package of how you’ll provide for your family and loved ones, as well as how you’ll transfer and preserve the value of your assets when you pass on. Estate planning also takes into account your need for trust funds, powers-of-attorney, child guardians, as well as special concerns like business succession if you are a business owner.”

When you’re ready to put an estate plan together, a financial advisor is an essential part of the process. He or she will help to:

. Sort out your assets and liabilities

. Determine the value of the properties you own

. Evaluate your personal possessions and savings

. Evaluate all business interests you may have

. Connect you with a lawyer for a will and power-of-attorney

. Determine the best way to preserve and transfer your assets to your beneficiaries in a tax-wise manner.

Planning is vital, but situations can change. Children are born. Relatives die. Marriages begin and end. Property fluctuates in value. For all these reasons, you should review your estate plan at least every few years to make sure each component is still up to date. More information is available online at altamira.com.

Credit: www.newscanada.com

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The foreign exchange market is the largest and most liquid in the world and the trading totals $2 trillion every day. However, up until recently, the transaction sizes and financial requirements kept this market out of the hand of small individual speculators. Currently the market requires a minimal amount of capital, making the foreign exchange market available to just about all investors

The forex market is one of the only markets that require no real qualifications, making it ideal for beginning investors. In addition, it is free from almost all forms of manipulation and external control. Despite these advantages, newcomers to the forex market may feel overwhelmed or confused but these five trading tips may help pave the way to success on the forex market.

The first tip to becoming a successful forex trader is to develop your own trading strategy. There is no one perfect strategy; therefore, it is important that newcomers to the foreign exchange market adapt one that meets their specific needs. It is important to avoid forex strategies that you do not understand. You should do your research ahead of time and draw on the information from useful forex guides and tutorials. It is important to be cautious of forex scams. There are numerous scams popping up where companies offer to do your trading for you, these are the ones you should avoid. You should develop your forex methods with an expert and only make trades on your own or through a licensed broker. The bottom line is making sure that you are fully aware of all aspects of your strategy and are comfortable with the risks and benefits.

Another tip for beginners is to understand that prices move by trends. In the foreign exchange market there are several movements that have been identified as a pattern. Trading with a trend is less risky than trading in different directions, especially for smaller accounts. Trading in the same direction as a trend is a great tip for newbies.

The third tip for newcomers to the foreign exchange market is to pay attention to the top five currencies and their pairs. The most common currencies are the United States dollar, USD, the Japanese yen, JPY, the European Euro, EUR, the United Kingdom pound, GBP, the Australian dollar, AUD, the Swiss franc, CHF, and the Canadian dollar, CAD. The most common pairs of currency are referred to as majors and are GBP/USD, EUR/USD, AUD/USD, USD/JPY, USD/CHF, and USD/CAD. So, before you take a position in the market or change your current position, you should take a look at these most popular currencies to see if you are missing any thing.

Experts also recommend that newcomers to the forex have access to two accounts. One real account so that you can make trades and realize real losses or profits, and one demo account that you can use for practice. Use the fake account to test alternative moves, or moves that you were considering making with your real account, to view the outcome without any financial repercussions.

The final tip to foreign exchange market beginners is to check currency charts in one hour, four hour and daily increments. Even though you can trade in 15-minute increments, making those trades and checking the chars that often becomes time consuming and overly complicated.

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First, look at what exactly estate tax is. Estate tax applies to everything you own, plus all of your cash, securities, trusts, stocks, insurances, etc. Basically, everything you have of any financial value is considered to be part of your estate and is subject to estate tax. To calculate the value of your estate, an auditor will look at your financial worth, in the form of cash, stocks, insurance, and so on, and then will add that amount to the fair market value amount of all of your possessions. It is important to note that the fair market value is not necessarily the purchase price of the item; for instance, in the case of a car, the depreciated value of the car at the time of your death is the figure used, not what you paid for it. The sum of your financial wealth plus your possessions is called your Gross Estate.

When your Gross Estate amount has been calculates, deductions are then applied. Deductions can be for anything from leaving money behind to cover the mortgage payments of a surviving spouse to charitable donations to debt repayment. After these deductions have been made, the figure you are left with is called your Net Taxable Estate. With your Net Taxable Estate figure in mind, the government then considers cash gifts you have given to your heirs over the course of their lifetimes, beginning with gifts given in 1977 and then moving forward. If the total amount of the monetary gifts given to your heirs by you in life, plus the amount of the estate you have left to them in your death exceeds $2 million, then your estate is subject to estate tax.

Obviously, many people do not leave behind an estate of this size; in fact, only about 2% of Americans ever find themselves subjected to estate taxes. However, if there is even a possibility of your heirs getting hit with this hefty and complicated tax, you should begin to make provisions now to mitigate their tax burden. Work with your accountant to develop a rough figure for your total estate amount, and then see where you can find deductions. Include a charitable contribution in your will, or if your heirs will be selling some of your property, consider selling some of it now before your passing. If you own a business that will put your estate over the $2 million mark, make one of your heirs half owner with your in life, so that only half of the net worth of the business is considered in your estate.

When estate tax comes into the picture, large sums of money are being dealt with, and the tax laws surrounding this money are extremely complex. There is no guidebook that works for everyone; each case is unique. The most important thing you can do while estate planning is make sure you are working with a reputable and trustworthy financial advisor that can guide you, and then your heirs, through this process.

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