Insurance Premium Basics An insurance premium is the price you pay an insurance company for a policy. Premiums are used in health, auto, home and life insurance policies. Failure to pay the premium can result in the cancellation of your policy. In this article, we will go over the basics of how an insurance premium works. How It Works Premiums are paid either monthly, semi-annually, or as an upfront lump sum. The price of your premium will depend on several factors. These include the type of coverage, your age, the area you live in, if you have filed any claims in the past, as well as moral ha ..read more

Common LLC Terms LLC stands for limited liability company. It is a type of business entity you can set up to protect your personal assets from business liabilities. In this article, we will go over some common LLC terms you should be familiar with before setting up an LLC. Articles of Organization Articles of Organization is a document filed with a state authority to form the LLC. In Arizona, this document is filed with the Arizona Corporation Commission. Disregarded Entity If you are a single member LLC, you can choose to classify yourself as a disregarded entity with the IRS. This means your ..read more

How to Choose Life Insurance Purchasing life insurance is an important part of your financial plan. But it can feel like an overwhelming process. In this article, we will go oversteps on how to choose life insurance. Figuring Out What You Need The first thing you need to choose about life insurance is how much coverage you will need. There are a few questions you should ask yourself to help figure this out. 1. How Much Coverage Do I Need?                 The death benefit of your insurance policy will be based on a few ..read more

Savings vs. Investing Saving and investing are both crucial elements of successful financial planning. They both serve different purposes and come with pros and cons. In this article, we will compare savings vs. investing and how to best utilize them for your personal finances. Saving Saving is the process of putting money aside into a savings account or certificate of deposit. There are many reasons that people save. For example. They save for an emergency fund, unexpected expenses, or a vacation. Saving allows you to meet short-term financial goals and prepare yourself for unexpected expense ..read more

8 Costly Estate Planning Mistakes The goal of estate planning should be to transition your assets to your loved ones in as seamless of a manner as possible. There are mistakes that may cause you to veer of course. But they come with simple fixes. In this article, we will go over 8 costly estate planning mistakes and how to fix them. 1. Improper Funding of the Trust A trust only helps your assets to avoid probate if they are properly titled into the name of the trust. Often people just sign their documents and fail to do this step. You will want all real property and accounts without beneficiar ..read more

8 Things You Should Know About Long Term Care Insurance Long term care insurance is a special type of insurance that can cover you financially in the instance that you require costly long term care. In this article, we will go over 8 things you should know about long term care insurance. 1. You Will Receive a Set Benefit Your long term care insurance policy will have a maximum daily or monthly benefit. This is the maximum amount they will pay for your care during a set period. In addition to benefit limitation, you will also have a waiting period. This is usually a 90-day term that you will ha ..read more

Five Years Before Retirement-What You Need to Know Five years before retirement is a critical juncture. If you are prepared, all you must do is maintain your retirement program. However, if you find out you are not prepared, you may need to make modifications to your retirement plan or retirement date. In this article, we will go over what you need to take into consideration five years before retirement. Length of Retirement To determine whether you have enough to retire, you will first need a general idea of how long you will be retired for. The best way to do this is to generate a general i ..read more

Testate Verses Intestate Probate Testate and intestate probate are two forms that probate can take. Which one you use will have a bearing on how the probate plays out. In this article, we will compare testate verses intestate probate. Testate Probate If an estate has a testate probate that means someone died with a will. Their estate assets will be distributed to the beneficiaries laid out in the will. In Arizona, for a will to qualify for an informal probate, it must be signed by two witnesses. You submit the will to the court so they can examine its validity. Once they find the will to be va ..read more

Filing Taxes for a Family Filing taxes for a family can be complex. There are many variables that need to be taken into consideration. In this article, we will go over some of the variables involved when filing taxes for a family. Filing Status You have five filing statuses to choose from. Which one you choose will impact how much you owe or the size of the refund you receive. If also will determine if you are eligible for certain deductions and credits. The filing statuses include the following: 1. Single You can file as single if you are not married and do not have any dependents. 2. Married ..read more

Hedge Against Inflation It is important to hedge against inflation. Inflation is the rate at which the value of currency is falling. This causes prices of goods and services to rise. To hedge against inflation is the process of protecting against decreased purchasing power. In this article, we will go over five strategies you can use to hedge against inflation. 1. Utilize High-Yield Savings Accounts Basic checking and savings accounts provide very little interest. This causes the purchasing power of funds in those accounts to dwindle over time. The annual percentage yield on a high yield savin ..read more