The Tax Cuts and Jobs Act passed by Congress and signed by President Trump at the end of 2017 contained some major changes to the tax code. Its effect on wealthy families is a mixed bag.
It is hard to believe it is that time of year again. The next class of high school and college seniors will soon don their caps and gowns and embark on the next chapter of their lives. That said, it is the opportune time to impart our best advice for these two groups of graduates. The following lists include both practical suggestions in the areas of career and finances, as well as general words of wisdom we would offer younger versions of ourselves given what we have learned over the years.
529 education-savings accounts have gained popularity in recent years due to the steep increase in college tuition costs. According to the latest data from the College Savings Plans Network, assets in 529 accounts grew to $275 billion in 2016 from $106 billion a decade earlier. The primary benefits of 529 accounts include no income tax on investment gains, tax-free withdrawals for qualified expenses, and tax deductions on contributions in some states.
Cargill is undoubtedly an exception to the old proverb: “Shirtsleeves to shirtsleeves in three generations.” Cargill is the largest private company in the United States with 150,000 employees and nearly $110 billion in annual revenue and has made it to generation seven.
The farm-to-fork conglomerate that supplies McDonald’s, Unilver, Coca-Cola, to name a few, originated as a single grain elevator in Iowa back in 1865…