Bedel Blog

The Kiddie Tax applies to children under 19 years old and full-time students under 24 who don't support themselves financially. The tax is assessed on unearned income received by children who meet previously noted age requirements.

When you pass, you don’t get to take your money with you, so avoiding the common pitfalls of wealth transfer is best. Prepare your heirs, talk openly about money, pass along family values, and don’t be afraid to implement a trust.

Following these four steps will take some time, but probably not as much time as you think. And, when you follow these steps, the likelihood of qualifying for financial aid increases incalculably.

Earlier this year, the American Rescue Plan authorized a portion of the Child Tax Credit to be paid to eligible taxpayers monthly but don’t spend those funds right away. If your financial situation has changed, you may have to pay some of those dollars back!

The American Rescue Plan (ARP) has more than just stimulus payments to offer. If you qualify for the enhanced child tax credit, be on the lookout for the IRS portal rollout in a few months. Many families have benefited from child tax credits in years past, but the enhanced credit differs in several ways.

Evaluating the reasons behind a desire to purchase life insurance on a child can be helpful with the question "does it make sense?" If you are protecting against future un-insurability, it's hard to argue an alternative solution.

So, you hired a nanny to reduce the pandemic chaos. But did you think about the tax issues involved? It’s worth taking the time to structure household employee arrangements at the beginning of an engagement, so everyone involved is protected from day one.

It’s stressful to know that your parents haven’t prepared for retirement. It’s even more stressful to think that they may depend on you financially.

Youth sports can bring a host of benefits to the athlete, but it can be a real drain on a parent’s wallet. Before diving into the world of youth athletics, it’s important to understand the full costs you’re committing to when your child participates. Read on for one staff member’s experience with elite youth sports – hopefully you’ll benefit from her naiveté and be better prepared for the financial impact.

As your child heads off to college, you might feel a bit of relief knowing that your job is done...at least for a few months. But if you don’t have legal medical documents in place for your child, your job just became much harder should your student be hurt or incapacitated while away from home. Read on for our advice on documents it makes sense to have in place so you can make healthcare decisions for your child should he/she be unable to.

According to the Pew Research Center, 15% of middle-aged adults will end up financially supporting a parent and a child at the same time. If you find yourself in that 15%, you’re part of what has become known as the Sandwich Generation. We discuss what you should think about if you find yourself being sandwiched between the two generations.

High school graduations are just around the corner and in the past year you’ve likely spent a lot of time helping your child determine their field of study as well as the right college.

Your child is heading to college…The car is packed, and you’re ready to move her in. But aren’t you forgetting something? Have you talked with her about finances and making good financial decisions while she’s away? Now’s the perfect time to have that chat and make sure she’s ready to face all the financial intelligence “tests” she’ll encounter in college.

Any parent knows how difficult it can be to watch your children struggle, and the urge to step in and help out financially can be a strong one. But it turns out you could be doing more harm than good, especially when it comes to your own finances. Be sure you’re funding your own needs, such as retirement and savings accounts, before you open your wallet to your children.

Teaching children financial literacy skills early in life can help set them up for future financial success, but where’s a parent to begin? At Bedel, we encourage parents to teach the three S’s – saving, smart spending, and sharing. Read on for the details on each.

Chances are your teen isn’t thinking about saving for her retirement quite yet. But contributing now to a Roth IRA can give her a leg up on her retirement savings. Unsure if your teen will want to contribute any of her hard-earned money? No worries – anyone can contribute to a Roth IRA on her behalf. Read on for the details and what to watch out for.

Concerned about your elderly parent’s safety or ability to make sound decisions? It might be time to consider becoming a legal guardian for your parent. We’ve laid out the basics of legal guardianship and what the process might entail for you.

When contemplating a pregnancy or an adoption, be sure to understand your employment benefits. Parental leave policies and insurance benefits can cover associated costs as well as provide income while you are away from work.

Is your child’s identity at risk? That might sound like a crazy question, but young children are prime targets for identity theft. We’ve outlined how children’s identities can be stolen, warning signs to look for, and what you should do if you find out your child has become a victim.

Can you pay for k-12 tuition with a 529 plan? You can now! While this could have a nice tax advantage for families that save, there is some very important information to understand first. We’ve broken down the benefits, the potential traps and ways to get around them.

Anyone with children knows the cost of a college education is steadily on the rise, and that money has to come from somewhere. So what's a parent to do? We discuss ways to 1) determine how much to save and 2) ways to save for your children's education.

It has become increasingly popular to keep your “adult” children on your health insurance plan until age 26, but it’s not as simple as just letting them use your insurance coverage. Read on for the ins and outs of health insurance and HSAs and what that might mean for your adult children.

If your dad is suddenly hospitalized, who would your mom turn to for help? You? If so, do you understand Medicare, Medicaid, and long-term care ...

Anyone of any age can get scammed, but seniors make the easiest targets. Each year they lose billions of dollars to scam artists, friends, and too ...

Does someone close to you have Alzheimer’s? If so, you’ll likely want your loved one to retain his or her lifestyle and independence as ...

If you are over age 60, you probably spent a few thousand dollars or less for your wedding, including all the trimmings.

There is nothing better than celebrating the birth of a new baby. If it is the first baby, there are many “first time” experiences to be enjoyed as well as some “first time” decisions to be made. Naming a guardian is one of those.