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Financially Speaking, Keep It Simple


In theory, we are all in favor of saving time, labor, and space, not to mention avoiding the stress and anxiety that can come from leading complicated and disorganized lives. In the realm of personal finance, these are all good reasons to resolve to become more simplified and organized, but saying and doing are two different things. It may help move the process along to break the job up into some very specific things that you can do in addition to making an overall change in attitude toward your finances. Minutes spent doing this ahead of time could save hours and many dollars later.

Don’t Lose Your Charitable Deduction

For you to claim a federal income tax deduction for a charitable donation valued at $250 or more, you must obtain from the recipient of the donation a “contemporaneous written acknowledgment” letter. Failure to obtain such a letter can result in a disallowance of the deduction by the IRS.

 The acknowledgment letter, which may be in the form of a thank you letter to you as the donor, should include the following information:

Estate Planning With Ilits

For some people, life insurance may not spring to mind immediately as an effective estate planning tool. A life insurance policy remaining in the estate of the insured is subject to federal estate taxes. However, when carefully crafted and put in place with the guidance of an appropriate professional, there is a way both to obtain the familiar benefits of a life insurance policy—providing a measure of financial security for the beneficiaries—and to remove the policy’s proceeds from exposure to the estate tax.




1700 W. Hamlin Rd, Suite 100
Rochester Hills, MI 48309
Toll Free: 855.648.9977
Phone: 248.601.4700
Fax: 248.652.8482