Having life insurance proceeds go directly to a spouse or child may create more problems than it can solve. You do not know when your death will make available a sizable insurance check for your young bride or young child. It may be best to have protective measures in place to offer some control over the funds. By using an Irrevocable Life Insurance Trust, we can accomplish that goal. For this article, we will use the term ILIT when referring to an irrevocable life insurance trust. 

If you own a business, you may well follow a “do it now” philosophy — which is, of course, necessary to keep things running smoothly. Still, you also need to think about tomorrow — which means you’ll want to take action on your own retirement and business succession plans. 

Fortunately, you’ve got some attractive options in these areas. For example, you could choose a retirement plan that offers at least two key advantages: potential tax-deferred earnings and a wide array of investment options. Plus, some retirement plans allow you to make tax-deductible contributions.

It’s time for spring cleaning. This year, why not go beyond your house and yard and “spruce up” your financial situation?

For starters, clean your portfolio of “clutter” — those investments that no longer meet your needs.

For the first time since 2008, contribution limits have risen for one of the most popular retirement savings vehicles available: the IRA. This means you’ve got a greater opportunity to put more money away for your “golden years.”

Effective Jan. 1, you can now put in up to $5,500 (up from $5,000 in 2012) to a traditional or Roth IRA when you make your 2013 contribution. And if you’re 50 or older, you can put in an additional $1,000 above the new contribution limit.

It’s probably not on your calendar, but World Yoga Day takes place on Feb. 24.