Gilbert Wealth Articles

The Basic Types of Annuities

Annuities are contracts with an insurance company that provide certain benefits. There are many types of annuities out there and the terminology and usage can be confusing. This article provides and overview of the basic types of annuities and their variations. Quick Annuity Primer Base Contract: Every annuity starts with a base contract. The base contract has certain guarantees embedded it such as minimum interest rates, annuitization factors, fees, surrender charges, how the cash value can be invested. Riders: Some annuities have the option to add riders. Riders are additional features that can be added to the base contract to provide additional…
Read More

10 Ways a 529 Can Be Used

A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. These plans are sponsored by states, state agencies, or educational institutions and offer flexibility and a range of benefits to families aiming to secure their children's educational future. This guide explores not only the domestic uses of a 529 plan but also its applicability to international educational pursuits.1. Tuition and FeesThe primary use of a 529 plan is to cover tuition and fees at eligible educational institutions. This includes:Colleges and Universities: Both in-state and out-of-state, public and private institutions.Community College: Community college schools are eligible.Graduate…
Read More

6 Biblical Principles of Work

Work is a central theme in the Bible, underscored from the very beginning of the scriptural narrative. The biblical principles of work are deeply intertwined with the theological understanding of human purpose, dignity, and relationship with God. This article explores these principles, examining how work is viewed through the lens of biblical teaching. The Lord God took man and placed him in the garden to... The concept of work started from the very beginning of the world. God did not finish all of the creation and then tell mankind that they should sit back and enjoy the views."The Lord God took…
Read More

The Sunset of the Tax Cuts and Jobs Act: What You Need to Know

NOTE - This article is no longer applicable due to the passing of the One Big Beautiful Bill in 2025. It is posted only for reference and historical context. I did say tax laws are written in pencil right?!As the saying goes, “tax laws are written in pencil”. Indeed, the landscape of taxation is in constant flux, necessitating an ongoing awareness and adaptability to change. As we approach the expiration date, I wanted to describe in more detail the changes that are being made. This is not a comprehensive list but does cover the changes that are most impactful.Authors Opinion: Before…
Read More

Common Features of Traditional Long-Term Care Policies

Long-term care (LTC) policies are financial tools designed to cover expenses associated with long-term care services. These services are often necessary for individuals who are unable to perform basic activities of daily living (ADLs) due to chronic illness, disability, or cognitive impairment. Traditional long-term care insurance policies have several common features that are essential for potential policyholders to understand. This article provides an overview of features commonly found with Traditional Long-Term Care Policies. This list is not exhaustive and policies issued by companies may deviate from the descriptions provided. It is important to review your own policies for complete descriptions and…
Read More

Protecting Yourself from Common Scams: Tips and Strategies

In an increasingly digital world, scams have become more sophisticated and prevalent. Understanding these schemes and learning how to protect yourself is crucial. This article outlines some of the most common scams that are used to de-fraud honest people of their hard-earned money. Here, we provide detailed descriptions of each scam and practical tips on how to safeguard yourself.General Tips to Protect Yourself from ScamsEducate Yourself: Stay informed about the latest scams and how they operate.Be Skeptical: If you receive unsolicited calls, emails, or messages, be very skeptical.Secure Personal Information: Protect your personal information online and offline.Use Strong Passwords: Create…
Read More

IRC Section 121 and Its Application to a Rental Property Turned Primary Residence

Investing in real estate can provide significant financial benefits, including capital appreciation and rental income. However, the tax implications of selling a property that has been used both as a rental and as a primary residence can be complex. This article will explore how the Internal Revenue Code (IRC) Section 121 exclusion applies when a rental property is converted into a primary residence, focusing on a detailed case study to illustrate the key points.For more on the tax implications of selling rental properties, see Tax Implications of Selling a Rental Property – Gilbert Wealth What is the IRC Section 121 Exclusion?…
Read More

Tax Implications of Selling a Rental Property

Selling a rental property can have significant tax implications, whether you realize a gain or incur a loss. This article will provide a detailed overview of the various tax considerations involved, including depreciation recapture, selling expenses, and passive loss carryforwards. Calculating Real Estate Gains or Losses When you sell a real estate property, or any investment for that matter, you will incur a capital gain or loss. Unless held in a tax-qualified account, the capital gain or loss goes into determining potential tax obligations you may have as a result of the sale. To determine the capital gain or loss on…
Read More

Preparing for Long-Term Care: Statistics and Financial Insights

When planning for your financial future, determining how to address the potential for a long-term care event will be one of the hardest decisions to make. The topic is particularly complex given the uncertainty around whether or not you will even have a long-term event; and if you do, how long will it last, what will it cost, and when will it occur. The decision is complicated even further by the higher cost of insurance or the high cost of long-term care planning strategies.The purpose of this article is to educate on the prevalence of long-term care and provide context on…
Read More

Basic Statistics and Other Finance Terms

A brief explanation of various statistics used in finance and how to understand them.[lwptoc] Average, Mean, Median Average (Generic Term)The term "average" is a generic term that refers to a central value of a dataset. It is most often used interchangeably with "mean," but in broader terms, it can also refer to other measures of central tendency, such as the median and mode.There are several types of averages that can be used in finance and each has its strengths.Mean (Arithmetic Mean)The mean is a type of average, often called the arithmetic mean. The Mean is most likely what most people…
Read More