With nationwide college costs continuing to rise, it has never been more important for parents to develop a savings strategy to help cover these costs.
For the last several weeks, the media spent a great deal of time covering the fiscal cliff and the upcoming changes in the tax code. At the eleventh hour, Congress passed the American Taxpayer Relief Act of 2012 that seeks to solve some of the tax questions that have been hanging over our heads for the last several months.
An adequately planned and properly executed estate plan can ensure that your assets will pass directly to your intended heirs with the least amount of cost and hassle. Here are seven essential elements when establishing a sound estate plan:
Contribution limits to IRAs and other employer-sponsored retirement plans have changed for 2013. Here are the most recent deferral limitations:
Coverdell Education Savings Account can be a great solution for parents who would like to save money for future college costs.
Do you want to take control of your finances? If so, find out what you need to do now to begin making progress toward your financial goals.
Small business owners have a number of alternatives to choose from when it comes to establishing retirement plans for their business. Each plan type can vary in their contribution level and matching requirements, as well as their ongoing regulatory and administrative burden.
Do you need disability income insurance? This article addresses important considerations to help you decide.
One of the most pronounced fears for retirees is outliving their assets. Taking portfolio withdrawals that are sustainable over an extended retirement period is an important decision and one that should not be taken lightly.
How do you track the cost basis on investments held in your taxable portfolio? What portfolio accounting method does your broker, custodian or advisor report to you or your CPA? This is a decision that, for some investors, can save thousands of dollars in taxes and ultimately make a significant difference in a portfolio’s after-tax rate of return.
There are a number of indexes that attempt to measure the performance of the financial markets and serve as a gauge of economic activity. The following are descriptions of several of the most common indexes:
This whiteboard sketch video from HighTower Advisors is a great video that beautifully illustrates the difference between fiduciary advisors and brokers.
Roth IRAs are great savings mechanisms and can be used effectively for retirement and education planning. One of the less publicized advantages to Roth IRAs is that they can be a great estate planning technique when someone wants to pass along as much as possible to their heirs.
When we begin new client engagements, one of the first things we review is whom our clients have chosen as their primary and contingent beneficiaries on life insurance policies, qualified plans and IRAs. There have been many occasions that we discover a serious mistake or oversight during this process.
One of the major goals that most people have is to, at some point, be debt free. This is a goal that we (Chip and Erin) strive for in our personal lives and we highly encourage our clients to prudently consider as well. In fact, research has consistently shown that people with manageable debt levels tend to be happier than …
Parents have many different options when it comes to saving for their children’s educations. There are UTMAs, savings bonds, Roth IRAs, Coverdell Education Savings accounts and 529 Plans, just to name a few. Each person’s savings strategy is different depending on how the money will be used, the income of the parents, the future cost of the education and the …
Parents with special needs children can face a unique set of financial challenges. However, like all financial challenges, it is important to take measures early to financially prepare for the future. Here are a number of financial planning ideas and considerations for those parents who have special needs children:
We often receive questions about how long certain financial records should be retained. The IRS, through Publication 552, offers some guidance with regard to recordkeeping for individuals. Their recommendations are based on the following deadlines:
In a prior article, we discussed the importance of maintaining an emergency fund. We offered our insight into how much is appropriate to keep in cash or savings, as well as emergency fund targets. As a result of that article, we were asked the question: “Where can I invest my emergency fund, such that it earns an interest rate that …
Do you know the factors to consider when establishing an emergency savings account? This article discusses things to consider when establishing and maintaining an emergency savings fund.