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.
On the surface, it would seem that the decision to begin collecting Social Security retirement benefits is a straight-forward one – take the money as soon as possible. However, for many people, taking their Social Security retirement benefit as soon as they become eligible may not be the best alternative.
A major consideration when conducting a retirement feasibility analysis for clients is how potential long term care costs would be covered. With the cost of long term care increasing at a projected rate of 5% to 7% for the foreseeable future, in ten years from now a three year stay in the average facility in North Carolina could cost upwards …
I can tell you from experience that children grow up fast! It is very hard for me to believe that my sweet daughter, Abbey, will be starting kindergarten soon. Five years have passed in the blink of an eye!
Section 529 College Savings Plans can be an excellent tool when saving for college. While there are many benefits when using the 529 Plan, there are also a number of drawbacks. Here are a number of frequently asked questions:
With the belief that tax rates are likely to rise over time, many people are considering the merits of converting their traditional IRAs into Roth IRAs. Here are a number of considerations that may impact your decision.
During retirement, is it best to take distributions from IRAs, Roth IRAs or personal brokerage or savings accounts? The decision of “Which account?” is an important one with many factors to consider.
Social Security was originally intended to provide older Americans with continuing income after retirement. As people approach retirement, they generally have questions about Social Security and the benefit it provides.
Long term care costs are expensive and rising every year. For many, a two or three year stay in a skilled nursing facility could cost several hundred thousand dollars and potentially wipe out a retirement nest egg.
Many financial planning objectives can be accomplished through the utilization of trusts. Here are several of the most common types of trusts and a brief overview of their purpose:
This article discusses several simple items that can help ease the estate settlement burden on your heirs.
One of the most important financial decisions people face with regard to retirement planning is when to start taking their Social Security retirement benefit. Making the most of this decision requires careful consideration of a number of variables including tax, cash flow and even elder care issues. The economic downturn has forced many families to consider taking Social Security earlier than expected. With that in mind, here are some ideas to consider, when making this important decision.
I have learned that one of the most effective ways to get things done is to work from a “To Do” list. In that spirit, here are a number of very important items that, upon completion, will certainly strengthen your financial situation. The best part…the entire list can be completed in 2 hours!