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Lee Huffman

Personal Finance Expert

Posts by Lee Huffman:

by Lee Huffman Nov 16, 2022

Medicaid is one of the government safety nets that helps seniors pay for their care. Long-term care is a necessity for many seniors as they age and can be very expensive. Medicaid helps to pay for long-term care, but it requires that you exhaust your personal resources before payments begin. To prevent seniors from giving away money or resources to friends and family, Medicaid uses a 5-year lookback of their financial transactions. Attempting to hide money can lead to serious penalties. Here’s how to avoid Medicaid 5-year lookback penalties. Read more

by Lee Huffman Oct 20, 2022

When you have money in the bank, there are many different ways to withdraw money to make purchases. One of the most convenient options is using a debit card at checkout. However, not all bank accounts offer debit cards. Most savings accounts don’t offer debit cards because you’re limited in the number of transactions you can make with your account. This makes the use of a debit card for your savings account pretty ineffective. Consider working with a financial advisor to help you create a financial plan and choose the right financial accounts for your situation. Read more

by Lee Huffman Oct 14, 2022

As people age, it can be more challenging to live by yourself and handle your basic needs. Assisted living facilities and care workers provide additional help for seniors to live independently in a safe environment. Paying for assisted living can be expensive, so many investors wonder if assisted living is tax deductible. Depending on your income and how much you pay for assisted living, it could qualify as a medical deduction. Here’s what you need to know about this potential tax deduction and who can qualify. A financial advisor can help you put a financial plan together to cover assisted living and other health costs.  Read more

by Lee Huffman Oct 14, 2022

When you own or invest in a business, you may receive distributions from its profits. Depending on how the business is structured, the company may not have paid taxes on these profits before… Read more

by Lee Huffman Oct 07, 2022

When parents get divorced, child support ensures that both parents contribute financially to the care of their children. Child support payments can be negotiated between parents, but the courts step… Read more

by Lee Huffman Oct 06, 2022

When you move from one home to another, these expenses can add up quickly. For many households, moving costs can be thousands of dollars, even if you do most of the work yourself, and hiring a moving… Read more

by Lee Huffman Oct 04, 2022

When you buy a home or refinance your mortgage, closing costs can run thousands of dollars. However, there is a way to eliminate the out-of-pocket cost when getting a new mortgage. With a no-closing… Read more

by Lee Huffman Sep 27, 2022

Getting married is a special time in the lives of many people. However, not all marriages end up in wedded bliss. To protect themselves in case of a divorce, some couples create a prenuptial… Read more

by Lee Huffman Sep 23, 2022

Growing your retirement savings is an important goal for most investors. When you reach $250,000 in your account, it helps to understand how much income you can earn from your savings. While many… Read more

by Lee Huffman Sep 22, 2022

Vacations can put a dent in your family’s budget. Between airfare, accommodations, activities, food and souvenirs, the costs really add up. Rather than go into debt to pay for the trip, a better… Read more

by Lee Huffman Sep 20, 2022

When you reach retirement age, Medicare insurance offers basic medical insurance protection for your health needs. However, this coverage is basic and does not cover all of the costs for covered… Read more

by Lee Huffman Sep 12, 2022

Many investors use savings accounts to earn interest on money that they don’t need right away. However, sometimes they want to use their money to make a payment. Unfortunately, you cannot write… Read more

by Lee Huffman Sep 07, 2022

Capital gains taxes are a tax on the profits you make on investments, which you might owe if you are investing through a taxable brokerage account. The good news is that there are strategies… Read more

by Lee Huffman Sep 06, 2022

Winning or settling your lawsuit can be exhilarating. After you’ve received the settlement money and paid attorney fees, most people assume that the rest is theirs to keep. However, some settlements… Read more

by Lee Huffman Sep 06, 2022

One of the common estate planning tips for investors is to get a trust to protect their assets. However, that advice is hardly specific enough. There are many types of trusts, and each has its unique… Read more

by Lee Huffman Aug 31, 2022

Three of the most popular brokerages for online investors are E-Trade, TD Ameritrade and Schwab. They are some of the largest financial services companies with stellar reputations and strong… Read more

by Lee Huffman Aug 31, 2022

Investors value money differently based on their experiences, goals and beliefs. This process is known as mental accounting, and it often affects how we budget and spend our money. Mental accounting… Read more

by Lee Huffman Aug 30, 2022

When a loved one passes away, it can be an emotional experience. Unfortunately, handling the deceased’s finances can add to this stress. While most people know that you need to file a final tax… Read more

by Lee Huffman Aug 23, 2022

Buying a home is one of the biggest financial decisions that a person can make. Not only can it involve taking on a big mortgage, but the monthly expenses can also affect your budget and ability to… Read more

by Lee Huffman Aug 23, 2022

Life insurance provides a financial cushion to soften the blow when someone passes away. The decision of when should you get life insurance is a personal question, but generally it is when others… Read more

by Lee Huffman Aug 17, 2022

Many investors want to invest in real estate, but they don’t want the responsibility of owning individual properties. To invest in real estate without the headaches, you can invest in a portfolio of… Read more

by Lee Huffman Aug 17, 2022

Whether you’re an individual investor or a portfolio manager, the right portfolio management software can make a huge difference. The best software provides valuable tools to help you better analyze… Read more

by Lee Huffman Aug 11, 2022

Investors use financial planners to provide wealth management and financial planning advice. Lawyers also provide financial planning advice that protects your assets. When it comes to a lawyer vs. … Read more

by Lee Huffman Aug 10, 2022

Dental professionals have busy lives. Obligations can include caring for patients and running their practices, as well as family responsibilities. And it can be helpful for dentists to have someone… Read more

by Lee Huffman Aug 04, 2022

When the market fluctuates, some investors get scared and want to eliminate risk from their portfolios. Risk-free assets provide a safe harbor against market volatility, but that safety comes at a… Read more