Financial Planning

March 30, 2022Financial goals come in all different forms, from setting money aside for emergencies to setting up a trust to pass your assets on at the end of your life. All financial goals are important, but long-term financial goals tend to… read more…

March 21, 2022ABLE accounts allow individuals with disabilities to save money using a tax-advantaged account. These accounts were created as part of the Achieving a Better Life Experience Act (ABLE) of 2014. This law was established to help make it easier for those with disabilities to cover qualified expenses. But before you consider opening an ABLE account, you’ll… read more…

March 17, 2022If you have at least $1 million in investable assets like cash, stocks or mutual fund shares, congratulations: you’re a high-net-worth individual. This distinction not only means that you’re wealthy, but also that you may qualify for certain perks within the financial services industry. However, having a high net worth also comes with the unique… read more…

February 24, 2022A financial planner can be a powerful force for good, helping you set and reach financial goals. But do you really need a financial planner? Many people forgo the option of working with a financial planner in favor of doing research on their own, setting their own goals and managing their own finances. That means… read more…

February 14, 2022An estate plan is a set of documents describing the way you want your assets to be distributed when you die or become incapacitated. Along with retirement planning, managing risk and investments, an estate plan is a basic part of a full financial plan. Financial advisors help clients prepare estate plans by working with them… read more…

February 3, 2022Money is the No. 1 stressor for most adults. You may be struggling with credit card debt, an emergency that involves a large expenditure or whether you are saving enough for retirement. The pandemic has added an extra layer of… read more…

January 6, 2022A self-proving affidavit is a sworn document that attests to the validity of a will. While not required, a self-proving affidavit can speed up the probate process and render the court testimony of witnesses unnecessary. A financial advisor who offers estate planning services can prepare a self-proving affidavit and help with other end-of-life needs that… read more…

November 10, 2021Inflation is at once one of the most simple and complicated topics in economics. Analysts and others can write multi-volume studies on the subject. Indeed, many economists dedicate entire careers to understanding inflation. But we can tackle the broad strokes in… read more…

November 8, 2021Custodial accounts and 529 plans are two popular options for saving money for a child’s future, each with unique features that make them suitable for different needs. A custodial account offers flexibility, allowing investments to be used for anything that benefits the minor, while a 529 plan is specifically designed to help pay for educational… read more…

November 4, 2021The Community Spouse Resource Allowance (CSRA) is a financial safeguard for married couples when one spouse requires Medicaid-funded long-term care. It determines the amount of assets the non-institutionalized spouse, known as the “community spouse,” can retain while the other qualifies for Medicaid. The CSRA aims to prevent the community spouse from experiencing financial hardship by… read more…

October 29, 2021A financial planner is a type of financial advisor who can help you set and meet long-term goals like saving for your children’s college education, retiring by a certain age or planning your estate. Some financial planners double as investment advisors, which means they can also help you with your investments. However, choosing a financial… read more…

October 26, 2021A 529 college savings plan, also known as a qualified tuition plan (QTP), is one of the best choices for meeting student educational expenses. Two of the 529 plan’s best features are tax-deferred growth of your contributions and later, tax-free withdrawals.… read more…

September 17, 2021Performance bonds are used in a variety of industries to guarantee that a contract’s obligations are met. They are issued by banks, insurance companies and surety companies and are common in construction, real estate development and import/export contracts. In commodities markets they are called margins, where good faith money is deposited as collateral to secure… read more…

August 16, 2021The acronym “DINK” stands for “dual income, no kids.” It refers to couples where both members have paying jobs and don’t have any children living with them. The number of people living as DINKs has been increasing for decades as… read more…

June 3, 2021Understanding the financial planning process can empower individuals to make informed decisions about their financial future. This process involves evaluating one’s current financial situation, setting achievable goals, and developing a strategy to reach those objectives. By analyzing income, expenses and investments, individuals can create a comprehensive plan that aligns with their long-term aspirations. Whether it’s… read more…

May 13, 2021A see-through trust is a legal arrangement that enables a person to pass retirement assets from an individual retirement account to beneficiaries after his or her death. A properly-constructed trust protects assets from creditors and can parcel out money to… read more…

May 10, 2021Net worth is one way to measure your financial health and stability, in relation to how much debt you have versus what you’ve accumulated in assets. Similar to credit scores, the higher your net worth number is the better, especially… read more…

May 7, 2021Everyone has a different idea of what wealth is. You could ask 20-somethings what they think wealth is, and they might describe extravagant houses or a private jet. Someone older might mention lucrative investments. Everyone seems to have a different… read more…

March 8, 2021Starting a family is a major life decision and one that doesn’t come cheap. On average, it costs anywhere from $5,000 to $11,000 to have a baby. And parents spend just over $233,000 on average to raise a single child… read more…

March 5, 2021Tax season began on January 23, and millions of Americans are eagerly expecting a tax refund. They might be in for a tidy sum: the IRS says that the average tax refund in February 2023 is $1,997, which is down… read more…

February 26, 2021One of the limitations of using tested investment theory to provide people with rational financial advice is that people aren’t necessarily all that rational. Investors tend to get worried when the market is down and sell cheap at the bottom,… read more…

February 26, 2021Dave Ramsey is a well-known personal finance celebrity with a long-running radio show (also, more recently a video podcast), multiple best-selling books, online tools, educational courses and a large following. Endorsed local provider (ELP) is a designation Ramsey’s organization offers… read more…

February 19, 2021Buying or selling a home usually involves a fair amount of paperwork. A warranty deed is one of the more important documents you may encounter during the process. Warranty deeds are used to verify that there are no obstacles, such… read more…

February 18, 2021Living wills and living trusts can both be useful tools for estate planning. Though they sound similar, they each serve a very different purpose. A living trust is something you might consider for managing the transfer of wealth and assets… read more…

January 13, 2021When families are wrestling with the challenge of paying the costs of higher education, a certified college financial consultant (CCFC) can help. CCFCs have gotten specialized training in education funding, including tax consequences, credits and student loans.  Most of the… read more…