End-of-Summer Financial Reset: Preparing for Q4 Tax Planning

‘Tax advice’ is left to federally authorized tax practitioners who prepare tax returns and defend clients pursuing relief from federal agencies for their own tax payments or to dispute tax payment errors.

Every financial client has their own story about what has happened in their life and what they hope to accomplish in the future. Life events can alter even the most carefully thought out plan.

As more boomers leave the workforce each day the future is uncertain for both genders when it comes to their retirement savings lasting their entire life.

Inheriting from someone is a wonderful gift, but when it comes to securities assets, namely IRAs, different rules apply to non-spouse beneficiaries. IRS rules designate what the beneficiary can do with the IRA and how distributions must be taken.

Losing a spouse, whether through death or divorce, can be devastating emotionally and financially. The loss can take months or even years to recover since there is no way to prepare for death or divorce even when spouses have discussed contingencies with each

The ‘Boomer Generation,’ those born between 1946 and 1964, have a great outlook for a long life since they will outlive previous generations by almost 40%, compared to their great-grandparent’s generation.

“Financial literacy refers to the set of skills and knowledge that allows an individual to make informed and effective decisions through their understanding of finances.

It is human nature to seek advice only when things aren’t going as planned or when some unforeseen situation arises.

In today’s economy, offers of an early retirement buyout for a current employee or a pension buyout directed at a former employee are becoming common as companies look for ways to cut costs.

Most parents want what is best for their children, but sometimes have habits themselves that equate to teaching their children poor financial habits.

For many parents, planning to leave their estate to their children is a common practice. There are many things to consider when planning to leave your children an inheritance, but the complexity increases when your child is beneficiary to someone else’s estate

This is the first tax filing season since the Tax Cuts and Jobs Act (The Act) was passed. Even though 2018 is over, there are tax planning strategies you should think about before you file and plan accordingly for 2019.

A credit freeze is a way to protect yourself from a new account or loan being opened with your personal information by businesses (or criminals) without your permission.

Couples usually don’t retire at the same time when they have an ‘age gap’ between them. An age gap relationship is one where there is eleven or more year’s age difference between them.

Despite having a high income from owning a business or being an executive, these individuals can experience retirement savings problems. They have missed savings opportunities or put off financial planning.

Regardless if you believe in Long Term Care (LTC) insurance or not (or your advisor doesn’t) you still need to include the costs related to LTC in your retirement plan , even if you’re able to self-pay. Why?

Among the primary concerns people have as they approach retirement is, “How long will I live and will my money last?

The IRS announced last month in November cost-of-living adjustments to limits on contributions to retirement plans for 2019.

Continuing education helps financial advisors stay informed of the latest industry and regulation changes while educating them on products and solutions to help their clients. Taking continuing education classes helps them become better at their job, too!

Scheduling a fall financial review is especially important this year due to the Tax and Jobs Act and impending market changes. We’ve been enjoying a robust stock market which makes now a prime time to meet.