Financial Planning
Why Should You Consider Opening a Health Savings Account?
Health Savings Accounts, commonly referred to as HSAs, are a lot like personal savings accounts except the money you put into them is used to pay for “qualified medical expenses.” In order to be eligible to open and contribute to an HSA, your health insurance plan must be considered a “high deductible health plan”. Your…
Read MoreWhen Should I Switch from Managing My Own Investments to Utilizing the Services of a Financial Advisor?
Not every investor feels like they need a professional financial advisor. Many investors feel that they have the knowledge to manage their investments on their own. In addition, some people just don’t want to pay the fees of a financial advisor for something they feel they can do themselves. When it comes to investing, a…
Read MoreRetirement on the Horizon: A Financial Planning Checklist
Retirement is one of the biggest events you will experience in your lifetime and requires you to have a retirement checklist to plan your finances correctly. Starting that next phase of life brings about significant changes, both personally and financially. Financial freedom and security in retirement does not just happen. Retirement planning takes time, carefully…
Read MoreLife Insurance – Understanding the Tax Implications
Permanent life insurance policies (often referred to as “Whole Life Insurance”) are a contract between a policyholder and an insurance company whereby the insurance company promises to pay a designated beneficiary a sum of money (a death benefit) upon the death of an insured in exchange for a premium. In most cases, when the designated…
Read MoreVideo Overview on the Tax Cuts and Jobs Act for Individuals
Webinar Recording on the Tax Cuts and Jobs Act and its Impact on Individuals (February 28, 2018) The new tax law, Tax Cuts and Jobs Act, is now in effect for 2018. How does the new law impact individuals? Terry Cicero gives an overview in an easy-to-digest webinar in under 30 minutes. Presenter: Terry Cicero…
Read MoreNet Unrealized Appreciation: A Tax Saving Opportunity
Net Unrealized Appreciation Net unrealized appreciation (NUA) is a favorable tax planning opportunity that can often save a taxpayer tens of thousands of dollars. However, this tax planning opportunity is often underused because most people are unaware of its existence. In order to utilize this tax planning opportunity, an employee must own company stock in…
Read MoreABLE Accounts: What You Need To Know
Achieving a Better Life Experience Act of 2014, or the ABLE Act of 2014, encourages and assists individuals with disabilities and their families in saving private funds in a tax-advantaged savings account. These funds can be used to pay for education, health care, transportation, housing and other expenses. Here are some of the most frequently…
Read More529 Plans: Common Questions and Answers – And Potential Tax Savings
What is a 529 Plan? These plans are named after Section 529 of the federal tax code. The 529 plans are a great vehicle to save money and let it grow tax-free. The requirements for guaranteeing the tax free growth are simple – use the money in the 529 plan for qualified education expenses. Tax…
Read MoreLong-Term Care Insurance: Yes or No?
According to Genworth Financial, a major issuer of long-term care insurance policies, a private room in a nursing home averages $92,378 ($253/day) in 2016 while a home health aide, who works under the supervision of a registered nurse or therapist to assist with daily routines such as bathing, grooming, dressing, and medication reminders, averages $46,332…
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