A few decades ago, high-income families moved investments into their children's names so their investment income would be taxed at a lower rate. As you might suspect, Congress wasn't a fan of this strategy and retaliated with the Kiddie Tax in 1986, which was restructured in 2018 and again in 2019. ... Read More
How much have you spent on your health care in the last 12 months? Would you believe Americans spent $12,914 per person on health care expenses in 2021? That’s a fact, according to the National Health Expenditure Accounts. ... Read More
Life is busy, and not enough of us prioritize our personal finances. I have good news! You can move from “flying by the seat of your pants” to confidently being in control without a huge time commitment. It’s all about working smarter, not harder. ... Read More
One of the most underutilized and often misreported charitable giving strategies is Qualified Charitable Distributions (QCD). Taxpayers 70.5 and older can use their IRA to gift directly to charity without creating a tax liability. In addition, if required to take annual Required Minimum Distributions (RMDs), the charitable gift will reduce the annual RMD. That sounds like a no-brainer, right?... Read More
The vacation home where you spent family time growing up holds many wonderful childhood memories. What’s next for that home? Some family members may have strong feelings about keeping the property and others may be okay with moving on. So what can you do now to preserve the family memories and avoid future conflicts? ... Read More
When you engage in the financial planning process, one of the most important elements is contingency planning or preparing for the unexpected. Life doesn’t always play out the way you would like and pivoting from the current plan to the new reality can be overwhelming.... Read More
Loan interest rates are rising. At the same time, interest earnings on savings accounts and CDs aren't exactly setting the world on fire! So what if a family member offers to finance your upcoming purchase instead of using the bank? The borrower avoids dealing with traditional financing and the interest paid stays in the family. Sounds like a win-win, right?! Not so fast. ... Read More
Are you buried in paper? If “junk” mail is overtaking “real” mail, maybe it’s time to take control. Opt-out of the unnecessary mailbox clutter; get bills electronically; and regularly purge your paper files.... Read More
In the market for a new car? Before you give your next car purchase the green flag, you might want to take the time to run the numbers on an electric vehicle. ... Read More
In 2007, the Public Service Loan Forgiveness program was created to help public servants pay off their student loans after ten years. Fast forward 15 years, and that program is getting a makeover. Are you eligible? ... Read More
