A Uniform Gifts to Minors Act (UGMA) account is a custodial account that allows adults to make financial gifts to minors. While UGMA accounts can be a useful tool for financial planning, they come with both advantages and disadvantages. When it comes to advantages, UGMA accounts are easy to set up and maintain and they… Continue reading Is a UGMA account right for my kids?
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The Benefits of Having a Taxable Individual or Joint Brokerage Account
You’ve probably heard of IRAs, 401(k)s, and other tax-advantaged accounts, but have you ever considered opening a taxable brokerage account? Whether you’re a novice or an experienced investor, there are compelling reasons to add this financial tool to your arsenal. Here are some of the key benefits: It’s Easy to Set Up First of all,… Continue reading The Benefits of Having a Taxable Individual or Joint Brokerage Account
Think Again About HSAs During Open Enrollment
We all know that HSAs can be used to pay for current medical expenses. But did you know that you can use an HSA to save tax free for retirement and even build a tax free emergency fund? Watch this money message to learn more about the advantages of using an HSA. Visit the Learning… Continue reading Think Again About HSAs During Open Enrollment
Halloween Spending Tips
The foliage is in full bloom, and as you stroll around the block, the leaves beneath your feet crunch. The air inside is infused with the delightful aroma of pumpkin spice, signaling that Halloween is approaching! Here are four tips to ensure that the ghouls and goblins don’t haunt your savings. Tip #1 – Shop… Continue reading Halloween Spending Tips
Blended-Family Estate Planning – QTIP
It’s an all-too-common story, an adult child is unhappy that their stepmother inherited their late father’s estate. Even if the father had a last will and testament that indicated his wishes for his wife to be cared for and for any remaining assets to ultimately pass to his children, they were just wishes, lacking any… Continue reading Blended-Family Estate Planning – QTIP
Will SAVE help you save money on your student loans?
The SAVE Plan is the newest income-based repayment plan for your student loans. It looks at how much money you make and how big your family is to calculate your monthly payments. And guess what? It offers the lowest monthly payments out there for almost all student borrowers. The SAVE Plan is slashing monthly payments… Continue reading Will SAVE help you save money on your student loans?
The Costly Consequences of Pulling from Your 401(k): Why You Should Think Twice
Your employer 401(k) plan is a valuable tool in your arsenal for ensuring your future self will have assets available in retirement. The benefit of deferring part of your current income over a long period of time has allowed many individuals to retire more comfortably over the years. That said, many will be tempted to… Continue reading The Costly Consequences of Pulling from Your 401(k): Why You Should Think Twice
A Step-by-Step Guide to Executing a Backdoor Roth IRA Conversion
The Backdoor Roth IRA is a financial strategy that allows high-income earners to take advantage of the tax benefits of a Roth IRA, even if they exceed the income limits for direct contributions. The limits for direct Roth contributions are income levels of more than $153,000 for single tax filers and $228,000 for those married… Continue reading A Step-by-Step Guide to Executing a Backdoor Roth IRA Conversion
Back-to-School Tax Tips for Educators
Teachers often buy classroom supplies with their own money. The IRS provides some tax relief for educators when out-of-pocket expenses are not reimbursed. If you’re a K-12 teacher, instructor, counselor, principal, or aide and work for at least 900 hours during the school year, you’re eligible for the Educator Expense Tax Deduction. For reference, the 900-hour… Continue reading Back-to-School Tax Tips for Educators
Back to School Supplies Spending Tips
It’s back-to-school time! The days are growing shorter, and the early mornings carry a crisp, cold air. Here are a few tips to make purchasing your child’s back-to-school supplies less burdensome and to avoid accruing debt on your credit card. Tip #1 – Plan Ahead The cost of school supplies tends to rise, and predicting… Continue reading Back to School Supplies Spending Tips
