Saving with a 529 College Plan
As the excitement builds for National 529 Day later this month on 5/29 [clever, eh?], it seems only appropriate to help our clients and readers to gain a better understanding of this type of college savings account. First, and foremost, you should know it’s generally unwise to fund your child/ren’s college with a 529 – as the sole account to meet college expenses. Depending upon a family’s situation, there are other types of college savings accounts that can meet your objectives [...]
How Much is Enough Life Insurance?
Last year, we published a newsletter discussing Long-Term Care insurance and some food for thought around the common question “Should I consider Long-Term Care insurance?” In keeping with this theme, I (Russell) would like to similarly address another common insurance question, “How much life insurance should I have?” Although the short answer to a question like this is “it depends”, I think it is important to understand some fundamental guidelines. However, before we can begin to look into this problem, just [...]
Why Life Insurance?
Life insurance has come a long way since the days when it was known as burial insurance and used mainly to pay for funeral expenses. Today, life insurance is a crucial part of many estate plans. You can use it to leave much-needed income to your survivors, provide for your children's education, pay off your mortgage, and simplify the transfer of assets. Life insurance can also be used to replace wealth lost due to the expenses and taxes that may follow [...]
Estate Planning 101
By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs. For example, you may have a small estate and may be concerned only that [...]
Soft Landing
If you’ve been listening to the financial news for the past year, you’ve probably heard many times the phrase “soft landing” when it comes to the Federal Reserves goal of reducing inflation. The Fed set out on a phase of tightening in the spring of 2022 after realizing inflation wasn’t so “transitory.” Those rate increases were very difficult for the stock and bond markets to digest in 2022, but we haven’t seen the broader economic pullback that most economists predicted in [...]
Interest Rates & Inflation – What Gives?
Last I (Ian) checked, the year is 2024, not 2022, so why are we still talking about interest rates and inflation? The markets seem to be humming along. Our government keeps publishing GDP numbers that put any inkling of a recession in doubt. Consumers continue to spend their money like they always have. But just as we started popping the champagne on easing inflation and the hopes of interest rate decreases, inflation decided it has some life left in it. January’s [...]
Wills: The Cornerstone of Your Estate Plan
If you care about what happens to your money, home, and other property after you die, you need to do some estate planning. There are many tools you can use to achieve your estate planning goals, but a will is probably the most vital. Even if you're young or your estate is modest, you should always have a legally valid and up-to-date will. This is especially important if you have minor children because, in many states, your will is the only [...]
Is a Revocable Trust Right for Me?
“…In this world nothing can be said to be certain, except death and taxes.” Benjamin Franklin penned this maxim in the late 1800’s, and it is as true today as it was back then. Indeed, taxes are a certainty, as we are reminded with every paycheck, purchase, and each April 15th. But death, and preparing for our own eventuality, is certainly overlooked. This concern is supported by a 2024 survey that reveals only 32% of Americans have an estate plan [...]
Unveiling the Winning Game Plan for Personal Finances
In the world of sports and personal finance, success is not arbitrary; it's the result of strategic planning, disciplined execution, and a commitment to long-term goals. Drawing parallels between successful football teams and financial triumphs can offer valuable insights into managing our money effectively. Join us as we explore the playbook for financial success inspired by the victories of football powerhouses. Establishing a Solid Foundation: Strong Defense Wins Championships - In football, a strong defense is often the backbone of [...]