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Life insurance delivers cash to beneficiaries when it’s needed most. Plus, if the policy is properly structured, the beneficiaries receive the death proceeds income tax free. By understanding potential tax traps related to life...

This guide intends to help you in your role as executor (sometimes called Personal Representative) of an estate. It explains the process and offers advice for getting organized and putting a plan in place to settle the estate as...

Before your first meeting with an attorney to draft or update your estate plan, he or she may send you a questionnaire to complete. This questionnaire will provide the attorney with basic information about your family, as well as an...

There are several methods for measuring your risk tolerance. We have found that one of our clients’ primary concerns in relation to risk involves historical market index returns. The chart below illustrates the high, average, and low...

The IRS’s kiddie tax rules limit parents’ ability to transfer investment assets to a minor child in order to take advantage of the child’s lower marginal tax bracket. The kiddie tax applies to the following groups: Children younger...

Generally, the IRS will impose a 10 percent early distribution penalty if you withdraw assets from your traditional IRA before the age of 59½. So, what would happen if you needed to tap into your IRA before then? Sure, you’ll have to...

Minimizing your potential income taxes requires a regular review of your financial picture and the current tax strategies available to you. In fact, tax planning can be a year-round activity. Strategies to ConsiderAlthough your tax...

Markets continued their upward climb in September, with U.S. stocks reaching new record highs despite the month’s historically weak reputation. Falling interest rates and stronger-than-expected earnings helped fuel the rally, while...

A major shift is underway that will shape the future of financially successful families for generations to come. Experts estimate that trillions of dollars will be passed down over the next few decades. This moment presents an...

Gifting assets while you're alive can be a powerful way to support loved ones, reduce your taxable estate, and see the impact of your generosity firsthand. Here are a few considerations and opportunities you may want to be aware of.

Retirement planning is complicated so many individuals put off saving, thinking that retirement is years away - until it isn’t. Then, in their 40s and 50s, they start to panic and wonder how they’ll catch up. One strategy, made...

For various reasons, the state of a woman’s financial security often depends on her marital status. A study from the U.S. Government Accountability Office says that women’s household income dropped by 41 percent after divorce, nearly...

An individual 401(k), also referred to as a solo 401(k) or uni 401(k), is a retirement plan designed specifically for business owners and their spouses. In many ways, individual plans work in the same way as traditional 401(k)s, but...

'When it rains in August, it rains honey and wine.' I love this bit of english weather folklore, which signals a time of abundance and rewards - and for our team, this August sweetness meant the addition of Emily Jane Lester! Hailing...

As a general rule, investing your money in different types of assets is a good way to reduce the risk of loss in your portfolio. Yet, while this is an important aspect of sound investing, it doesn’t guarantee a diversified portfolio....

How long does it take to double your money? The rule of 72 is a simplified way to calculate exactly this, given a fixed annual rate of interest. Here’s how it works: divide 72 by the annual rate of return you receive on your...

A trust is a useful estate planning tool for managing and distributing assets during life or after death or incapacity. However, it only works effectively if it is properly funded— here are details you need to know:

We feel confident our kids will be taught reading, writing, and basic math in school. But how will they learn to budget, use a credit card, save for a car or a down payment on a home, and stay out of debt? Just as reading and writing...

As a self-employed individual or small business owner, you have the ability to establish a simple and cost- effective retirement plan for you and your employees. There are a few options available, but one you may want to consider is...

Alicia Kabacoff, CPA, MBA Passes the CFP® Exam and adds to her pronounced expertise: Alicia has 15 years of experience in public, corporate and non-profit accounting. She is a CPA, she has passed the first two levels of the CFA exam,...

Picture this scenario: Your 10-year-old receives $20 for their birthday and asks, “Can we go to the store so I can buy a new toy?” As you think about how to answer, you realize this is a perfect chance to teach an important life lesson...

Losing a spouse is one of the most difficult things anyone can experience. In the wake of such a loss, it's important to know what your financial options are, especially when it comes to IRAs. As a spouse inheriting IRA assets, you can...

"Sell In May and Go Away" is an Adage based on stocks' historical underperformance during the six-month period from May to October. Whether this will ring true for 2025 remains to be seen, but regardless, the workflow and output at...

A charitable remainder trust (CRT) is an irrevocable trust that allow donors (called grantors) to give money or property to charities while also retaining an income stream. The grantor, or someone of their choosing, can receive an...

The author F. Scott Fitzgerald once wrote that "the test of first-rate intelligence is the ability to hold two opposed ideas in the mind at the same time and still retain the ability to function." This posture is important as we live...

The S&P 500’s recent 10% decline has prompted many questions from investors about what this correction means for their portfolios. Though such downturns can naturally trigger concern, viewing these movements through a historical lens...

Today, most of us rely on our smartphones and digital records to keep track of important contact information. We depend so greatly on online profiles and accounts for completing transactions and storing information that paper checks,...

According to U.S. Census data, women are expected to live longer than men by roughly four years by 2060. What are the implications of this when it comes to money matters? It means that many women will find themselves responsible for...

A 1035 exchange is a tax-free transfer of funds from one insurance or annuity contract to another. The key benefit is that you don’t pay taxes on any gains in the original contract when you make the exchange, as long as it meets IRS rules.