A financial advisor is a professional who helps you manage your finances and investments, teaches you about important options and aids you in making smart decisions toward your overall financial goals. But did you know that in order to maintain their license, your financial advisor must pass a rigorous national examination and complete ongoing educational requirements annually? Certified Public Accountants (CPAs), Chartered Financial Analysts (CFAs) and Certified Financial Planners (CFPs) must adhere to a strict code of ethics and work in the best interest of their clients, disclosing any conflicts of interest. These advisors must act as a fiduciary, and typically are paid solely from client fees and do not sell products. They truly value their relationship with you, the client.
If an elderly family member was experiencing financial abuse, would you know it? In 2016, Allianz Life Insurance Company of North America completed a Safeguarding Our Seniors Study and found that 40 percent of seniors experience financial abuse more than once. Victims of elder financial abuse lose on average $36,000. Consumer Reports estimates that Americans lose up to $30 billion a year to elder financial abuse. Many of these crimes go unreported, because victims are ashamed or unable to speak up for themselves.
You’re scrolling through social media when you see an image of those big-eyes and sweet face that says “pick me!” Before you know it, you’re heading into the local animal shelter or breeder to find your newest family member. Those who know me know that I am a committed and incurable dog lover. We have a pack of four rescued dogs and one foster dog at this time, and can’t imagine life without them!
Falling in love with a new pet is easy. They can provide a lot of joy to you and your family. However, making the decision to adopt a pet shouldn’t be taken lightly. While pet ownership is extremely rewarding, it is also a big responsibility both in time and resources. Here are some things you may want to consider prior to pet ownership.
Purchasing a new home at any stage in life brings up various financial considerations and opportunities, but for retirees considering buying a home, there are some extra things to think about.
Most people understand that becoming a victim of identity theft can lead to credit problems and financial woes, but there are many more ways identity theft can impact your life than you might realize. According to the 2016 Aftermath Study conducted by the Identity Theft Resource Center, identity theft creates more than just financial problems; it can also negatively impact employment, housing, medical treatment, etc.
So, how many of you have run into the following issues? You established a money jar system for your kids to learn how to budget their allowance — only to realize you never remember to get cash out of the bank (because who uses cash these days?). You sit down to discuss financial responsibility and savings only to find them bored and itching to get back to playing Roblox or Minecraft on their device. If this sounds familiar, you’re not alone. So why not give the old school piggy-bank system a digital upgrade. Use an app to teach your child about financial responsibility.
Thinking about purchasing a home but worried you can’t afford it due to student loans? You aren’t alone. According to a study by American Student Assistance, “55 percent of student loan holders said their debt is causing them to put off homeownership.” Most of them believe their student debts would make purchasing a home impossible. The reality, however, is that owning a home is possible even with student debt. Here are some tips on how to purchase a home while still paying off student loans.
Estate planning is one of those topics that often makes people uncomfortable. Most of us don’t want to think about what’s going to happen after we die, or some of us feel like we don’t have enough assets to warrant needing an estate plan. The truth is everyone needs a plan. Your estate is comprised of everything you own — your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture and other personal possessions. So, no matter how modest your estate might be, you’ll still want to manage who receives each item and when they receive it. You’ll also want to include medical and financial directives so others know your wishes. Here are five simple components of an estate plan.
Many older adults will require long-term care at some point during their lives. Long-term care is defined as requiring assistance with at least two “activities of daily living” (eating, bathing, toileting, dressing, continence or transferring from a bed to a chair) that lasts at least 90 days, or a need for substantial assistance due to severe cognitive impairment. According to a report by the U.S. Department of Health and Human Services, “more than 6 million older Americans are thought to have a high need for long-term care. Yet fewer than 10 percent of older adults have purchased long-term care insurance because it’s expensive.” So how do you get long-term care without breaking the bank?
Trying to decide whether or not it makes sense for you or your partner to become a stay-at-home parent? We know this is not an easy decision to make for most families. While there are numerous benefits to having one parent stay home with the children, there are also financial adjustments that need to be taken into consideration. Families need to have a financial plan to help mitigate any financial challenges created by the loss of income. In order to help your family make the best decision, here are a few helpful steps you can take to help determine the financial feasibility of one parent staying at home.
The beginning of the new year is an excellent time to review your financial goals and set your resolutions. Financial resolutions can help you successfully reach your short- and long-term goals. Financial goals could include items like going on a fabulous vacation, purchasing a new home or increasing retirement savings.
Last week I wrote about what individual taxpayers can expect in 2018 under the new 2017 Tax Cuts and Jobs Act Law. Now, let’s take a look at the business side of things. The purpose of this blog is to highlight things that taxpayers understand, not what they expect their accountants and financial professionals to know. In other words, we won’t get “into the weeds.”
For more details, this article “What Tax Reform Means for Small Businesses & Pass-Through Entities” by Forbes writer Kelly Phillips Erb covers a lot of ground. I will bullet the major points to highlight areas that you may want to spend more time understanding in light of your business situation. The new laws are still being interpreted and we can expect more clarification from the IRS in the coming months.
The 2017 Tax Cuts and Jobs Act has become law, and it will go into effect for the tax year 2018. For many, there will be benefits and savings. For others, there may be some adjustments to be made. Although this law simplifies the tax code, there is still quite a bit of information to wade through. It will take several pages to go through all of the changes, but I will focus on some major items now and more in future posts.