Financial Planning

Tax-Related Identity Theft Crimes

Criminals are stealing taxpayers’ identities and committing tax-related crimes. There are steps you can take to keep your personal information protected. Identity theft is a growing concern. In 2021, identity fraud impacted 15 million U.S. consumers with $24 billion in losses. With your Social Security number, a criminal can commit tax fraud and other financial-related crimes in your name. There are a number of common ways that identity thieves can obtain your Social Security number: Tax-related identity theft is when …

Year-End Tax Planning Tips

You may be able to reduce your tax liability if you consider adopting these tax strategies before year’s end. Few words can dampen the cheer and optimism of a New Year like taxes. Let’s face it, the time for holidays, time off, and family should be celebratory, not burdensome. But if you approach taxes with an eye toward reducing your liability for next year, the concept becomes more amenable. And indeed, there are numerous tax-savings strategies that you can implement …

Managing Risk with Diversification

Diversification is a fundamental aspect of risk management and plays a critical role in building an investment portfolio. When you first considered investing, it probably seemed like a good idea to focus heavily on what worked best for you from the beginning. If stocks from a particular company brought you high yields, why not double up on your original investment? The answer is diversification. It may seem counterintuitive, but diversification is a fundamental aspect of risk management, and plays a …

Financial Traps to Avoid

There’s a reason why even athletes, entertainers, and business people with seven-figure (and higher) incomes suddenly find themselves filing for bankruptcy. Money mismanagement can eat through even the biggest bankrolls. Here are some specific threats to financial stability that people can avoid to help effectively manage their wealth. No Budget In 2022, a survey by Debt.com2 revealed that 90.24% of respondents believed everyone should have a budget (though only 85.6% of the respondents said they used one). Half of the …

Making Sense of Medicare Parts A, B, C, and D

With its four distinct parts, Medicare can be an alphabet soup of complexity. We provide an overview of the various components and how they impact your healthcare costs. Medicare is available to virtually all U.S. citizens and legal residents 65 years of age and over who have previously worked and paid U.S. taxes or who are/were married to someone who did. There are four key parts to Medicare — Parts A, B, C, and D. To maximize coverage and benefits, …

Top of Mind

Practicing Mindfulness With Money Can Help Boost Your Financial Wellness Many people practice mindfulness through yoga, tai chi or other forms of movement, often incorporating breathing exercises. Others rely on their smart watch or phone to ping them at the same time each day, urging them to practice it for a few minutes. While there are many definitions of mindfulness, this one from mindful.org seems to capture it well: Mindfulness is the basic human ability to be fully present, aware …

Pay It Forward

Looking To Teach a Child Some Important Money Lessons? Consider a Roth Custodial IRA. You started early and have saved hard in your 401(k). You’ve also paid close attention to your investing strategy over the years. And you definitely understand the benefits of tax-deferred compounding over the long term and the potential for growth. Heck, you’ve even remembered to change your account password every 90 days. Maybe now it’s time to pay it forward and pass along some of your …

Eliminate the Guesswork

Creating an estate plan is a key component of achieving financial wellness Most people don’t spend too much time thinking about end-of-life planning on a daily basis. But you may have loved ones who will soon face those issues. While it’s not pleasant to think about, you may be the one who ends up having to sort out their affairs. In addition, there will come a time when you need to think about yourself and your own family. In a …

Financial considerations during a divorce

A divorce can have a profound impact on your finances. We outline key considerations for maintaining your financial health as you proceed through the process. No matter whether your divorce is amicable or contentious, it can have a profound impact on your finances. There are myriad rules and regulations to consider; we outline some of the most significant and how they could impact your assets. Who Gets What No matter where you reside, generally, any assets or property that you …

Working with a financial professional

Your financial professional is an experienced financial professional who will help you work toward your financial goals. Here’s how to optimize that critical relationship. The financial world is a complex one to navigate. New investment products, global investing opportunities, employee-driven 401(k)s — these (and many more) collectively underscore the value of seeking professional financial advice. As you transition from going-it-alone to working with a financial professional, there are a few key points to consider. Standards of Professionalism The term “financial …

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