Health Savings Accounts: What are they and should you have one?
Health Savings Accounts (“HSA”) first appeared in 2004 to help individuals save for current and future healthcare costs. Since then, HSA eligible insurance plans have been one of the fastest growing insurance plans offered as companies and individuals look for ways to reduce the burden of rising health care costs. The number of HSAs has […]
Cash Savings – How much do I need?
What is the appropriate amount of cash to keep on hand in a savings account? It’s a question we are asked frequently and one that is important for everyone. Part of the reason that the question is so prevalent is because there is no perfect solution. Everyone’s situation is unique and the right amount of […]
Robo-Advisors: A Growing Trend in the Financial Industry
A robo-advisor is “an online wealth management service that provides automated, algorithm-based portfolio management without the use of human financial planners.” – Investopedia.com Robo-advising has become not only a hot-topic in the financial industry, but a big business. Over the past few years, many of the largest players in the financial industry have spent money […]
IRA Charitable Distributions Made Permanent
The Protecting Americans from Tax Hikes Act (“Path Act”), which was enacted into law on December 18, 2015, made permanent the tax provision that allows individuals age 70½ and older to distribute up to $100,000 in a given taxable year from their individual retirement accounts (“IRA”) to charities and have the amount so distributed excluded […]
What is an 83(b) Election?
Section 83(b) and § 1.83-2(a) permit the service provider to elect to include in gross income the excess (if any) of the fair market value of the property at the time of transfer over the amount (if any) paid for the property, as compensation for services. -IRS.gov An 83(b) election can be a very beneficial and […]
How Should I Save For College?
If you are trying to save for your child’s education, you will find an array of investment vehicles available to you today. To determine which vehicle is best for you, you must consider the different features of each option. Two of those options, the Coverdell Education Savings Accounts (“ESA”) and the state-based 529 Plans are […]
How Do I Build Credit?
The catch-22 of credit for young adults is that you can’t get a credit card because you don’t have a credit history but you can’t build credit because you can’t get a credit card!! And in today’s world, credit cards are a fact of life. You need a credit card to do a number of […]
Elder Abuse & Exploitation
Elder abuse is an important subject and rapid problem in society today. 1 in 10 Americans over the age of 60 have been a victim of some type of elder abuse. Abuse is defined as the infliction upon an adult by self or others of injury, unreasonable confinement, intimidation, or cruel punishment with resulting physical […]
What Is Account Aggregation?
What is it? Account aggregation is exactly what the name implies. It allows for individuals to see their entire financial picture on a single screen by compiling information from thousands of financial institutions. As many people today have accounts across multiple institutions, this tool has become more and more popular. It also helps with keeping […]
Creating a Sound Financial Plan
Financial planning is a popular topic these days. It’s hard to turn on the TV or get online without seeing an advertisement for some type of financial planning service. People have different perceptions of what a financial plan is and whether they need to hire an expert to assist them with a plan. The truth […]