Health Savings Accounts: FAQs

Changes in the health care marketplace, rising medical costs, and the tax advantages that health care savings accounts (HSAs) offer make them an attractive planning tool for many individuals covered by high-deductible health plans (HDHPs). I have had some questions from clients recently regarding HSAs and what they entail, so I thought it would be helpful to outline some Frequently Asked Questions, below:

A Financial Checklist You Can Handle

Starting fresh is always a great feeling, but the scale of what we set out to accomplish at the beginning of the year sometimes becomes overwhelming as the months go by. The question is, how can you stay motivated to meet your financial goals throughout the year?

3 Things Lenders Look For in a Succession Plan

Do you have a succession plan for your business? Having a clear succession plan is in the best interest of business owners’ families and their employees. However, there’s someone else who holds a key interest in the longevity of your company—your  lender.

The SECURE Act

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law. The SECURE Act contains 29 provisions, encompassing many aspects of financial planning and retirement saving. Once treasury regulations are released, nuances in interpreting this new law will become clearer. Until then, individuals are left to interpret the law’s effects based on the language of the law itself. This article will address what the SECURE Act entails and who it affects, as well as provide suggestions on how to plan for the changes that have been instituted.

Deferring Gains Through 1031 Exchanges

For individuals who are sitting on large gains in investment or business property, a 1031 exchange may be a viable option for deferring those gains. While these transactions tend to be complex, working with an expert who knows the rules surrounding the exchanges and the options available for replacement property can help you decide if this would be an appropriate step to take.

10 Rules of Thumb for Trust Income Taxation

Rule #1: When in doubt, refer to the trust document; an investment policy for a trust cannot be created without it.
One advantage of creating a trust is that the grantor can have it tailored to his or her needs; therefore, although there may be provisions in common, trust documents vary widely.

Retirement Countdown: A checklist for the final steps on the road to retirement

There's a lot to consider as you prepare for retirement, so it's wise to begin planning well ahead of time. Once you begin nearing retirement age, the checklists below can help you stay on track for the retirement you have envisioned.

How to Avoid Common Errors Around Required Minimum Distributions in Your Retirement Accounts

When it comes to their retirement accounts, many investors often fail to think about required minimum distributions (RMDs). That oversight can lead to unnecessary tax burdens and other financial issues. In order to handle RMDs effectively, an understanding of the rules—and common errors people make—can be beneficial.

Market Volatility and Your Investing Strategy

Fluctuations in your 401(k) or workplace retirement savings account can stir up negative emotions, making you want to hit the panic button. But in turbulent times, it's more important than ever to remain calm and stay on course toward your long-term retirement savings goals.

7 Tips to Help Smooth Your Job Transition

Starting a new job is exciting, but it can also be stressful, especially when it comes to transitioning your benefits package. I've put together a list of tips to help make this transition as seamless as possible and keep your financial plan on track.