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inherited IRA

What To Do If You Inherit an IRA

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Losing a loved one can bring not only an emotional burden, but also significant financial responsibilities related to settling the estate. If you are a beneficiary to retirement plan assets, you may inherit control of all or part of a retirement plan account. So, what exactly can one do with an inherited Individual Retirement Account (IRA) or a Roth IRA? What responsibilities do you have to the newly inherited account? The answers to these questions may depend on your relationship to the deceased. Here I will discuss several factors that will determine what you can do with inherited retirement assets.…
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military benefits

Integrating Military Benefits into Your Financial Planning

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As a financial advisor for over three decades and a former U.S. Navy officer with a daughter on active duty and several veterans in the family, a recent conversation I had with a client brought my two worlds together. The client’s son was beginning their military service and had several financial questions about military benefits. This reminded me of the importance of working with an advisor who understands these benefits and can help weave them into a greater financial plan. Whether you are retired military, established in your career as an active duty or reserve member of the military, or…
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Are You an RIA Considering a Rebrand? Don’t Overlook These Important Details

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(as previously published here by Financial Advisor Magazine) The RIA industry has seen unprecedented growth and M&A activity. With this rapid level of change, it’s only natural that more firms are exploring changes to their corporate identities or even totally new brands. The road to a rebrand can be a massive, expensive undertaking, but if done right, it can not only raise your firm’s profile in a crowded marketplace, but also clarify exactly what value you offer to clients and prospects. About a year ago, when Bronfman Rothschild was acquired by Sontag Advisory, we undertook the daunting task of identifying…
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employee benefits

Understanding and Maximizing Your Employee Benefits

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While salary is one of the most important benefit considerations for any job, it certainly isn’t everything. Whether you’re evaluating job offers or simply reviewing options at your current workplace, understanding everything available to you is the key to properly evaluating a job opportunity and ensuring that you don’t leave anything on the table. Though many of our clients and readers are well-versed in their own benefits options, it can be challenging to consider all angles of a benefits package at the early stages of your career, or conversely, difficult to re-assess as life progresses and your needs change. To…
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avoid outliving assets

How to Avoid Outliving Your Assets

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According to the Social Security Administration, average life expectancies for current retirees are now 86.5 for women and 84 for men. While this means people can expect to enjoy more than 20 years in retirement, it also means that their retirement savings must sustain them for decades. But for many, the idea of living off one’s savings is terrifying. In its 2019 “Retirement Planning Survey,” Financial Advisor Magazine reported that 45% of advisors said outliving assets is one of the biggest threats that their clients face in retirement. Another 2019 study from Employee Benefit Research Institute found that only 42%…
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student-loan-planning

Student Loan Planning

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As of May 2018, per StudentLoanHero, 75% of graduates from private, non-profit colleges held student loan debt, while 66% of graduates from public non-profit colleges did. As the cost of college continues to rise (well in excess of broader cost-of-living inflation), student loans are often a hotly discussed topic, with planning around them affecting an ever-larger group. The conversation on college and graduate school funding often evolves around which savings vehicle to contribute to (i.e. 529’s), the tax benefits associated, and withdrawing funds in a way that won’t adversely impact financial aid benefits. However, the other side to this conversation…
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IRS RMD

Return of 2020 RMDs Allowed by New IRS Announcement

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On June 23, the Internal Revenue Service issued a notice that told taxpayers they could unwind any required minimum distributions from their retirement accounts that they had taken in 2020. This provides a significant opportunity for IRA beneficiaries who didn’t need this money for expenses. They can put these distributions back into their IRAs to grow there tax-deferred, lowering their total tax bill. Required Minimum Distributions In general, IRA beneficiaries who are at least 72 years old (or 70½ if they were born before July 1, 1949) are required to take a certain fraction out of their regular IRAs each year.…
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Equity Investing Since the Dawn of Covid-19

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Stock markets have been on an uncomfortable ride in 2020, leaving open a great deal of confusion and many questions as to what happened and what comes next. While we don’t know with any certainty what comes next, we are beginning to understand what happened as news of the Covid-19 pandemic unfolded and why markets have responded so strongly since March 23rd. This year has once again reminded us that stock market volatility is a basic axiom of investing. Although it may disappear for long stretches and the collective of investors are lulled into a sense of boredom, volatility inevitably…
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PPP Flexibility Act

Paycheck Protection Program Flexibility Act

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New Legislation Could Help Business Owners with PPP Loan Forgiveness Process After being approved by the senate early last week, House Bill 7010 was signed into law by the President on June 5th, 2020. This bill triples the amount of time allotted for small businesses to spend PPP loan proceeds and affords additional flexibility. The two primary provisions are: Borrowers now have 24 weeks to spend funds received under the PPP loan program – up from the original 8 weeks. The requirement to spend at least 75% on payroll and payroll related costs has been lowered to 60%. The bill…
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stocks covid

Adding to Stocks During Covid-19

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The spread of Covid-19 has been referred to as a “black swan” event by some, meaning an occurrence with potentially severe consequences that were unpredictable. The consequences have certainly been severe with disruption to jobs, schools, and everyday life (though health experts would argue whether this was unpredictable). The first quarter of 2020 saw a nearly 35% market drop from the all-time highs of February, in a matter of weeks. The volatility index, or VIX, sometimes referred to as the “fear index” shot through the roof. In the short-term, the U.S. economy, along with many others across the globe, has…
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