Tag

Financial Planning Archives | Page 10 of 12 | Wealthspire Advisors | Page: 10

kiddie tax

What is the Kiddie Tax?

By Blog
As an advisor who works with clients in their 30s and 40s, I spend much of my time talking about children. Besides discussing how much fun kids are or how little their parents are sleeping, a majority of these conversations focus on the best way to save for children, now and for the future. We often discuss the pros and cons of 529 Savings Plans, custodial (UGMA/UTMA) accounts, and creating and funding separate trusts, as well as target annual savings rates for specific expenses (e.g. college, camp, etc.). One topic that is often overlooked, however, is the tax rules impacting…
Read More
education planning

How Do Savvy Investors Plan for Education Expenses?

By and Guides & Whitepapers
A colleague of ours recently shared an interesting story from a baby shower she attended: along with the standard gift registry, the parents-to-be established a 529 college savings plan for their not-yet-born child, sharing the details along with the shower invitation (also mentioning, of course, that the beneficiary would be established once they had a Social Security Number). Though this example may seem extreme, it illustrates a changing reality for many parents: that advanced planning and a long-term strategy for financing your child’s education are becoming more of a necessity than a luxury. Education funding is one of the largest…
Read More

Get “SMART” with Your Personal Financial Goals

By Blog
So, you’ve finally graduated college and entered “the real world.” Maybe you have secured your first job, or are in a new city, and are feeling truly independent. Now that you have a professional income, you may think that you can spend money on whatever your heart desires. But have you taken a step back from all this newfound excitement to assess the state of your personal finances? For many young people, the answer is no. To take the next steps towards establishing a secure financial footing for yourself, first understand that personal finances are not to be left to…
Read More
turning 18

The Impact of Turning 18

By Blog
Like many parents, the Labor Day holiday (or the U.S. Open, if you are a tennis fan) represents the end of summer and the beginning of the school year. If your child or children are younger, it is mostly about school supplies and making sure last fall’s clothes still fit. However, if they are of college age, there is more to consider. You may not consider your 18-year-old child an adult, but in the eyes of the law, it is a different story. Your child can now vote, serve on a jury (why should we have all the fun?), sign…
Read More

Equifax Data Breach – Suggested Next Steps

By Blog
There is much we still don’t know about the massive data breach that occurred at Equifax, one of the three credit reporting bureaus. As of now, it appears that over half of the adult population of the United States – about 143 million people – had their personal identification information stolen. This data could include social security numbers, names, addresses and dates of birth. In other words, all that a fraudster would need to impersonate you and open new accounts, credit cards, etc. Other information like credit card numbers and drivers licenses also seems to have been stolen from a…
Read More

Saving & Investing When You’re Just Starting Out

By Blog
Congratulations! After all the classes, exams, late nights, early mornings, interviews (so many interviews) you actually get to start the career you’ve spent the majority of your life working towards. In addition to the million things you need to keep track of at your first “real” job, you also need to start thinking about putting your financial house in order. You might be thinking: That sounds good, I want to do that – I like the idea of order in my finances. But, what does that really even mean? There are so many terms: Roth, W-4, 1099, dollar cost averaging,…
Read More
investing mistakes

Optimize Your Charitable Giving with Donor Advised Funds

By Guides & Whitepapers
In addition to the personal fulfillment many individuals find by supporting charitable causes special to them, a thoughtfully planned and implemented charitable giving strategy can result in greater tax savings and after-tax results. For investors who own appreciated assets such as publicly-traded or privately-held stock, mutual funds, real estate, or a sizeable IRA, there are significant benefits to gifting those assets to qualified charities, instead of writing checks or using a credit card (far beyond credit card rewards!). There are many different vehicles for charitable giving, including direct transfers to a charity, donor advised funds, private foundations, qualified charitable distributions,…
Read More
loss of your spouse

On Your Own: Financial Advice After Losing Your Spouse

By Guides & Whitepapers
It’s a day you hoped would never come. Your spouse has died. Your world is turned upside down, leaving you vulnerable and bereft. And as you are dealing with your grief and the loss of your spouse, you will be required to make critical legal and financial decisions in the coming days, weeks and months. It can be overwhelming, especially if your spouse was the one who managed your financial and legal affairs. It’s a familiar scenario. According to U.S. Census data, about 800,000 Americans are widowed each year, most of them women. In 2014, there were 14.2 million widowed…
Read More
revocable trust

Going Through Divorce and Over 50? Make Finances Your Top Priority

By Guides & Whitepapers
Divorce is a reality for a growing number of aging couples, a phenomenon commonly referred to as “gray divorce”. According to a 2013 study at Bowling Green State University, the divorce rate among adults ages 50 and older doubled between 1990 and 2010. Now, one in four Americans getting divorced is 50 or older.1 The study also found that the divorce rate is 2.5 times higher for those in remarriages compared to those in first marriages. Those in the Baby Boomer generation, people born between 1946 and 1964, were the first to divorce and remarry while they were young, and may…
Read More
tax law changes

Tax Reform Proposals at a Glance

By Blog
The White House unveiled its highly anticipated tax plan yesterday. As expected, the plan proposes steep tax cuts across the board. Most of the items discussed are in line with Trump’s initial plan, and with the Blueprint proposed by Ways and Means Republicans last summer. Although the final law will look different than these initial proposals, some sort of tax reduction is almost certain given Republican control over Congress. It remains to be seen how steep the cuts will go and for how long they will last. While Treasury Secretary Steve Mnuchin vows that the plan will be financed by…
Read More