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Financial Planning Archives - Page 14 of 18 - Wealthspire | Page: 14

healthcare

Approaching Healthcare as an Informed Consumer

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Effectively Seek Healthcare in a Way that Makes Sense for Your Insurance The level of responsibility being imposed on patients is increasing. We must all begin to view obtaining medical services and healthcare through the lens of the informed consumer rather than the dutiful patient. We should seek out doctors who wish to embark on a collaborative approach to care to help us navigate this new medical landscape. The rise in popularity of high deductible health plans has begun to shed light on the way healthcare is typically provided in the United States and the cost associated with that care.…
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end life planning

A Guide to End-of-Life Planning

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Although planning for end-of-life can be emotionally fraught and daunting, organizing affairs well before the need arises helps families and beneficiaries immensely after a loved one’s passing. But where to start? With the abundance of paper and digital resources accompanying the myriad accounts that comprise many years well-lived, it can be hard to know which are essential to have on hand. The most important things to have in place are: An up-to-date financial plan: Consult with your wealth advisor who can assess your current financial situation and update your financial plans to address any end of life concerns. Your advisor…
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when to collect social security benefits

Weighing Your Options on When to Take Social Security

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Determining when to start collecting your Social Security benefit is an important financial decision that requires careful consideration of many factors. While many people don’t anticipate taking benefits before full retirement age, certain life events may force them to do so. A Transamerica Center for Retirement Research survey found that more than half of retirees (56 percent) retired sooner than they had planned. When can you take Social Security? “Full retirement age” as specified by the Social Security Agency (SSA) depends on your birth year. A table can be found here. While there’s no universally “correct” age to begin claiming…
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mortgage invest estate plan

Should I Pay Off My Mortgage or Invest?

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Most of our clients will at some point ask if paying off—or more aggressively paying down—their mortgage is a prudent financial decision. The answer to this question, like most complex financial decisions, is that it depends. Several factors should be considered with the help of a financial advisor to determine if it makes sense to pay off your mortgage or use your financial assets elsewhere. For the purposes of this article, we are seeking to help answer this question for one’s primary residence versus an investment, or rental property. Cash Flow Planning One of the first steps in determining if…
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gst tax

Important Gift Tax and Trust Income Tax Reminders

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As tax season is now in full swing, below are some important gift tax and trust income tax return reminders: Gift Tax Returns The lifetime exemption from gift and estate tax was $11,180,000 per person in 2018. Currently it is $11,400,000 per person for 2019. Generally, gifts made directly to a medical provider or educational institution on behalf of someone do not count against your lifetime exemption. In addition, donors have an annual exclusion from gift tax of $15,000 per donee. This means that a donor may give $15,000 to each of his or her three children, for example, without…
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Avoid Common Planning Mistakes with Executive Compensation

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Whether you work for a budding start-up or a well-established Fortune 500 company, it’s imperative to have a firm understanding of the components of your executive compensation plan—along with the inherent risks and rewards. Creating and maintaining a thoughtful strategy to integrate your executive benefits into your overall financial plan can help you maximize your wealth and achieve your goals in a tax-efficient manner. Still, even the most accomplished and organized executives can fall into some very common traps when incorporating complex aspects of their compensation into an overall plan. Here, we outline common mistakes we see and key considerations…
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long-term care

How to Plan for Long-Term Care Costs

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Many of us think it won’t happen to us, but the statistics say otherwise. 52% of Americans turning 65 will need some type of long-term care services during their lifetimes. The costs quickly climb financially, as do the physical and emotional stresses. The questions that often follow are: how to pay for it all, and what, if anything, can be done to prepare ahead of time. The answers are not easy, but remember, failure to plan is a plan itself. Who pays for long-term care costs? The first answer that comes to mind for many is Medicare or associated Medicap…
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tax season

Tax Season: It’s Getting to Be That Time of the Year!

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A Recap of Impending Tax Law Changes I know, it’s not April 15th yet, and I’m not necessarily in any hurry to get there.  But with some substantial changes to the tax law made effective in 2018, I figured it’s not too early to remind everyone what is in store for them from an individual tax perspective heading into filing season 2019: Forms 1040A and 1040EZ have been eliminated, so everyone will be using the standard Form 1040. The Form 1040 has been redesigned and is supplemented by new Schedules 1 through 6: Schedule 1 reports various types of income,…
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tax law changes

The Continuing Impact of the 2017 Tax Cuts and Jobs Act

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A recap of tax law changes with updates for 2019 taxes On December 22, 2017, the “Tax Cuts and Jobs Act” was passed into law, signifying the most sweeping change to the U.S. tax code in decades. Months of analysis and discussion followed, and frankly, are still occurring today. Because of the many changes taxpayers needed to consider, it doesn’t need to be tax season to remind everyone what is in store for future tax filing years: Forms 1040A and 1040EZ were eliminated, so everyone must the standard Form 1040. The Form 1040 was redesigned and is supplemented by new…
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winter_reading_list

Holiday Reading List 2018: Check Out our Team’s Picks

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We have many avid readers on our team, and try to share their favorites with an updated reading list from time to time. Even though the holidays are a busy time for most, for those with a little extra time before the New Year, we’re listing some staff favorites, both in the finance world and beyond. You can follow the links in each title to see more information on the book at Amazon.com. Enjoy! "Crazy Good Advice: 10 Lessons Learned from 150 Leading Social Entrepreneurs" by Tony Loyd Tony Loyd, host of the radio show “Social Entrepreneur”, interviewed 150 social…
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