Freedom, flexibility and family. These are the most common words we hear when we talk with our clients about the WHY behind their financial goals. We spend a lot of time talking about these WHYs because we believe that we need to know our clients’ core motivations before we establish financial goals and actions. By discovering the motivation behind the pursuit of your financial goals we can have more impactful… Read More
Charitable Giving with RMDs
Once you reach age 70½, Uncle Sam wants you to start paying taxes on at least a portion of your IRA or 401k balance. He gets you to do that by requiring you to withdraw a percentage of money from your tax-deferred account, and every dollar that you withdraw from your IRA or 401k is taxed as ordinary income. The minimum amount that you must withdraw each year is not… Read More
Inheritance in Pennsylvania
When you receive an inheritance in Pennsylvania, along with the good news you might also get some bad news. I have listed some of the good news as well as some of the bad news that accompanies certain assets Pennsylvania residents inherit. Traditional IRA, 401(k), 403(b) Good news: Since there are named beneficiaries, this asset does not pass through probate. You will not owe Pennsylvania state income tax* Bad news:… Read More
Being Prepared
The news reports this summer of the horrid fire storms in California and the damage that remains in the wake of Hurricanes Florence and Michael have left me wondering what I would do if I had only moments to vacate my home. Would I be prepared to walk out the door confident that I had the most important things with me? That little discussion with myself left me sure that… Read More
Debt Considerations
To borrow or not to borrow, that is the question. Today’s blog will provide some thoughts regarding the use of debt. There are many different opinions on this subject. Circumstances and stages of life certainly play a role in these decisions. For example, a younger couple will most likely need a mortgage to buy a house, but those approaching retirement are usually better served by having their home paid for…. Read More
The Simple Cash Flow Plan
To me, the word budget is not a friendly one. It sounds restrictive and limiting. So when I discuss this topic with clients I prefer to use the term ‘cash flow planning’ instead. Isn’t that more elegant? For our fall blog series, we will be focusing on Household Cash Flow Planning, digging into the tools and strategies we recommend to our clients to create sustainable tracking of your financial goals…. Read More
The Challenges of Aging Well
I’ve been blessed by the love and influence of my parents throughout my life. Several years ago we began having some very direct conversations about aging well and the potential risk of one, or both of them, needing care in the future. We spoke honestly and clearly regarding expectations. I’m glad to say that we recently moved my Dad & Mom into a lovely cottage at a local retirement and… Read More
A Team Approach
It’s probably no secret that the majority of my office mates are deep into sports. I tend not to share their passion. I just don’t get it. But then, they don’t quite understand my obsession for the fiber arts. So when the Bracket for the NCAA Men’s Basketball Tournament (I actually Googled that so I had it correct – that’s how much I am not into sports!), I uttered this… Read More
New Tax Law for Business Owners
Business owners, take heart! The Tax Cuts and Jobs Act of 2017 is now in effect and may offer a boost to your bottom line. Changes in the new tax law affect business owners of both large and small companies in significant, and in most cases, positive ways. We will focus on the big picture changes in this blog post. We’ll look first at C corporations which are taxed at… Read More
Child Tax Credit Expanded & 529 Plan Changes
Today’s blog focuses on several significant changes that will directly impact those of you who have minor children or grandchildren who are college-age or younger. We will explore the Expanded Child Tax Credit and discuss some significant changes to 529 (College Savings) plans. Under the new tax law, the Child Tax Credit has been expanded from $1,000 per qualified child to $2,000 per child (under the age of 17). In… Read More
