As a financial advisor, I often experience older clients expressing concerns about whether or not their heirs will be taxed on inheritance money. These clients remember that when their own parents passed away, they received a direct check and were not required to pay taxes on that income.
How much money does it take to be “wealthy” in America? According to the 2018 Modern Wealth Index by Charles Schwab*, Americans claimed on average that a net worth of $2.4 million dollars makes you “wealthy”. However, the survey also found that many Americans did not define wealth only by net worth. In fact, the most popular definition of wealth did not include money at all; the largest group of Americans considered wealth to be living a “stress-free” life and experiencing “peace of mind.”
Creating and contributing to a college savings plan enables you to financially support your children in their educational goals. Although saving such a hefty sum of money may seem daunting, these three key principles will help you create a personalized plan to save for your children’s college with ease.
For many retired and near-retired individuals, Social Security benefits constitute the foundation of their future income. However, when making the transition to retirement, deciding when and how to start taking Social Security can be the most stressful part of the process. These three fundamentals can speed you on your way.
Does your financial advisor serve your best interests or their own?
This article, recently published on KSL360, updates the current legal findings regarding the "fiduciary rule" for financial advisors.
On March 15th, 2018 the Fifth Circuit US Court of Appeals struck down the Department of Labor’s “fiduciary rule” law. Also commonly called the “conflict of interest rule”. It forced financial advisors to act in their clients’ best interests. This dissuaded them from steering someone towards a more expensive or inferior investment. Because it paid the advisor a higher commission. Or because of some other conflict of interest. Read More
When many people begin investing, they aim to find just the right asset mix to “beat the market.” This means attempting to gain a higher return over time than a commonly accepted index, such as the S&P 500. This inclination is natural but impractical, and research is now showing that it’s nearly impossible over a long period of time.
An Individual Retirement Account, more commonly known as an IRA, is a standard savings account approved by the IRS that grants significant tax advantages for users. While retirement is the most common way people use IRAs, it’s not the only way IRAs can be used. In this post, we explore the other ways IRAs can be used like for the down payment of a house, to cover college education costs, for medical expenses, as a tax-free gift to beneficiaries, as disability income, or even to purchase investment properties.