How do financial planners make money?

One of the topics my self-employed and small business clients consistently ask me about is retirement plan options. When you’re an employee, it’s likely your employer has a retirement plan established and you make your desired contribution without giving too much thought about the plan itself. However, when it’s your company, choices must be made.

I was honored to be interviewed recently by Russ Thornton on Women's Retirement Radio. We covered a lot of topics, so click the picture if you'd like to listen. Enjoy!

How would you like to be more generous? This is a worthy goal. And I’m going to walk you through a few practical ways to help you pay less in taxes, be more generous, and possibly save more money than you thought you could.

Faced with the option of avoiding probate, you can see why many people are interested in this option for their own family. Basically, all you have to do is call an attorney and pay a small fee, and now they don’t have to worry about probate. But wait, there’s more!

President Donald Trump and Democratic presidential-candidate, Vice President Joe Biden, have strikingly different perspectives on the tax law changes needed in the United States. Transfer taxes – estate taxes, gift taxes, and generation-skipping transfer taxes – are not immune to these opposing views. Given the differences in their approaches and the general volatility surrounding the 2020 election, you should review your current estate plan and be prepared to pivot, if necessary.

Due to both COVID19 relief and other long-standing Department of Education (DoE) goals, student loans have been rocked with changes this year. For those with student loans (or those with clients who have student loans), it’s been hard to catch our breath to keep up in 2020! Let’s take a look back at the most important changes and what they mean for you

With the appropriate documents in place, you can have peace of mind knowing that you, your family, and your assets are going to be protected. Updating your estate plan is not something you should rush, though. Below are some common mistakes that people tend to make when they are in a hurry to complete the estate planning process.

How are those New Year’s resolutions holding up? For many, we are at the time when the excitement and possibility of a shiny new year have faded into the chaotic normalcy of work, schedules, chores, and tasks. Feels a lot like last year. Rather than feeling guilty or ashamed that those resolutions have succumbed to the demands of daily life, let’s try a different approach – change your perspective and integrate some great habits over time.

Disability Insurance is often one of the most overlooked and valuable types of insurance. In fact, more than 1 in 4 of today’s young adults will become disabled before reaching retirement age according to the Social Security Administration. The most common reasons for disability claims are musculoskeletal disorders, cancer, pregnancy, and mental health issues. With personal savings at an all-time low, household debt at an all-time high, and rising medical costs, the need for income replacement is more important than ever. Losing the ability to earn an income – your most valuable asset in your working years – can be detrimental to you and your family.

 Planning and protecting your children’s future is at the core of your responsibilities as a parent, so take these small but significant steps when they turn 18. You will sleep better at night knowing that your child is protected. 

What is financial planning? Despite the common misconception, it’s more than just investment management. The goal of a thorough financial plan is to create a financial blueprint for building the lifestyle you want. It takes into account not just investments, but also retirement needs, estate planning issues, insurance, and even taxes.

With all the tax considerations of being an executor, it’s a best practice to consult with a CPA to determine the scope of the estate’s tax-related obligations. From there, you may find it helpful to engage a CPA for any needed tax filings and tax-related advice as you administer and close the estate.

Generally, creditors only issue new credit after accessing and reviewing your credit report – and freezing your credit prevents them from doing this. Only you can temporarily or permanently lift the freeze using a security code you are issued when it is initially frozen. A credit freeze is a good idea for anyone not expecting have their credit report pulled in the near future, particularly children and seniors.