Posts Categorized: Regulations
529 Plan – What are Qualified Expenses?
The main tax advantage of a 529 Plan (in a state-sponsored college savings plan) is that distributions for qualified expenses are tax-free. In other words, contributions grow tax-free and earnings won’t be taxed when withdrawn for QUALIFIED EXPENSES. In certain states, you may also benefit from ...READ MORE
What The Tax Bill Means To You
Now that the new tax bill has been formally ratified by the U.S. House and Senate, the Tax Cuts and Jobs Act of 2017 will be sent to the President’s desk in the next few days. As you probably know, the House and Senate versions were somewhat different and you may be wondering: What does the fina...READ MORE
’Tis the Season (for Financial Planning)
The period between Thanksgiving and the end-of-year holiday season would seem like a sleepy time for financial planners but in fact, it is anything but! You might be surprised at how much financial planning activity takes place on your behalf in the final month of the year. For instance? Even...READ MORE
What is a Step-Up in Basis? Why should I Care about it?
(get ready for a whirlwind tax lesson!) A basis step-up is one of the basic concepts of estate planning. When a person dies, we say that their assets get a “step-up” in basis. Basis is short-hand for “income tax basis,” “tax basis,” or “cost basis” and is often shortened simply to...READ MORE
Making a Homeowner’s Claim
Suppose you’re the victim of a huge natural disaster like Harvey, or have experienced some more local damage, like a tree falling on your house. What are the best practices for filing a claim for the damages your home and property have suffered? Recently, the Consumer Federation of America of...READ MORE
Where Does Your Tax Money Go? Anyone? Anyone?
It’s tax time again, and as you look over your tax payments for calendar 2016, you’re undoubtedly wondering where those dollars are being spent. The Wall Street Journal recently published a chart which breaks down spending for every $100 of tax receipts—and concludes that the U.S. governmen...READ MORE
The Fed’s Rate Hike – March 2017
The U.S. Federal Reserve Board’s Open Market Committee just raised the Fed Funds rate from 0.75% to 1.00%—the second rate hike in three months. So what should you do with your investment portfolio in light of this change? Nothing. Why? First of all, the rate change was laughably minor cons...READ MORE
Trump, the Markets, and the F-Word*
*that would be “fiduciary” Over the last several weeks, professional financial planners like us have been fielding calls from clients who are asking the kinds of questions we dread hearing: The Dow has reached (and then fallen back below; and then back above) 20,000. Should I take money ...READ MORE
Higher Interest Rates: The Tempest in the Teapot
Anybody who was surprised that the Federal Reserve Board decided to raise its benchmark interest rate this week probably wasn’t paying attention. The U.S. economy is humming along, the stock market is booming and the unemployment rate has fallen faster than anybody expected. The incoming admin...READ MORE
Department of Labor Fiduciary Rule
For months, we watched the development of (and debate about) the pending Department of Labor fiduciary rule with great interest. With the government finally taking action to provide greater consumer protection for assets in retirement accounts, we are celebrating. Why celebrate now? At Inspir...READ MORE