The Higher Purpose of Money
The bee seems like a simple insect, but without its ability to pollinate plants, we would most likely starve. Water seems simple enough, but it is the source of life to all living organisms. Air is nothing more than a…
IRS Notices: Potential Waste of Time
The Internal Revenue Service (IRS) uses algorithms (i.e., computer program applications) to examine the data that it receives and then fires off notices to taxpayers to explain distributions from individual retirement accounts (IRAs) and other forms of retirement accounts. When…
A Legacy of Burden
My grandmother loved history, especially our family history. As a genealogist in the time before computers, she painstakingly researched our family tree, taking trips to the birthplaces of our ancestors, collecting history, and compiling it in her library. She was…
Opening an Online Savings Account: Is It for You?
This article discusses a matter that we at the Financial Consulate recommend for nearly all of our clients. The subject matter will differ from what we have discussed in previous articles, in that as the author, I am going to…
Retirement Options: Lump Sum Versus Pension
When preparing for retirement, you may be faced with a decision that will launch you into the next chapter of your life: your company retirement plan may offer a lump sum or pension option upon retirement. Choosing the right option…
Protect Your Children from Identity Theft
With the growing prevalence of technology in our daily lives, identity theft is becoming an increasingly more common occurrence. The Financial Consulate strongly recommends mitigating the risk of identity theft by utilizing the following recommendations: Check your credit report at…
The Snowball Effect: Investing in a Roth IRA
As a financial advisor, I know of no reason (other than lack of funds) why one should not invest in a Roth IRA. If you have available cash in the bank, then it would be a good idea to transfer…
Enhancing Your Auto Coverage
As fiduciaries, we often see the common mistake of auto policies with liability coverages that are too low. One such problem with low liability coverage pertains to uninsured/underinsured motorist (UIM) coverage, which is insurance that protects you if you are…
Temporary Guardianship
There is a certain legal document that is often frequently overlooked. Most people are ignorant to its importance, and most lawyers do not discuss it. The document is called the temporary guardianship/custody form and associated copy of a minor’s insurance…
Roth Conversions
There has been a lot of talk about Roth conversions so I wanted to help bring greater clarity to the issue. First, we will discuss the differences between a Traditional Individual Retirement Account (IRA) and a Roth IRA. Second, we will…