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…
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…
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…
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…
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…
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…
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…
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…
When clients provide me with a mortgage interest statement, they assume that all of the mortgage interest will be tax-deductible. This assumption was somewhat true under the tax laws before 2018, but since 2018, it will be true only on…
There is a new tax law that has changed everything for a while. One of the biggest changes is the new expanded standard deduction and the elimination of many itemized deductions. Before we discuss these changes, a good understanding of…