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…
The Confusion of Mortgage Interest Deductibility
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…
Charitable Giving in Light of the New Tax Law
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…
The Tax Withholding Paradox
It is true that most people will see their income tax rates lowered in 2018, but is it possible that despite having their rates lowered, some may actually owe more in income tax? The answer, unfortunately, is yes, given that…
Beneficiary Conundrum
Most people do not realize the power of beneficiary designation: Your beneficiary designation may result in family members becoming disinherited, or the government may restrict the amount of funds designated to an 18-year-old heir. A few examples of what to…
The Value of a Fiduciary
There has been much in the news about fiduciaries recently given that the Trump administration may be considering the delay or repeal of the Department of Labor's proposed fiduciary rule. As with most news features, it can be difficult to…
Financial Services: The Next Evolution
The personal financial services industry is going through a major metamorphosis for the better, and it is creating a true profession. At present, the overwhelming majority of the financial industry is sales- and relationship-driven. The majority of advice that financial…